Logio, Inc

0001548123-12-000017.txt : 20120508 0001548123-12-000017.hdr.sgml : 20120508 20120508123053 ACCESSION NUMBER: 0001548123-12-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20120508 DATE AS OF CHANGE: 20120508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC WEBWORKS INC CENTRAL INDEX KEY: 0001086303 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 870627910 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26731 FILM NUMBER: 12820488 BUSINESS ADDRESS: STREET 1: 230 W 400 S CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015789020 MAIL ADDRESS: STREET 1: 230 W 400 S CITY: SALT LAKE CITY STATE: UT ZIP: 84111 10-Q 1 pacific_webworksform10qq3fin.htm QUARTERLY REPORT ON FORM 10Q FOR THE QUARTER ENDED SEPTEMBER 30, 2011 Logio, Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number: 000-26731

PACIFIC WEBWORKS, INC.

(Exact name of registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

87-0627910

(I.R.S. Employer Identification No.)

230 West 400 South, 1^st Floor, Salt Lake City, Utah

(Address of principal executive offices)

84101

(Zip Code)

(801) 578-9020

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Non-accelerated filer [ ]

Accelerated filer [ ]

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

The number of shares outstanding of the registrant’s common stock as of April 30, 2012 was 49,713,895.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets

Consolidated Statements of Operations (Unaudited)

Consolidated Statements of Cash Flows (Unaudited)

Notes to the Consolidated Financial Statements (Unaudited)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Item 4. Controls and Procedures

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 6. Exhibits

Signatures

EXPLANATORY NOTE

This report on Form 10-Q has been delayed because the Company’s financial information for the three and nine month periods ended September 30, 2011 was unavailable as of November 15, 2011. Due to changes in our Chief Financial Officer at the end of 2010 and changes in our independent registered public accounting firms during 2011 the Company’s Form 10-K for the year ended December 31, 2010 was not filed until January 9, 2012. These events have delayed the filing of all of our reports for the year ended December 31, 2011. Accordingly, this report includes financial and non-financial information for the periods ended September 30, 2010 and 2011 and also includes descriptions of certain subsequent events occurring in 2012.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The financial information set forth below with respect to our balance sheets as of September 30, 2011 and our statements of operations for the three and nine month periods ended September 30, 2011 and 2010 is unaudited. This financial information, in the opinion of management, includes all adjustments consisting of normal recurring entries necessary for the fair presentation of such data. The results of operations for the three and nine month periods ended September 30, 2011 are not necessarily indicative of results to be expected for any subsequent period.

PACIFIC WEBWORKS, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2011

(Unaudited)


Pacific WebWorks, Inc.
CONSOLIDATED BALANCE SHEETS
				December 31,		September 30,
				2010		2011
						(Unaudited)
ASSETS
CURRENT ASSETS
	Cash and cash equivalents		$	3,449,560	$	3,130,394
	Receivables
	Trade, less allowance for doubtful receivables of $0 in 2010 and $0 in 2011			918,936		319,936
	Prepaid expenses and other current assets			500,318		218,642
	Inventory			11,300		9,917
		Total current assets		4,880,114		3,678,889
PROPERTY AND EQUIPMENT, NET				1,851,296		1,822,646
	Restricted Cash			575,989		457,404
	Goodwill			1,946,253		1,946,253
	Available-for-sale securities			750,000		1,000,000
	Notes receivable			-		250,000
	Deferred Tax Asset			1,316,500		1,568,700

		Total Assets	$	11,320,152	$	10,723,892

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
	Accounts payable		$	142,359	$	31,919
	Accrued liabilities			215,970		187,477
	Accrued interest payable			64,822		117,322
	Deferred revenue			102,550		40,816
	Current liabilities from discontinued operations			101,799		95,122
		Total current liabilities		627,500		472,656
LONG-TERM LIABILITIES
	Notes payable			1,000,000		1,000,000
		Total long term liabilities		1,000,000		1,000,000
		Total liabilities		1,627,500		1,472,656
STOCKHOLDERS' EQUITY
	Common stock - par value $0.001; authorized 50,000,000; issued and
	outstanding 49,713,895 and 49,713,895 shares, respectively			49,714		49,714
	Additional paid-in capital			18,069,715		18,069,715
	Accumulated deficit			(8,426,777)		(8,868,193)
		Total stockholders' equity		9,692,652		9,251,236

		Total liabilities and stockholders' equity	$	11,320,152	$	10,723,892

The accompanying notes are an integral part of these consolidated financial statements.


Pacific WebWorks, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

					NINE MONTHS ENDED SEP 30, 2010		NINE MONTHS ENDED SEP 30, 2011		THREE MONTHS ENDED SEP 30, 2010		THREE MONTHS ENDED SEP 30, 2011
				(Restated)					(Restated)
Revenues
	Hosting, gateway and maintenance fees		$	8,197,532		$	1,340,005	$	965,328	$	381,827
				8,197,532			1,340,005		965,328		381,827
Cost of sales				352,293			130,258		50,651		30,283
	Gross profit			7,845,239			1,209,747		914,677		351,544
Selling expenses				923,995			15,499		87,905		796
Research and development				318,486			147,719		91,995		42,301
General and administrative				5,005,559			1,698,003		493,500		469,787
Depreciation and amortization				56,405			28,650		18,801		9,483
	Total operating expenses			6,304,445			1,889,871		692,201		522,367
	Income (loss) from operations			1,540,794			(680,124)		222,476		(170,823)

Other income (expense)
	Interest income (expense), net			(48,005)			(38,990)		(18,141)		(7,231)
	Other income (expense), net			5,591			25,498		533		6,525

	Total other income (expense)			(42,414)			(13,492)		(17,608)		(706)

	Income (loss) before income taxes			1,498,380			(693,616)		204,868		(171,529)
Income Tax Provision/(Benefit)				743,700			(252,200)		85,400		(39,300)
Income Tax Expense				8,013			-		-		-
		Net Income (Loss)	$	746,667		$	(441,416)	$	119,468	$	(132,229)

EARNINGS PER SHARE
	Basic		$	0.02		$	(0.01)	$	0.00	$	(0.00)
	Diluted		$	0.02		$	(0.01)	$	0.00	$	(0.00)
Weighted-average common shares outstanding
	Basic			45,843,492			49,713,895		47,259,221		49,713,895
	Fully Diluted			45,843,492			49,713,895		47,259,221		49,713,895

The accompanying notes are an integral part of these consolidated financial statements.


Pacific WebWorks, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

				NINE MONTHS ENDED SEP 30, 2010		NINE MONTHS ENDED SEP 30, 2011
				(Restated)
Cash Flows From Operating Activities
	Net income (loss)		$	746,667	$	(441,416)
	Adjustments to reconcile net earnings (loss) to net cash used in operating activities
		Depreciation and amortization		56,405		28,650
		Stock issued for services		415,000		-
		Stock option compensation		137,504		-
	Changes in assets and liabilities
		Deferred tax asset		743,700		(252,200)
		Receivables		320,153		599,001
		Restricted Cash		296,752		118,585
		Prepaid expenses and other assets		197,741		281,676
		Inventory		-		1,383
		Accounts payable and accrued liabilities		(956,923)		(93,111)
		Deferred revenue		(389,868)		(61,734)

		Net cash provided (used) by operating activities		1,567,131		(180,834)

Cash Flows From Investing Activities
	Purchase of available-for-sale securities			(500,000)		(500,000)
	Proceeds from sale of available-for-sale securities			-		250,000
	Increase in notes receivable			-		(250,000)

	Net cash (used) by investing activities			(500,000)		(500,000)

Cash Flows From Financing Activities
	Proceeds from notes payable			1,000,000		-
	Proceeds on issuance of stock from exercise of options			46,000		-

	Net cash provided by financing activities			1,046,000		-

	Net increase/(decrease) in cash and cash equivalents			2,113,131		(319,166)

	Cash and cash equivalents at beginning of period			1,490,769		3,449,560

	Cash and cash equivalents at end of period		$	3,603,900	$	3,130,394

Supplemental disclosures of cash flow information:
	Cash paid for interest		$	-	$	-
	Cash paid for income taxes		$	1,200	$	-
Non-cash financing activities:
	Stock issued for services		$	415,000	$	-

The accompanying notes are an integral part of these consolidated financial statements

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its December 31, 2010 Annual Report on Form 10-K. Operating results for the three and nine month periods ending September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011.

NOTE 2 – NOTE PAYABLE

On January 27, 2010, the Company executed a Promissory Note Secured by a Deed of Trust with Assignment of Rents in the principal amount of $1,000,000 (the “Note”). The Note holder is entitled to receive the entire principal amount with all accrued interest, at 7% interest per annum, payable on or before January 27, 2012. The Note is secured by a deed of trust with assignment of rents on commercial properties owned by the Company. The Holder is entitled to collect rents and lease amounts, if any, from the buildings upon any default and may at its option elect to foreclose on the properties. The Company may make payments prior to the due date and any payment will be applied first to the reduction of interest and the remaining balance to the outstanding principal. In the event the Company fails to pay any amount when due, then the amount owing will become immediately due and a default interest rate of 15% shall apply to the principal amount.

NOTE 3 – INVESTMENTS

On April 21, 2011, the Company invested $250,000 in common units of Middlebury Ventures II, LLC, a Delaware limited liability company. The funds are to be used by Middlebury Ventures II, LLC for the acquisition of Fisker Holdings, Inc. Series C-1 Shares pursuant to the Fisker Series C-1 transaction documents.

On June 9, 2011, the Company formed Headlamp Ventures, LLC as a wholly owned subsidiary for the purpose of pursuing business acquisitions and investments. The new company was initially capitalized with $500,000.

On July 20, 2011, the Company’s Board of Directors resolved to resurrect its World Commerce Network, LLC business. World Commerce Network, LLC is a wholly owned subsidiary of the Company and has been a Discontinued Operation since July, 2002.

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 3 – INVESTMENTS - CONTINUED

On July 28, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries a 15% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On August 2, 2011, the Company acquired Thrifty Seeker, LLC, a Utah limited liability company, for $18,000. Thrifty Seeker, LLC competes in the daily deals space.

On August 3, 2011, the Company, through its World Commerce Network, LLC subsidiary, issued a promissory note in the amount of $250,000 to Bryan Development, LLC, a Utah limited liability company, for use as working capital in its business investment activities. The note carries a 5% annual interest rate and can be converted, in whole or in part at the election of the Company, into common stock shares owned or held by Bryan Development, LLC.

On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V., a corporation organized under the laws of Mexico, for use in its iron ore exporting business. Interest shall be charged on amounts outstanding in the form of a fee of $3.00 per Metric Ton of Iron Ore purchased with proceeds of the note.

On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, partnered with Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V. and Dominican Oil & Gas Exploration, LLC to form Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC, a Utah limited liability company, for the purpose of developing an iron ore brokering business. For value received, the Company holds a 51% ownership position in Grupo Zapata Arce Division Metales y Minerales S.A. de C.V., LLC.

On August 19, 2011, the Company’s Board of Directors resolved to discontinue and dissolve Fundworks, Inc., a Delaware corporation and wholly owned subsidiary of the Company. The only activity at Fundworks, Inc. during the years ended December 31, 2010 and 2009, was intercompany transactions which have been eliminated in the consolidation. Therefore, the dissolution of this subsidiary does not result in the recognition of discontinued operations in the financial statements.

On September 20, 2011, Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC was added as a party to the revolving line of credit and promissory note originally established August 15, 2011 for Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V.

NOTE 4 – CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates of particular significance in our financial statements include trade receivables and collections, goodwill, contingent liabilities, and valuing stock option compensation.

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 4 – CRITICAL ACCOUNTING POLICIES - CONTINUED

Trade receivables and collections - We apply a range of collection techniques to manage delinquent accounts. Management reviews accounts receivable monthly and records an estimate of receivables determined to be uncollectible due to allowance for doubtful accounts and bad debt. Accounts receivable and the corresponding allowance for doubtful accounts are reviewed for collectability by management quarterly and uncollectible accounts receivable are written off.

Revenue Recognition -The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, “Revenue Recognition in Financial Statements” and its revisions in SAB No. 104. SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions.

We receive revenue for hosting, gateway, and maintenance fees, software access and licensing fees. Revenues from up-front fees are deferred and recognized over the period in which services are performed, ranging from one month to one year. Fees for the set-up of merchant accounts are deferred and recognized as services are completed (which is generally two months). Revenues from monthly hosting, maintenance, transaction and processing fees are recorded when earned. Operating lease revenues for merchant accounts and software are recorded as they become due from customers.

The Company recognizes revenues when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectibility is reasonably assured.

Goodwill - Goodwill related to Intellipay is assessed annually for impairment by comparing the fair value of Intellipay to its carrying amount, including goodwill. In testing for a potential impairment of goodwill, the estimated fair value of Intellipay is compared with book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the fair value of Intellipay is less than book value, then an impairment loss is recognized equal to the excess of book value to estimated fair value. The estimate of implied fair value of goodwill may require independent valuations of certain internally generated and unrecognized intangible assets such as our paying monthly gateway portfolio, software and technology and trademarks. If the carrying amount of our goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess. The fair value of Intellipay is estimated using both cash flow information from internal budgets and multiples of revenue. In the event that an impairment indicator arises prior to our annual impairment test of goodwill, we will provide a full test relative to the indicator in the period that the indicator is present.

Contingent liabilities - Material estimates for contingent liabilities include approximately $0 for our operating companies. From a liquidity standpoint, any settlement or judgment received by the Company from pending or threatened litigation may have a direct effect on our cash balances. Management believes that all amounts estimated and recorded as contingent liabilities approximate the amount of liabilities that could be owed to parties in the form of settlement or in a judgment. We have had no conversation for over three years with any of the parties related to the contingent liabilities of our discontinued operations. Any settlements that might occur below amounts accrued would result in a favorable impact to our earnings and working capital.

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 4 – CRITICAL ACCOUNTING POLICIES - CONTINUED

Valuing stock options - We measure and record compensation cost relative to performance stock option costs in accordance with FASB ASC 480-10, which requires the Company to use the Black-Scholes pricing model to estimate the fair value of options at the option date of grant. The fair value of the option grant is established at the date of grant using the Black-Scholes option pricing model based on assumptions related to the five year risk free interest rate, dividend yield, volatility, and average expected term (years to exercise).

Fair Value Measurements - We adopted ASC Topic 820 (originally issued as SFAS 157, “Fair Value Measurements”) as of January 1, 2008 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2011:


			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
	Available-for-sale securities	$	1,000,000	$	-	$	750,000	$	250,000
Total assets measured at fair value		$	1,000,000	$	-	$	750,000	$	250,000

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 4 – CRITICAL ACCOUNTING POLICIES - CONTINUED

The table below presents our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2011. We classify financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model.



			Available-for-sale securities		Total
Balance at December 31, 2010		$	-	$	-
Total gains or losses (realized and unrealized)
	Included in net loss		-		-
	Valuation adjustment		-		-
Purchases, issuances, and settlements, net			250,000		250,000
Transfers to Level 3			-		-
Balance at September 30, 2011		$	250,000	$	250,000

Fair Value of Other Financial Instruments - The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their immediate or short-term maturities. The aggregate carrying amount of the notes payable approximates fair value as the individual notes bear interest at market interest rates and there hasn’t been a significant change in our operations and risk profile.

NOTE 5 - 2010 RESTATEMENT

The financial statements for the three and nine month periods ended September 30, 2010 were restated to reflect issues identified during a reaudit of the financial statements for that year. Management and the board of directors concluded these restatements were necessary to reflect the changes described below.

[See following page.]

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 5 - 2010 RESTATEMENT - CONTINUED

Consolidated Statements of Operations


			As Originally Reported Nine Months		As Restated Nine Months		Change Nine Months			As Originally Reported Three Months		As Restated Three Months		Change Three Months
Revenues
	Hosting, gateway and maintenance fees	$	8,047,402	$	8,197,532	$	150,130	A	$	1,084,908	$	965,328	$	(119,580)	A
Cost of sales			373,065		352,293		(20,772)	B		73,231		50,651		(22,580)
	Gross profit		7,674,337		7,845,239		170,902			1,011,677		914,677		(97,000)

Selling expenses			923,995		923,995		-			87,905		87,905		-
Research and development			318,486		318,486		-			91,995		91,995		-
General and administrative			4,665,455		5,005,559		340,104	C		594,330		493,500		(100,830)	C
Depreciation and amortization			68,885		56,405		(12,480)	D		22,962		18,801		(4,161)	D
	Total operating expenses		5,976,821		6,304,445		327,624			797,192		692,201		(104,991)
	Net income (loss) from operations		1,697,516		1,540,794		(156,722)			214,485		222,476		7,991
Other income (expense)
	Interest income (expense), net		(683)		(48,005)		(47,322)	E		11,399		(18,141)		(29,540)	E
	Other income (expense), net		5,591		5,591		-			533		533		-
	Total other Income (Expense)		4,908		(42,414)		(47,322)			11,932		(17,608)		(29,540)
	Net income (loss) from continuing operations before income taxes		1,702,424		1,498,380		(204,044)			226,417		204,868		(21,549)
Income Tax Provision/(Benefit)			-		743,700		743,700	F		-		85,400		85,400	F
Income Tax Expense			578,824		8,013		(570,811)	F		76,982		-		(76,982)
Income from continuing operations		$	1,123,600	$	746,667	$	(376,933)		$	149,435	$	119,468	$	(29,967)

NET INCOME (LOSS)		$	1,123,600	$	746,667	$	(376,933)		$	149,435	$	119,468	$	(29,967)

EARNINGS PER SHARE
	Basic	$	0.04	$	0.02	$	(0.02)	G	$	0.00	$	0.00	$	(0.00)	G

	Diluted	$	0.02	$	0.02	$	(0.00)	G	$	0.00	$	0.00	$	(0.00)	G
Weighted-average common shares outstanding
	Basic		49,713,895		45,843,492		(3,870,403)	G		49,713,895		47,259,221		(2,455,674)	G
	Fully Diluted		45,225,756		45,843,492		617,736	G		45,225,756		47,259,221		2,033,465	G

The accompanying notes are an integral part of these consolidated financial statements.

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 5 - 2010 RESTATEMENT - CONTINUED


A	To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.
B	To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.
C	To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.
D	To correct fixed asset balances for previous disposals and other adjustments resulting from the 2009 restatement.
E	To correct interest expense related to notes payable.
F	To adjust the balance of deferred tax assets for the result of the 2010 valuation calculation.
G	To record update weighted-average common shares outstanding and reflect adjustment income due to revenue and expense adjustment and correction of the Company’s Black Scholes calculations.

Consolidated Statements of Cash Flows


					As Originally Reported		As Restated		Change
Cash flows from operating activities
Net income				$	1,123,600	$	746,667	$	(376,933)
Adjustments to reconcile net earnings to net cash provided by operating activities
	Depreciation & amortization				68,885		56,405		(12,480)	A
	Stock issued for services				412,800		415,000		2,200	B
	Valuation of stock options				25,022		137,504		112,482	C
Changes in assets and liabilities
	Deferred tax asset				(227,836)		743,700		971,536	D
	Receivables				(209,016)		320,153		529,169	E
	Restricted cash				-		296,752		296,752	F
	Prepaid expenses and other assets				(357,431)		197,741		555,172	G
	Inventory				22,580		-		(22,580)	H
	Accounts payable and accrued liabilities				(124,104)		(956,923)		(832,819)	I
	Deferred revenue				-		(389,868)		(389,868)	J
		Net cash provided by operating activities			734,500		1,567,131		832,631
Cash flows from investing activities
	Purchases of property and equipment				(15,665)		-		15,665	K
	Purchases of available-for-sale securities				-		(500,000)		(500,000)	L
	Cash on reserve with bank (restricted cash)				226,695		-		(226,695)	M
			Net cash (used) by investing activities		211,030		(500,000)		(711,030)
Cash flows from financing activities
	Proceeds on issuance of stock from exercise of options				46,000		46,000		-	L
	Proceeds from stock issued for services				(378,400)		-		378,400	B
	Proceeds from notes payable				1,000,000		1,000,000		-
			Net cash provided by financing activities		667,600		1,046,000		378,400

(continued)

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 5 - 2010 RESTATEMENT – CONTINUED

Consolidated Statements of Cash Flows - continued


			As Originally Reported		As Restated		Change
Net increase/(decrease) in cash and cash equivalents			1,613,130		2,113,131		500,001
Cash and cash equivalents at beginning of period			1,490,769		1,490,769		-
Cash and cash equivalents at end of period		$	3,103,899	$	3,603,900	$	500,001
Supplemental disclosures of cash flow information:
	Cash paid for interest	$	-	$	-	$	-
	Cash paid for income taxes	$	1,200	$	1,200	$	-
Non-cash financing activities:
	Stock issued for services	$	-	$	415,000	$	415,000	B

The accompanying notes are an integral part of these consolidated financial statements


A	To correct fixed assets balances for previous disposals and other adjustments resulting from the 2009 restatement
B	To correct stock issued for services amount.
C	To correct the amount recorded in stock options compensation.
D	To adjust the balance of deferred tax assets for the results of the 2010 valuation calculation.
E	To adjust accounts receivable to reflect changes in the Company’s rebilling estimate, to write-down certain receivables and reclassify certain amounts due to restricted cash.
F	To write-off certain uncollectable deposits and reclassify certain receivables to restricted cash.
G	To record certain prepaid legal expenses.
H	To adjust amount spent on inventory.
I	To record accrued interest on notes payable, to record income tax payable and correct other accrued liabilities.
J	To record deferred revenue.
K	To correct expenses allocated to property and equipment purchases.
L	To record purchase of municipal bonds previously classified as cash and cash equivalents.
M	To correct restricted cash deposits.

NOTE 6 - SUBSEQUENT EVENTS

On October 3, 2011, the revolving line of credit and promissory note, originally established July 28, 2011 for Bsquare Red, LLC was amended to increase the amount to $500,000. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On October 19, 2011, the Company’s Board of Directors resolved to authorize the investment of up to $1,200,000 in Rsignia, Inc. Rsignia, Inc. is a leading provider of cyber security solutions and services including detection, mitigation, countermeasures and forensics.

On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $100,000 in Payroll Innovations, LLC, a payroll debit card provider servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in Payroll Innovations, LLC.

PACIFIC WEBWORKS, INC. & SUBSIDIARIES

Notes to the Consolidated Financial Statements

September 30, 2011 and 2010

(Unaudited)

NOTE 6 – SUBSEQUENT EVENTS - CONTINUED

On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $150,000 in PickYourPayday.com, LLC, an online payroll advance business servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in PickYourPayday.com, LLC.

On December 2, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $10,000 in Asher, LLC, a business specializing in design and production of gloves and apparel sold in the athletics industry. For value received, the Company holds a 51% ownership position in Asher, LLC. It is noted that the Headlamp Ventures, LLC interest in Asher, LLC was purchased from a relation by marriage of the CFO of the Company.

On December 31, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, extended the maturity date on the Promissory Note extended to Rsignia, Inc. to April 15, 2012.

On January 18, 2012, the Company, through its World Commerce Network, LLC subsidiary, issued a short term $300,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note has a maturity date of February, 15, 2012, carries a 15% effective annual rate of interest and a one-time fee equal to one percent of the total loan amount. The note, including all interest and fees, was paid in full at maturity. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On January 27, 2012, the maturity date on the $1,000,000 Promissory Note executed by the Company on January 27, 2010 was amended to January 27, 2015. (See Note 2, above.)

On February 9, 2012, the Company, through its Headlamp Ventures, LLC subsidiary, established a new revolving line of credit facility and issued an initial $500,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries an 18% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On April 16, 2012, the Promissory Note extended to Rsignia, Inc., went into default. The Company subsequently provided Rsignia, Inc. with notice of default and a demand for repayment of all outstanding principal and accrued interest. The Company is currently working with Rsignia, Inc. to collect payment in full.

In this report references to “Pacific WebWorks,” “we,” “us,” “our” and “the Company” refer to Pacific WebWorks, Inc. and its subsidiaries.

FORWARD LOOKING STATEMENTS

The Securities and Exchange Commission (“SEC”) encourages reporting companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. This report contains these types of statements. Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Overview

Pacific WebWorks enjoyed dramatic growth during 2009 and this growth was related largely to the upgrading of our marketing channels and the migration of our marketing towards a greater emphasis on the viability of our software products as a revenue generating tool, including the ability to use our tools in connection with the major retail sites. However, this growth led to some abuses in our affiliate marketing system and management took actions to curtail these abuses in early 2010. In November 2010 management announced that we would no longer expose the Company to the risks associated with using the affiliate system to market our products. This has, and will continue to result in a significant decline in our revenues. Consistent with this reduction in revenues, management has taken steps to reduce our overhead expense.

The nine month period ended September 30, 2011 (“ 2011 nine month period”) was primarily devoted to addressing items related to our ongoing legal issues as well as initiating discussions with a number of parties concerning merger, acquisition, joint venture or partnerships to pursue a wide variety of options for the future. As announced in 2010 the Company is developing alternative avenues through which its resources might be profitably employed.

During the 2011 nine month period, the Company continued to expend time and money to defend itself in the legal actions brought against the Company during the prior two years. The legal actions have continued through 2012 and may possibly continue beyond. During the 2011 third quarter we settled one case, but another was filed in Illinois (See Part II, Item 1 below). In an effort to end the litigation, motions to dismiss the legal actions in the various jurisdictions have been filed.

As of the filing date of this report we have trimmed our staffing significantly and identified and hired the personnel necessary to implement our new business model. Our goal is to find synergistic opportunities, but we will not limit ourselves if other areas of interest develop. On June 9, 2011, Pacific WebWorks formed Headlamp Ventures, LLC, a Utah limited liability company, as a wholly-owned subsidiary for the purpose of pursuing business acquisitions and investments. Then on July 20, 2011, the Company’s Board of Directors resolved to revive World Commerce Network, LLC’s business operations for the purpose of seeking out investment opportunities in other businesses. As of April 30, 2012 the Company has invested an aggregate of $1,400,000 in other businesses directly or through our subsidiaries (See “Liquidity and Capital Resources,” below and Note 6 – Subsequent Events, above).

On August 19, 2011, the Company’s Board of Directors resolved to discontinue and dissolve Fundworks, Inc.

Liquidity and Capital Resources

During 2011 we relied primarily on revenues to fund operations. We expect to generate positive cash flows through further development of our business and distribution channels and investments in other businesses. We plan to address only the liabilities of our operating subsidiaries with our current cash balances and cash inflows. Of course cash outflows can exceed monthly cash inflows based on timing differences between marketing campaigns and sales and returns on investment.

Our net revenues for 2010 decreased significantly as compared to 2009 due to the change in our marketing strategy and that trend continued into 2011. Cash and cash equivalents decreased at September 30, 2011 as the Company invested its capital in business opportunities.

Maintaining sufficient merchant account processing capabilities will continue to be a factor in our overall performance. We work diligently with our existing merchant account providers and continually search for new merchant account providers in order to manage this risk.

We believe that we will be able to sustain our operations with existing cash and future cash flows during the next twelve to twenty-four months and possibly beyond. Should we need to raise money in the future we believe funding may be obtained through additional debt arrangements in addition to our internally generated cash flows. However, if we are unable to obtain additional funds on acceptable terms, then we might be forced to delay or abandon some or all of our product development, marketing or business plans, and growth could be slowed, which may result in declines in our operating results and common stock market price.

2011 Nine Month Period Investments

Subsequent to the year ended December 31, 2010, in addition to our web site business the Company has invested in other businesses directly or through our subsidiaries. The Company expects to see returns on these investments within the next six to twelve months of 2012.

On April 21, 2011, the Company invested $250,000 in common units of Middlebury Ventures II, LLC. The funds are to be used by Middlebury Ventures II, LLC for the acquisition of Fisker Holdings, Inc. Series C-1 Shares pursuant to the Fisker Series C-1 transaction documents. We believe this investment holds the possibility of significant return in the future as Fisker produces high quality environment friendly vehicles and competes well in the luxury hybrid-electric vehicle market.

On August 2, 2011, the Company acquired Thrifty Seeker, LLC, a Utah limited liability company, for $18,000. Thrifty Seeker, LLC competes in the daily deals space. We foresee opportunity in the daily deals space and believe that Thrifty Seeker can be grown into a strong competitor by leveraging our connections and experience in Internet marketing, without incurring the risks previously experienced in Internet marketing.

On July 28, 2011, Headlamp Ventures established a revolving line of credit facility and issued an initial $400,000 promissory note to Bsquare Red, LLC to be used as working capital in its internet marketing business. The note carries a 15% effective annual rate of interest. On October 3, 2011, the revolving line of credit and promissory note was amended to increase the amount to $500,000. We are pleased with the rate of return on this financial instrument and have also ensured that there are satisfactory provisions securing the note.

On August 15, 2011, Headlamp Ventures established a revolving line of credit facility and issued an initial $400,000 promissory note to Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V., a corporation organized under the laws of Mexico, for use in its iron ore exporting business. Interest shall be charged on amounts outstanding in the form of a fee of $3.00 per metric ton of iron ore purchased with proceeds of the note. On September 20, 2011, Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC was added as a party to the revolving line of credit and promissory note originally established on August 15, 2011 for Grupo Zapata Arce.Grupo Zapata Arce is positioned in an industry experiencing consistently strong demand that is especially

driven by emerging markets around the world. We believe that as the company continues to establish its operations it will produce strong revenue growth and income.

On August 3, 2011, World Commerce Network issued a promissory note in the amount of $250,000 to Bryan Development, LLC for use as working capital in its business investment activities. The note carries a 5% annual interest rate and can be converted, in whole or in part at the election of the Company, into common stock shares owned or held by Bryan Development, LLC. We are optimistic about the conversion possibilities associated with this note and continue to work with the borrower to identify promising investment opportunities.

Commitments and Contingencies

Current Liabilities: Our total current liabilities at September 30, 2011 included accounts payable and accrued liabilities. Accounts payable of $31,919 was related to operating costs such as marketing and advertising expenses and professional fees. Our accrued liabilities of $187,477 were primarily the result of payroll related liabilities and income tax payable, offset by estimated refunds and receivables. During the 2011 nine month period, the Company was involved in several legal actions, but as of September 30, 2011, management has not recorded any contingent liability because management believed that we would be successful in those litigations.

For the years ended December 31, 2009 and 2010, we recorded current liabilities from discontinued operations of $101,799 related to World Commerce’s customer leases. That liability was reduced to $95,122 during the first quarter of 2011 to more accurately reflect the potential payment requirement. There has been no active discussion with the leasing company since 2002.

Also included in current liabilities at September 30, 2011 is $40,816 in deferred revenue primarily related to hosting services and $117,322 in accrued interest payable related to the Company’s $1,000,000 promissory note.

Promissory Note: Our long term liabilities at September 30, 2011 include a promissory note in the amount of $1,000,000. On January 27, 2010, Pacific WebWorks, executed a Promissory Note Secured by a Deed of Trust with Assignment of Rents in the principal amount of $1,000,000 (the “Note”). The holder of the Note, Principal Development, LLC, a Nevada limited liability company (the “Holder”), is entitled to receive the entire principal amount with all accrued interest, at 7% interest per annum, on or before January 27, 2012. On January 27, 2012, the maturity date of the Note was amended to January 27, 2015. The Note is secured by a deed of trust with assignment of rents on our principal office building and a second commercial building we own in Salt Lake City, Utah. Also, the Holder is entitled to collect rents and lease amounts, if any, from the buildings upon any default and may at its option elect to foreclose on the properties.

The Note also provides that we may make payments prior to the due date and that any payment will be applied first to the reduction of interest and the remaining balance to the outstanding principal. In the event we fail to pay any amount when due, then the amount owing will become immediately due and a default interest rate of 15% shall apply to the principal amount.

Results of Operations

The following discussions are based on the consolidated financial statements of Pacific WebWorks and its subsidiaries for the three and nine month periods ended September 30, 2011 and 2010. The following charts are a summary of our financial statements for those periods and should be read in conjunction with the financial statements, and notes thereto, included in this report at Part I, Item 1, above.

[Chart follows]


SUMMARY BALANCE SHEET COMPARISON
	Year ended Dec. 31, 2010	Nine month period ended Sept. 30, 2011
Cash and cash equivalents	$ 3,449,560	$ 3,130,394
Total current assets	4,880,114	3,678,889
Total assets	11,320,152	10,723,892
Total current liabilities	627,500	472,656
Total liabilities	1,627,500	1,472,656
Accumulated deficit	(8,426,777)	(8,868,193)
Total stockholders’ equity	$ 9,692,652	$ 9,251,236

Total assets decreased at September 30, 2011 as compared to December 31, 2010 primarily as a result of a reduction in receivables related to the Visual WebTools business. At September 30, 2011 total liabilities also decreased compared to the 2010 year end as a result of continued cost control measures. Our accumulated deficit increased at September 30, 2011 as a result of posting a net loss for the 2011 nine month period.


SUMMARY OPERATING RESULTS
	Three month period ended September 30,		Nine month period ended September 30,
	2010	2011	2010	2011
Revenues, net	$ 965,328	$ 381,827	$ 8,197,532	$ 1,340,005
Cost of sales	50,651	30,283	352,293	130,258
Gross profit	914,677	351,544	7,845,239	1,209,747
Total operating expenses	692,201	522,367	6,304,445	1,889,871
Income (loss) from operations	222,476	(170,823)	1,540,794	(680,124)
Total other income (expense)	(17,608)	(706)	(42,414)	(13,492)
Income tax expense (benefit)	85,400	(39,300)	751,713	(252,200)
Net income (loss)	119,468	(132,229)	746,667	(441,416)
Earnings per share - basic	$ 0.00	$ (0.00)	$ 0.02	$ (0.01)

We recognize revenue from hosting, gateway, and maintenance fees, software, access and licensing fees, the sale of merchant accounts and custom website design work. Revenues from up-front fees from customers are recorded on the balance sheets as deferred revenues and are recognized over the period services are performed, ranging from eight months to one year. Fees for the set-up of merchant accounts are deferred and recognized as services are completed, which is generally two months. Revenues from monthly hosting, maintenance, transaction and processing fees are recorded when earned. Operating lease revenues for merchant accounts and software are recorded when earned.

Our net revenues decreased significantly for the three and nine month periods ended September 30, 2011 (“2011 interim periods”) compared to the three and nine month periods ended September 30, 2010 (“2010 interim periods”) as a result of our shift in marketing approaches. Formerly we relied upon an affiliate marketing approach, but due to abuses in that type of system we no longer expose our operations to the risks associated with affiliate marketing. Management anticipates that revenues will grow from the reduced 2011 levels as new business opportunities are developed.

Cost of sales includes costs related to fulfillment, customer service, certain royalties and commissions, amortization of purchased customer portfolios, service personnel, telecommunications and data center costs. Cost of sales increased as a percentage of sales in the 2011 interim periods as compared to the 2010 interim periods. Cost of sales was 7.9% of net revenues for the 2011 third quarter as compared to 5.2% of net revenues for the 2010 third quarter. In addition, cost of sales was 9.7% of net revenues for the 2011 nine month period as compared to 4.3% of net revenues for the 2010 nine month period. Cost of sales as a percentage of sales was higher in the 2011 periods due to a decline in sales against certain fixed costs. Management anticipates that cost of sales will remain higher as a percentage of sales in the short term due to fixed costs as new revenue streams are developed.

Total operating expenses decreased for the 2011 interim periods compared to the 2010 interim periods primarily due to decreases in selling expenses, staff reduction and other cost control measures. Selling expenses include advertising expense, commissions and personnel expenses for sales and marketing and these expenses were higher in the 2010 interim periods due to higher sales and commissions related to the affiliate marketing approach.

General and administrative expenses include personnel expenses for executive, finance, and internal support personnel. In addition, general and administrative expenses include fees for bad debt costs, professional legal and accounting services, insurance, office space, banking and merchant fees, and other overhead-related costs. General and administrative expenses decreased significantly for the 2011 nine month period as compared to the 2010 nine month period because the number of customer accounts were higher in 2010 and consistent with the higher number of customer accounts, we increased our staff to provide services for these new customer accounts. However, the decrease in general and administrative expenses was less significant for the 2011 third quarter compared to the 2010 third quarter, reflecting the beginning of our shift away from the affiliate marketing approach.

Our net loss for the 2011 interim period reflects the decline in revenues related to the Visual WebTools business as the Company pursued other business opportunities. Our net income for the 2010 interim periods reflects the greater revenues we recorded in 2010.

Off-balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

Critical Accounting Policies

Revenue Recognition - The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, “Revenue Recognition in Financial Statements” and its revisions in SAB No. 104. SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions.

The estimate of implied fair value of goodwill may require independent valuations of certain internally generated and unrecognized intangible assets such as our paying monthly gateway portfolio, software and technology and trademarks. If the carrying amount of our goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess. The fair value of Intellipay is estimated using both cash flow information from internal budgets and multiples of revenue. In the event that an impairment indicator arises prior to our annual impairment test of goodwill, we will provide a full test relative to the indicator in the period that the indicator is present.

Contingent liabilities - Material estimates for contingent liabilities include approximately $0 for our operating companies. From a liquidity standpoint, any settlement or judgment received by the Company from pending or threatened litigation may have a direct effect on our cash balances at September 30, 2011. Management believes that all amounts estimated and recorded as contingent liabilities approximate the amount of liabilities that could be owed to parties in the form of settlement or in a judgment. We have had no discussion for over three years with any of the parties related to the contingent liabilities. Any settlements that might occur below amounts accrued would result in a favorable impact to our earnings and working capital.

unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include:

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be

disclosed in our reports filed with the SEC pursuant to the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. This information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, they concluded that our disclosure controls and procedures were ineffective for the period ended September 30, 2011 because the Company did not file its periodic reports timely due to a delay in preparation of our financial statements for the year ended December 31, 2010. The Company has engaged a new independent registered public accounting firm that will perform future audits and reviews of our periodic reports and the Company has hired new accounting personnel to manage the accounting procedures. Management expects these actions will ensure timely filing of our reports in the future.

Changes to Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an evaluation of the effectiveness of our internal control over financial reporting and determined that there were changes made in our internal control over financial reporting during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. The changes to internal control over financial reporting were incorporated to improve the effectiveness of control over accounting system maintenance and vendor payable and expenditure.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Class Action Lawsuits

On July 9, 2010, Randy Guffey filed an action in the Circuit Court for the Twentieth Judicial Circuit, Collier County, Florida, which action was removed to the United States District Court for the Middle District of Florida, Ft. Myers Division. On January 21, 2010 the State of Florida served the Pacific WebWorks with a subpoena seeking production of documents related to an alleged violation of consumer protection laws in Florida. We denied any violation of Florida consumer protection laws and responded to the subpoena. The State of Florida and Pacific WebWorks have come to a resolution as to the settlement of this dispute with a Settlement Agreement being fully executed on July 11, 2011 which required the Company to pay $19,000 for costs, attorneys’ fees and future monitoring by the State of Florida Department of Legal Affairs Revolving Trust Fund.

On September 19, 2011, Lynette Booth filed an action in the Circuit Court of Cook County, Illinois, Chancery Division alleging violations of consumer protection laws by Pacific WebWorks. Damages are unspecified in this action. Pacific WebWorks has answered the complaint and denied liability and intends to defend against all such claims.

ITEM 1A. RISK FACTORS

Factors Affecting Future Performance

We may pursue investments in, or acquisitions of, complementary service product lines, technologies or business opportunity through our subsidiaries which may interfere with our operations and negatively affect our financial position.

We intend to expand our services and product offerings and anticipate evaluating potential acquisitions of or investments in businesses, services, products, or technologies. These investments or acquisitions may result in the incurrence of debt and contingent liabilities, goodwill impairment charges and amortization of expenses related to other intangible assets. In addition, acquisitions and investments involve numerous risks, including difficulties in the assimilation of the operations, technologies, services, and products of acquired companies; the diversion of management’s attention from other business concerns; risks of entering markets in which we have no or limited direct prior experience; and, the potential loss of key employees of an acquired company. As of the date of this filing, other than those items detailed herein, we have no present commitment or agreement with respect to any material acquisition of other businesses, services, products, or technologies.

We cannot be assured that the subsidiaries will be able to identify only business opportunities which will ultimately prove to be beneficial to the Company and our stockholders.

Our subsidiaries’ search for business opportunities to invest in and this search will not be limited to any particular geographical area or industry. Our subsidiaries’ management has unrestricted discretion in seeking a business opportunity, subject to the availability of such opportunities, economic conditions and other factors. Business opportunity participation is governed by the parent company management and board of directors. In addition, the selection of a business opportunity in which to participate is complex and extremely risky and will be made by the subsidiary’s management in the exercise of its business judgment. We cannot be assured that the subsidiaries will be able to identify only business opportunities which will ultimately prove to be beneficial to the Company and our stockholders.

We may experience difficulty maintaining sufficient credit card processing capabilities to keep up with our transaction volume.

We rely upon our credit card merchant accounts to collect our monthly hosting payments and many of the limitations imposed upon us by the credit card associations, in the opinion of management, are unreasonable and unnecessarily confining. In the past, these merchant account limitations have forced management to restrict our business growth and this restriction of growth continues to impact our earnings in a negative manner.

We may need additional external capital and may be unable to raise it.

Our success will depend upon our ability to generate future cash flows and, if needed in the future, the ability to access equity capital markets and borrow on terms that are financially advantageous to us. Also, we may not be able to obtain additional funds on acceptable terms. If we are unable to obtain additional capital, then we may not have sufficient working capital to develop products, finance acquisitions, or pursue business opportunities. If we borrow funds, then we could be forced to use a large portion of our cash reserves to repay principal and interest on those funds. If we issue our securities for capital, then the interests of investors and shareholders could be diluted.

We are subject to intense competition from large and small companies that limits our ability to obtain market share and may force our prices down.

We face competition in the overall Internet software market, as well as in the business opportunity market. Our ability to earn significant revenues from our Visual WebTools™ or IntelliPay payment system will depend in part on their acceptance by a substantial number of online businesses. Broad acceptance of our products and services and their use in large numbers is critical to our success because a large portion of our revenues are derived from one-time and recurring fees we charge to customers buying our products and services. Our success in obtaining market share will depend upon our ability to build name brand recognition and to provide cost-effective products and services to our customers. We have developed our products to meet the needs of small businesses and we believe the generality of our competitors’ services may be inadequately addressing the small business owner’s needs. We expect competition to persist, increase, and intensify in the future as the markets for our products and services continue to develop and as additional competitors enter our market. In addition, many of our current or potential competitors have broad distribution channels that they may use to bundle competing products directly to end-users or purchasers. If these competitors were to bundle competing products for their customers, it could adversely affect our ability to obtain market share and may force our prices down.

We may be unable to achieve market acceptance because technological standards for payment processing are not established.

One obstacle to widespread market acceptance for the IntelliPay payment system is that widely adopted technological standards for accepting and processing payments over the Internet have not yet emerged. As a result, merchants and financial institutions have been slow to select which service to use. Until one or more dominant standards emerge, we must design, develop, test, introduce and support new services to meet changing customer needs and respond to other technological developments. To be successful, we must obtain widespread acceptance of our technologies, or modify our products and services to meet whatever industry standards do ultimately develop. It is not certain that we will be able to do either.

We depend upon our proprietary rights, none of which can be completely safeguarded against infringement.

Our ability to compete effectively will depend, in part, upon our ability to protect our proprietary source codes for Visual WebTools™ and the IntelliPay payment system through a combination of licenses and trade secrets. These agreements and procedures may not effectively prevent disclosure of our confidential information and may not provide us with an adequate remedy in the event of unauthorized disclosure of such information. Intellectual property rights, by their nature, are uncertain and involve complex legal and factual questions. We rely upon trade secrets with respect to our source code and functionalities and other unpatented proprietary information in our product development activities. We seek to protect trade secrets and proprietary knowledge in part through confidentiality agreements with our employees, resellers, and collaborators.

If employees or collaborators develop products independently that may be applicable to our products under development, disputes may arise about ownership of proprietary rights to those products or services. Protracted and costly litigation could be necessary to enforce and determine the scope of our proprietary rights and it would be impossible to predict whether litigation might be successful.

We rely in part on third party technology licenses which we cannot guarantee will be available to us in the future.

We rely on certain technology which we license from third parties, including software which is integrated with internally developed software and used in our software to perform key functions. Our inability to maintain any of these technology licenses could result in delays in distribution of our services or increased costs of our products and services. We cannot be assured that third party technology licenses will continue to be available to us on commercially reasonable terms, or at all.

We must update our products and services and may experience increased costs and delays which could reduce operating profit.

The electronic commerce, web hosting and merchant processing markets in which we compete are characterized by technological change, new product introductions, evolving industry standards and changing customer needs. In order to remain competitive, we may be required to engage in a number of research and development projects, which carries the risks associated with any research and development effort, including cost overruns, delays in delivery and performance problems. Any delay in the delivery of new products or services could render them less desirable by our customers, or possibly even obsolete. Any performance problem with a new product or service may require significant funds to correct the problem. As a result of these factors, our research and development efforts could result in increased costs that could reduce our operating profit, a loss of revenue if promised new products are not timely delivered to our customers, or a loss of revenue or possible claims for damages if new products and services do not perform as anticipated.

We may experience software defects which may damage customer relations.

Despite rigorous testing, our software may nevertheless contain undetected bugs, errors or experience failures when introduced, or when the volume of services provided increases. Any material errors could damage the reputation of our service or software, as well as damage our customer relations. We have detected errors, defects, and bugs in the past and have corrected them as quickly as possible. Correcting any defects or bugs we may discover in the future may require us to make significant expenditures of capital and other resources. We believe that we follow industry-standard practices relating to the identification and resolution of errors, defects, or bugs encountered in the development of new software and in the enhancement of existing features in our products. As of the date of this filing we have not experienced any material adverse effect by reason of an error, defect, or bug.

We may experience breakdowns in our hosting services, infrastructure or payment processing systems, which may expose us to liabilities and cause customers to abandon our products and services.

We would be unable to deliver our payment processing services or hosting services if our system infrastructures break down or are otherwise interrupted. Events that could cause system interruptions are:

fire,

earthquake,

power loss,

terrorist attacks,

harmful software programs,

telecommunications failure, and

unauthorized entry or other events.

Although we regularly back up data from operations, and take other measures to protect against loss of data, there is still some risk of such losses. Despite the security measures we maintain, our infrastructure may be vulnerable to

computer viruses, hackers, rouge employees or similar sources of disruption. Any problem of this nature could result in significant liability to customers or financial institutions and also may deter potential customers from using our services. We attempt to limit this sort of liability through back-up systems, contractual provisions, insurance and other security measures. However, we cannot be assured that these contractual limitations on liability would be enforceable, or that our insurance coverage would be adequate to cover any liabilities we might sustain.

Also, a breach of our e-commerce security measures could reduce demand for our services. The e-commerce industry is intensely focused on the need for Internet security, particularly with respect to the transmission and storage of confidential personal and financial data. Any compromise or elimination of our security could erode customer confidence in our systems and could result in lower demand for our services or possible litigation.

We are dependent upon license renewal which cannot be assured to occur.

We derive revenues from user licenses and license renewals on a month-to-month arrangement. We also intend to increase the brand recognition of our products among users through these types of relationships. If a substantial number of our customers were to decline to renew their contracts for any reason, then we could experience a substantial drop in revenues. Our success in establishing our products as a recognized brand name and achieving their acceptance in the market will depend in part on our ability to continually engineer and deliver new product technologies and superior customer service, so that customers renew their licenses month to month.

We may not be able to adapt as the Internet market changes, including changing marketing strategies and the associated risks.

Our failure to respond in a timely manner to changing market conditions or client requirements could have a material adverse effect on our business, prospects, financial condition, and results of operations. The Internet is characterized by:

rapid technological change;

changes in advertiser and user requirements and preferences;

frequent new product and service introductions embodying new technologies; and

the emergence of new industry standards and practices that could render our existing service offerings, technology, and hardware and software infrastructure obsolete.

In order to compete successfully in the future, we must:

enhance our existing products and develop new services and technology that address the increasingly sophisticated and varied needs of our prospective or current customers;

license, develop or acquire technologies useful in our business on a timely basis;

respond to technological advances and emerging industry standards and practices on a cost-effective and timely basis; and

continue to find acceptable means through which to market our products.

Our industry is experiencing increased legal actions related to Internet marketing strategies and our financial condition may be at risk due to such legal actions.

We experienced increased legal actions during 2009 and 2010 related to our marketing strategies and these legal actions required our cash flows to be directed to our legal defense. Our marketing strategies had relied upon resellers and affiliate marketers and these third parties may lack sufficient knowledge regarding proper marketing activities. As a result, we have been included in litigation alleging violations of consumer protection and federal RICO laws, fraud and use of deceptive trade practices. These contingent liabilities may increase our cost of doing business.

Regulation of the Internet and Internet-based services may decrease the demand for our services and/or increase our cost of doing business.

Due to the increasing popularity and use of the Internet and online services, federal, state, local, and foreign governments may adopt laws and regulations, or amend existing laws and regulations, with respect to the Internet and other online services. These laws and regulations may affect issues such as user privacy, pricing, content, taxation, copyrights, distribution, and quality of products and services. Any new legislation could hinder the growth in use of the Internet generally or in our industry and could impose additional burdens on companies conducting business online, which could, in turn, decrease the demand for our services and increase our cost of doing business. The laws governing the Internet remain largely unsettled, even in areas where legislation has been enacted. It may take years to determine whether and how existing laws, such as those governing intellectual property, privacy, libel, and taxation, apply to the Internet. In addition, the growth and development of the market for electronic commerce may prompt calls for more stringent consumer protection laws, both in the United States and abroad, that may impose additional burdens on companies conducting business via the Internet.

ITEM 6. EXHIBITS


*Part I Exhibits*
No.	Description
31.1	Chief Executive Officer Certification
31.2	Chief Financial Officer Certification
32.1	Section 1350 Certification

*Part II Exhibits*
No.	Description
3(i)	Articles of Incorporation, as amended (Incorporated by reference to exhibit No. 3.1 for Form 10-Q Filed November 13, 2001)
3(ii)	Amended Bylaws of Pacific WebWorks, Inc. (Incorporated by reference to exhibit No. 3.2 for Form 10, as amended, file No. 0-26731, filed July 16, 1999.)
10.1	Service Agreement between Pacific WebWorks and Verizon Business Network Services, Inc., dated September 30, 2007 (Incorporated by reference to exhibit 10.1 for Form 10-K filed September 30, 2008)
10.2	Promissory Note between Pacific WebWorks and Principal Development LLC, dated January 27, 2010 (Incorporated by reference to exhibit 10.1 to Form 8-K filed February 19, 2010)
10.3	Employment agreement between Pacific WebWorks and K. Lance Bell, dated January 1, 2011 (Incorporated by reference to exhibit 10.1 to Form 8-K filed May 24, 2011)
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Label Linkbase Document.
101.PRE	XBRL Taxonomy Presentation Linkbase Document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 8, 2012

PACIFIC WEBWORKS, INC.

By: /s/ K. Lance Bell

K. Lance Bell

President, Chief Financial Officer,

Secretary and Director

Date: May 8, 2012

By: /s/ Kenneth W. Bell

Kenneth W. Bell

Chief Executive Officer, Treasurer

and Chairman of the Board

EX-31 2 ex311.htm CHIEF EXECUTIVE OFFICER CERTIFICATION Exhibit 31

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Kenneth W. Bell, certify that:

I have reviewed this quarterly report on Form 10-Q of Pacific WebWorks, Inc.;

Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this quarterly report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2012

/s/Kenneth W. Bell

Kenneth W. Bell

Chief Executive Officer

EX-31 3 ex312.htm CHIEF FINANCIAL OFFICER CERTIFICATION Exhibit 31

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, K. Lance Bell, certify that:

I have reviewed this quarterly report on Form 10-Q of Pacific WebWorks, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2012

/s/ K. Lance Bell

K. Lance Bell

Chief Financial Officer

EX-32 4 ex32q911.htm SECTION 1350 CERTIFICATION Exhibit 32

Exhibit 32.1

PACIFIC WEBWORKS, INC.

CERTIFICATION OF PERIODIC REPORT

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

18 U.S.C. Section 1350

The undersigned executive officers of Pacific WebWorks, Inc. certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

the quarterly report on Form 10-Q of Pacific WebWorks, Inc. for the quarter ended September 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Pacific WebWorks, Inc.

Date: May 8, 2012

/s/Kenneth W. Bell

Kenneth W. Bell

Chief Executive Officer

/s/ K. Lance Bell

K. Lance Bell

Chief Financial Officer

EX-101.CAL 5 pweb-20110930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.INS 6 pweb-20110930.xml XBRL INSTANCE DOCUMENT false --12-31 Q3 2011 2011-09-30 10-Q 0001086303 49713895 Smaller Reporting Company PACIFIC WEBWORKS INC

<div> <div> <div style="WIDTH: 681px"> NOTE 5 - 2010 RESTATEMENT The financial statements for the three and nine month periods ended September 30, 2010 were restated to reflect issues identified during a reaudit of the financial statements for that year.  Management and the board of directors concluded these restatements were necessary to reflect the changes described below. Consolidated Statements of Operations </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="24"> </td> <td width="187"> </td> <td width="18"> </td> <td width="66"> </td> <td width="18"> </td> <td width="66"> </td> <td width="18"> </td> <td width="72"> </td> <td width="18"> </td> <td width="18"> </td> <td width="66"> </td> <td width="18"> </td> <td width="66"> </td> <td width="18"> </td> <td width="72"> </td> <td width="18"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="187">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> As Originally Reported Nine Months </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> As Restated Nine Months </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> Change Nine Months </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> As Originally Reported Three Months </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> As Restated Three Months </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> Change Three Months </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Revenues </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Hosting, gateway and maintenance fees </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 8,047,402 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 8,197,532 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 150,130 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> A </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 1,084,908 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 965,328 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (119,580) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> A </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Cost of sales </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 373,065 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 352,293 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (20,772) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> B </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 73,231 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 50,651 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (22,580) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Gross profit </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 7,674,337 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 7,845,239 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 170,902 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 1,011,677 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 914,677 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (97,000) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Selling expenses </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 923,995 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 923,995 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 87,905 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 87,905 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Research and development </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 318,486 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 318,486 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 91,995 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 91,995 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> General and administrative </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 4,665,455 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 5,005,559 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 340,104 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> C </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 594,330 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 493,500 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (100,830) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> C </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Depreciation and amortization </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 68,885 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 56,405 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (12,480) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> D </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 22,962 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 18,801 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (4,161) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> D </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Total operating expenses </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 5,976,821 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 6,304,445 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 327,624 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 797,192 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 692,201 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (104,991) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Net income (loss) from operations </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 1,697,516 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 1,540,794 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (156,722) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 214,485 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 222,476 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 7,991 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Other income (expense) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Interest income (expense), net </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> (683) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> (48,005) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (47,322) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> E </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 11,399 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> (18,141) </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (29,540) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> E </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Other income (expense), net </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 5,591 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 5,591 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 533 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 533 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187">   Total other Income (Expense) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 4,908 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> (42,414) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (47,322) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 11,932 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> (17,608) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (29,540) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187">   Net income (loss) from continuing   operations before income taxes </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 1,702,424 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 1,498,380 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (204,044) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 226,417 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 204,868 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (21,549) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Income Tax Provision/(Benefit) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 743,700 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 743,700 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> F </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> - </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66"> 85,400 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 85,400 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> F </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Income Tax Expense </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 578,824 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 8,013 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (570,811) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> F </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> 76,982 </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="66"> - </td> <td style="MARGIN-TOP: 0px" valign="top" width="18">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (76,982) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> Income from continuing operations </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 1,123,600 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 746,667 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (376,933) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 149,435 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 119,468 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (29,967) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> NET INCOME (LOSS) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 1,123,600 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 746,667 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (376,933) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 149,435 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 119,468 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (29,967) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="211" colspan="2"> EARNINGS PER SHARE </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Basic </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.04 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.02 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (0.02) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.00 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.00 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (0.00) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Diluted </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.02 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.02 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (0.00) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.00 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 0.00 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (0.00) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> </tr> <tr> <td style="MARGIN-TOP: 0px" width="229" colspan="3"> Weighted-average common shares outstanding </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="66">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Basic </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 49,713,895 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 45,843,492 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (3,870,403) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 49,713,895 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 47,259,221 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> (2,455,674) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="187"> Fully Diluted </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 45,225,756 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 45,843,492 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> 617,736 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 45,225,756 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="66"> 47,259,221 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18">   </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> 2,033,465 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="18"> G </td> </tr> </table> <div style="WIDTH: 758px"> The accompanying notes are an integral part of these consolidated financial statements. </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px" > <td width="22"> </td> <td width="695"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> A </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> B </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> C </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> D </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To correct fixed asset balances for previous disposals and other adjustments resulting from the 2009 restatement. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> E </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To correct interest expense related to notes payable. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> F </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To adjust the balance of deferred tax assets for the result of the 2010 valuation calculation. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="22"> G </td> <td style="MARGIN-TOP: 0px" valign="top" width="695"> To record update weighted-average common shares outstanding and reflect adjustment income due to revenue and expense adjustment and correction of the Company's Black Scholes calculations. </td> </tr> </table> <div style="WIDTH: 681px"> Consolidated Statements of Cash Flows </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px" > <td width="28"> </td> <td width="24"> </td> <td width="34"> </td> <td width="270"> </td> <td width="21"> </td> <td width="85"> </td> <td width="24"> </td> <td width="72"> </td> <td width="21"> </td> <td width="87"> </td> <td width="30"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="85"> As Originally Reported </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> As Restated </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> Change </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Cash flows from operating activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Net income </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 1,123,600 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 746,667 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> (376,933) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Adjustments to reconcile net earnings to net cash provided by operating activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Depreciation & amortization </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 68,885 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 56,405 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> (12,480) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> A </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Stock issued for services </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 412,800 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 415,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 2,200 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> B </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Valuation of stock options </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 25,022 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 137,504 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 112,482 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> C </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Changes in assets and liabilities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Deferred tax asset </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (227,836) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 743,700 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 971,536 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> D </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Receivables </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (209,016) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 320,153 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 529,169 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> E </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Restricted cash </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 296,752 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 296,752 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> F </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Prepaid expenses and other assets </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (357,431) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 197,741 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 555,172 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> G </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Inventory </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 22,580 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> (22,580) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> H </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Accounts payable and accrued liabilities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (124,104) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (956,923) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> (832,819) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> I </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Deferred revenue </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (389,868) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> (389,868) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> J </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="52" colspan="2">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="305" colspan="2"> Net cash provided by operating activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 734,500 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 1,567,131 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> 832,631 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Cash flows from investing activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Purchases of property and equipment </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (15,665) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 15,665 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> K </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Purchases of available-for-sale securities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> (500,000) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> (500,000) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> L </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Cash on reserve with bank (restricted cash) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 226,695 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> (226,695) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> M </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="87" colspan="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="270"> Net cash (used) by  investing activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 211,030 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> (500,000) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> (711,030) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="4"> Cash flows from financing activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Proceeds on issuance of stock from exercise of options </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 46,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 46,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> L </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Proceeds from stock issued for services </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> (378,400) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 378,400 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> B </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329" colspan="3"> Proceeds from notes payable </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 1,000,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 1,000,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="87" colspan="3">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="270"> Net cash provided by financing activities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 667,600 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 1,046,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> 378,400 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="28"> </td> <td width="329"> </td> <td width="21"> </td> <td width="85"> </td> <td width="24"> </td> <td width="72"> </td> <td width="21"> </td> <td width="87"> </td> <td width="30"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="85"> As Originally Reported </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> As Restated </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> Change </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2"> Net increase/(decrease) in cash and cash equivalents </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 1,613,130 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 2,113,131 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 500,001 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2"> Cash and cash equivalents at beginning of period </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="85"> 1,490,769 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="72"> 1,490,769 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="87"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2"> Cash and cash equivalents at end of period </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="85"> 3,103,899 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="72"> 3,603,900 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="87"> 500,001 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2"> Supplemental disclosures of cash flow information: </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329"> Cash paid for interest </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329"> Cash paid for income taxes </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> 1,200 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 1,200 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="357" colspan="2"> Non-cash financing activities: </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="28">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="329"> Stock issued for services </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="85"> - </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="72"> 415,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="87"> 415,000 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> B </td> </tr> </table> <div style="WIDTH: 681px"> The accompanying notes are an integral part of these consolidated financial statements </div> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="28"> </td> <td width="678"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> A </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To correct fixed assets balances for previous disposals and other adjustments resulting from the 2009 restatement </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> B </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To correct stock issued for services amount. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> C </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To correct the amount recorded in stock options compensation. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> D </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To adjust the balance of deferred tax assets for the results of the 2010 valuation calculation. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> E </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To adjust accounts receivable to reflect changes in the Company's rebilling estimate, to write-down certain receivables and reclassify certain amounts due to restricted cash. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> F </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To write-off certain uncollectable deposits and reclassify certain receivables to restricted cash. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> G </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To record certain prepaid legal expenses. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> H </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To adjust amount spent on inventory. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> I </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To record accrued interest on notes payable, to record income tax payable and correct other accrued liabilities. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> J </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To record deferred revenue. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> K </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To correct expenses allocated to property and equipment purchases. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> L </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To record purchase of municipal bonds previously classified as cash and cash equivalents. </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="28"> M </td> <td style="MARGIN-TOP: 0px" valign="top" width="678"> To correct restricted cash deposits. </td> </tr> </table> </div> </div>

142359

31919

918936

319936

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187477

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11320152

10723892

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1000000

<div> <div style="WIDTH: 681px"> NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations.  The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.  Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company's audited financial statements and notes thereto included in its December 31, 2010 Annual Report on Form 10-K.  Operating results for the three and nine month periods ending September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011. </div> </div>

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0.02

0.0

-0.01

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64822

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9917

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10723892

627500

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1000000

101799

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1000000

1046000

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1567131

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119468

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-132229

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-13492

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250000

6304445

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533

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250000

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250000

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<div> <div style="WIDTH: 681px"> NOTE 4 - CRITICAL ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  Estimates of particular significance in our financial statements include trade receivables and collections, goodwill, contingent liabilities, and valuing stock option compensation. Trade receivables and collections - We apply a range of collection techniques to manage delinquent accounts.  Management reviews accounts receivable monthly and records an estimate of receivables determined to be uncollectible due to allowance for doubtful accounts and bad debt.  Accounts receivable and the corresponding allowance for doubtful accounts are reviewed for collectability by management quarterly and uncollectible accounts receivable are written off. Revenue Recognition -The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements" and its revisions in SAB No. 104.  SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions. We receive revenue for hosting, gateway, and maintenance fees, software access and licensing fees. Revenues from up-front fees are deferred and recognized over the period in which services are performed, ranging from one month to one year.  Fees for the set-up of merchant accounts are deferred and recognized as services are completed (which is generally two months).  Revenues from monthly hosting, maintenance, transaction and processing fees are recorded when earned. Operating lease revenues for merchant accounts and software are recorded as they become due from customers. The Company recognizes revenues when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectibility is reasonably assured. Goodwill - Goodwill related to Intellipay is assessed annually for impairment by comparing the fair value of Intellipay to its carrying amount, including goodwill.  In testing for a potential impairment of goodwill, the estimated fair value of Intellipay is compared with book value, including goodwill.  If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary.  If, however, the fair value of Intellipay is less than book value, then an impairment loss is recognized equal to the excess of book value to estimated fair value. The estimate of implied fair value of goodwill may require independent valuations of certain internally generated and unrecognized intangible assets such as our paying monthly gateway portfolio, software and technology and trademarks.  If the carrying amount of our goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to the excess.  The fair value of Intellipay is estimated using both cash flow information from internal budgets and multiples of revenue.  In the event that an impairment indicator arises prior to our annual impairment test of goodwill, we will provide a full test relative to the indicator in the period that the indicator is present. Contingent liabilities - Material estimates for contingent liabilities include approximately $0 for our operating companies.  From a liquidity standpoint, any settlement or judgment received by the Company from pending or threatened litigation may have a direct effect on our cash balances.  Management believes that all amounts estimated and recorded as contingent liabilities approximate the amount of liabilities that could be owed to parties in the form of settlement or in a judgment.  We have had no conversation Valuing stock options - We measure and record compensation cost relative to performance stock option costs in accordance with FASB ASC 480-10, which requires the Company to use the Black-Scholes pricing model to estimate the fair value of options at the option date of grant.  The fair value of the option grant is established at the date of grant using the Black-Scholes option pricing model based on assumptions related to the five year risk free interest rate, dividend yield, volatility, and average expected term (years to exercise). Fair Value Measurements - We adopted ASC Topic 820 (originally issued as SFAS 157, "Fair Value Measurements") as of January 1, 2008 for financial instruments measured at fair value on a recurring basis.  ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: · Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; · Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and · Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2011: <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="22"> </td> <td width="133"> </td> <td width="39"> </td> <td width="12"> </td> <td width="79"> </td> <td width="11"> </td> <td width="113"> </td> <td width="12"> </td> <td width="93"> </td> <td width="10"> </td> <td width="102"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="22">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="133">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="39">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="79"> Total </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="113"> Quoted Prices in Active Markets for Identical Assets (Level 1) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="93">  Significant Other Observable Inputs (Level 2) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="102"> Significant Unobservable Inputs (Level 3) </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="156" colspan="2"> Assets </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="39">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="113">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="93">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="22">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="173" colspan="2"> Available-for-sale securities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">  $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79"> 1,000,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11">  $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="113"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">  $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="93"> 750,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10">  $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> 250,000  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="195" colspan="3"> Total assets measured at fair value </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="79"> 1,000,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="113"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="93"> 750,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="102">      250,000  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="22">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="133">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="39">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="79">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="11">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="113">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="12">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="93">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="10">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102">   </td> </tr> </table> The table below presents our assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2011.  We classify financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="33"> </td> <td width="226"> </td> <td width="30"> </td> <td width="96"> </td> <td width="13"> </td> <td width="103"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="226">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="96"> Available-for-sale securities </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="103"> Total </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="260" colspan="2"> Balance at December 31, 2010 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13"> $ </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103"> -  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="291" colspan="3"> Total gains or losses (realized and unrealized) </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103">   </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="226">    Included in net loss </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103"> -  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="257" colspan="2"> Valuation adjustment </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103"> -  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="291" colspan="3"> Purchases, issuances, and settlements, net </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96"> 250,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103"> 250,000  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="260" colspan="2"> Transfers to Level 3 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="96"> -  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13">   </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="103"> -  </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="260" colspan="2"> Balance at September 30, 2011 </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="30"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="96"> 250,000  </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="13"> $ </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="103"> 250,000  </td> </tr> </table> Fair Value of Other Financial Instruments - The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their immediate or short-term maturities.  The aggregate carrying amount of the notes payable approximates fair value as the individual notes bear interest at market interest rates and there hasn't been a significant change in our operations and risk profile. </div> </div>

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CRITICAL ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2011

CRITICAL ACCOUNTING POLICIES [Abstract]

CRITICAL ACCOUNTING POLICIES

NOTE 4 - CRITICAL ACCOUNTING POLICIES

Revenue Recognition -The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial Statements" and its revisions in SAB No. 104. SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions.

Fair Value Measurements - We adopted ASC Topic 820 (originally issued as SFAS 157, "Fair Value Measurements") as of January 1, 2008 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2011:


			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
	Available-for-sale securities	$	1,000,000	$	-	$	750,000	$	250,000
Total assets measured at fair value		$	1,000,000	$	-	$	750,000	$	250,000


			Available-for-sale securities		Total
Balance at December 31, 2010		$	-	$	-
Total gains or losses (realized and unrealized)
	Included in net loss		-		-
	Valuation adjustment		-		-
Purchases, issuances, and settlements, net			250,000		250,000
Transfers to Level 3			-		-
Balance at September 30, 2011		$	250,000	$	250,000

Fair Value of Other Financial Instruments - The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their immediate or short-term maturities. The aggregate carrying amount of the notes payable approximates fair value as the individual notes bear interest at market interest rates and there hasn't been a significant change in our operations and risk profile.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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INVESTMENTS
9 Months Ended

Sep. 30, 2011

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 3 - INVESTMENTS

On April 21, 2011, the Company invested $250,000 in common units of Middlebury Ventures II, LLC, a Delaware limited liability company. The funds are to be used by Middlebury Ventures II, LLC for the acquisition of Fisker Holdings, Inc. Series C-1 Shares pursuant to the Fisker Series C-1 transaction documents.

On June 9, 2011, the Company formed Headlamp Ventures, LLC as a wholly owned subsidiary for the purpose of pursuing business acquisitions and investments. The new company was initially capitalized with $500,000.

On July 20, 2011, the Company's Board of Directors resolved to resurrect its World Commerce Network, LLC business. World Commerce Network, LLC is a wholly owned subsidiary of the Company and has been a Discontinued Operation since July, 2002.

On July 28, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries a 15% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On August 2, 2011, the Company acquired Thrifty Seeker, LLC, a Utah limited liability company, for $18,000. Thrifty Seeker, LLC competes in the daily deals space.

On August 3, 2011, the Company, through its World Commerce Network, LLC subsidiary, issued a promissory note in the amount of $250,000 to Bryan Development, LLC, a Utah limited liability company, for use as working capital in its business investment activities. The note carries a 5% annual interest rate and can be converted, in whole or in part at the election of the Company, into common stock shares owned or held by Bryan Development, LLC.

On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V., a corporation organized under the laws of Mexico, for use in its iron ore exporting business. Interest shall be charged on amounts outstanding in the form of a fee of $3.00 per Metric Ton of Iron Ore purchased with proceeds of the note.

On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, partnered with Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V. and Dominican Oil & Gas Exploration, LLC to form Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC, a Utah limited liability company, for the purpose of developing an iron ore brokering business. For value received, the Company holds a 51% ownership position in Grupo Zapata Arce Division Metales y Minerales S.A. de C.V., LLC.

On August 19, 2011, the Company's Board of Directors resolved to discontinue and dissolve Fundworks, Inc., a Delaware corporation and wholly owned subsidiary of the Company. The only activity at Fundworks, Inc. during the years ended December 31, 2010 and 2009, was intercompany transactions which have been eliminated in the consolidation. Therefore, the dissolution of this subsidiary does not result in the recognition of discontinued operations in the financial statements.

On September 20, 2011, Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC was added as a party to the revolving line of credit and promissory note originally established August 15, 2011 for Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V.

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CONSOLIDATED BALANCE SHEETS (USD $)

Sep. 30, 2011

Dec. 31, 2010

CURRENT ASSETS

Cash and cash equivalents $ 3,130,394 $ 3,449,560

Receivables Trade, less allowance for doubtful receivables of $0 in 2010 and $0 in 2011 319,936 918,936

Prepaid expenses and other current assets 218,642 500,318

Inventory 9,917 11,300

Total current assets 3,678,889 4,880,114

PROPERTY AND EQUIPMENT, NET 1,822,646 1,851,296

Restricted Cash 457,404 575,989

Goodwill 1,946,253 1,946,253

Available-for-sale securities 1,000,000 750,000

Notes receivable 250,000

Deferred Tax Asset 1,568,700 1,316,500

Total Assets 10,723,892 11,320,152

CURRENT LIABILITIES

Accounts payable 31,919 142,359

Accrued liabilities 187,477 215,970

Accrued interest payable 117,322 64,822

Deferred revenue 40,816 102,550

Current liabilities from discontinued operations 95,122 101,799

Total current liabilities 472,656 627,500

LONG-TERM LIABILITIES

Notes payable 1,000,000 1,000,000

Total long term liabilities 1,000,000 1,000,000

Total liabilities 1,472,656 1,627,500

STOCKHOLDERS' EQUITY

Common stock - par value $0.001; authorized 50,000,000; issued and outstanding 49,713,895 and 49,713,895 shares, respectively 49,714 49,714

Additional paid-in capital 18,069,715 18,069,715

Accumulated deficit (8,868,193) (8,426,777)

Total stockholders' equity 9,251,236 9,692,652

Total liabilities and stockholders' equity $ 10,723,892 $ 11,320,152

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BASIS OF FINANCIAL STATEMENT PRESENTATION
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BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]

BASIS OF FINANCIAL STATEMENT PRESENTATION

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company's audited financial statements and notes thereto included in its December 31, 2010 Annual Report on Form 10-K. Operating results for the three and nine month periods ending September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011.

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NOTE PAYABLE
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Sep. 30, 2011

NOTE PAYABLE [Abstract]

NOTE PAYABLE

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On January 27, 2010, the Company executed a Promissory Note Secured by a Deed of Trust with Assignment of Rents in the principal amount of $1,000,000 (the "Note"). The Note holder is entitled to receive the entire principal amount with all accrued interest, at 7% interest per annum, payable on or before January 27, 2012. The Note is secured by a deed of trust with assignment of rents on commercial properties owned by the Company. The Holder is entitled to collect rents and lease amounts, if any, from the buildings upon any default and may at its option elect to foreclose on the properties. The Company may make payments prior to the due date and any payment will be applied first to the reduction of interest and the remaining balance to the outstanding principal. In the event the Company fails to pay any amount when due, then the amount owing will become immediately due and a default interest rate of 15% shall apply to the principal amount.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)

Sep. 30, 2011

Dec. 31, 2010

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Receivables Trade, allowance $ 0 $ 0

Common stock, par value per share $ 0.001 $ 0.001

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2011

Sep. 30, 2010

Sep. 30, 2011

Sep. 30, 2010

Revenues

Hosting, gateway and maintenance fees $ 381,827 $ 965,328 $ 1,340,005 $ 8,197,532

Total revenues 381,827 965,328 1,340,005 8,197,532

Cost of sales 30,283 50,651 130,258 352,293

Gross profit 351,544 914,677 1,209,747 7,845,239

Selling expenses 796 87,905 15,499 923,995

Research and development 42,301 91,995 147,719 318,486

General and administrative 469,787 493,500 1,698,003 5,005,559

Depreciation and amortization 9,483 18,801 28,650 56,405

Total operating expenses 522,367 692,201 1,889,871 6,304,445

Income (loss) from operations (170,823) 222,476 (680,124) 1,540,794

Other income (expense)

Interest income (expense), net (7,231) (18,141) (38,990) (48,005)

Other income (expense), net 6,525 533 25,498 5,591

Total other income (expense) (706) (17,608) (13,492) (42,414)

Income (loss) before income taxes (171,529) 204,868 (693,616) 1,498,380

Income Tax Provision/(Benefit) (39,300) 85,400 (252,200) 743,700

Income Tax Expense 8,013

Net Income (Loss) $ (132,229) $ 119,468 $ (441,416) $ 746,667

EARNINGS PER SHARE

Basic $ 0.0 $ 0.0 $ (0.01) $ 0.02

Diluted $ 0.0 $ 0.0 $ (0.01) $ 0.02

Weighted-average common shares outstanding

Basic 49,713,895 47,259,221 49,713,895 45,843,492

Fully Diluted 49,713,895 47,259,221 49,713,895 45,843,492

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SUBSEQUENT EVENTS
9 Months Ended

Sep. 30, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS

On October 3, 2011, the revolving line of credit and promissory note, originally established July 28, 2011 for Bsquare Red, LLC was amended to increase the amount to $500,000. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On October 19, 2011, the Company's Board of Directors resolved to authorize the investment of up to $1,200,000 in Rsignia, Inc. Rsignia, Inc. is a leading provider of cyber security solutions and services including detection, mitigation, countermeasures and forensics.

On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $100,000 in Payroll Innovations, LLC, a payroll debit card provider servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in Payroll Innovations, LLC.

On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $150,000 in PickYourPayday.com, LLC, an online payroll advance business servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in PickYourPayday.com, LLC.

On December 2, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $10,000 in Asher, LLC, a business specializing in design and production of gloves and apparel sold in the athletics industry. For value received, the Company holds a 51% ownership position in Asher, LLC. It is noted that the Headlamp Ventures, LLC interest in Asher, LLC was purchased from a relation by marriage of the CFO of the Company.

On December 31, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, extended the maturity date on the Promissory Note extended to Rsignia, Inc. to April 15, 2012.

On January 18, 2012, the Company, through its World Commerce Network, LLC subsidiary, issued a short term $300,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note has a maturity date of February, 15, 2012, carries a 15% effective annual rate of interest and a one-time fee equal to one percent of the total loan amount. The note, including all interest and fees, was paid in full at maturity. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On January 27, 2012, the maturity date on the $1,000,000 Promissory Note executed by the Company on January 27, 2010 was amended to January 27, 2015. (See Note 2, above.)

On February 9, 2012, the Company, through its Headlamp Ventures, LLC subsidiary, established a new revolving line of credit facility and issued an initial $500,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries an 18% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company.

On April 16, 2012, the Promissory Note extended to Rsignia, Inc., went into default. The Company subsequently provided Rsignia, Inc. with notice of default and a demand for repayment of all outstanding principal and accrued interest. The Company is currently working with Rsignia, Inc. to collect payment in full.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended

Sep. 30, 2011

Sep. 30, 2010

Cash Flows From Operating Activities

Net income (loss) $ (441,416) $ 746,667

Adjustments to reconcile net earnings (loss) to net cash used in operating activities

Depreciation and amortization 28,650 56,405

Stock issued for services 415,000

Stock option compensation 137,504

Changes in assets and liabilities

Deferred tax asset (252,200) 743,700

Receivables 599,001 320,153

Restricted Cash 118,585 296,752

Prepaid expenses and other assets 281,676 197,741

Inventory 1,383

Accounts payable and accrued liabilities (93,111) (956,923)

Deferred revenue (61,734) (389,868)

Net cash provided (used) by operating activities 180,834 1,567,131

Cash Flows From Investing Activities

Purchase of available-for-sale securities (500,000) (500,000)

Proceeds from sale of available-for-sale securities 250,000

Increase in notes receivable (250,000)

Net cash (used) by investing activities (500,000) (500,000)

Cash Flows From Financing Activities

Proceeds from notes payable 1,000,000

Proceeds on issuance of stock from exercise of options 46,000

Net cash provided by financing activities 1,046,000

Net increase/(decrease) in cash and cash equivalents (319,166) 2,113,131

Cash and cash equivalents at beginning of period 3,449,560 1,490,769

Cash and cash equivalents at end of period 3,130,394 3,603,900

Supplemental disclosures of cash flow information:

Cash paid for interest

Cash paid for income taxes 1,200

Non-cash financing activities:

Stock issued for services $ 415,000

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XML 23 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

2010 RESTATEMENT
9 Months Ended

Sep. 30, 2011

2010 RESTATEMENT [Abstract]

2010 RESTATEMENT

NOTE 5 - 2010 RESTATEMENT

The financial statements for the three and nine month periods ended September 30, 2010 were restated to reflect issues identified during a reaudit of the financial statements for that year. Management and the board of directors concluded these restatements were necessary to reflect the changes described below.

Consolidated Statements of Operations

As Originally Reported

Nine Months

As Restated

Nine Months

Change

Nine Months

As Originally Reported

Three Months

As Restated

Three Months

Change

Three Months

Revenues

Hosting, gateway and

maintenance fees

$

8,047,402

$

8,197,532

$

150,130

A

$

1,084,908

$

965,328

$

(119,580)

A

Cost of sales

373,065

352,293

(20,772)

B

73,231

50,651

(22,580)

Gross profit

7,674,337

7,845,239

170,902

1,011,677

914,677

(97,000)

Selling expenses

923,995

923,995

-

87,905

87,905

-

Research and development

318,486

318,486

-

91,995

91,995

-

General and administrative

4,665,455

5,005,559

340,104

C

594,330

493,500

(100,830)

C

Depreciation and amortization

68,885

56,405

(12,480)

D

22,962

18,801

(4,161)

D

Total operating expenses

5,976,821

6,304,445

327,624

797,192

692,201

(104,991)

Net income (loss) from operations

1,697,516

1,540,794

(156,722)

214,485

222,476

7,991

Other income (expense)

Interest income (expense), net

(683)

(48,005)

(47,322)

E

11,399

(18,141)

(29,540)

E

Other income (expense), net

5,591

5,591

-

533

533

-

 Total other Income (Expense)

4,908

(42,414)

(47,322)

11,932

(17,608)

(29,540)

 Net income (loss) from continuing

 operations before income taxes

1,702,424

1,498,380

(204,044)

226,417

204,868

(21,549)

Income Tax Provision/(Benefit)

-

743,700

743,700

F

-

85,400

85,400

F

Income Tax Expense

578,824

8,013

(570,811)

F

76,982

-

(76,982)

Income from continuing operations

$

1,123,600

$

746,667

$

(376,933)

$

149,435

$

119,468

$

(29,967)

NET INCOME (LOSS)

$

1,123,600

$

746,667

$

(376,933)

$

149,435

$

119,468

$

(29,967)

EARNINGS PER SHARE

Basic

$

0.04

$

0.02

$

(0.02)

G

$

0.00

$

0.00

$

(0.00)

G

Diluted

$

0.02

$

0.02

$

(0.00)

G

$

0.00

$

0.00

$

(0.00)

G

Weighted-average common shares outstanding

Basic

49,713,895

45,843,492

(3,870,403)

G

49,713,895

47,259,221

(2,455,674)

G

Fully Diluted

45,225,756

45,843,492

617,736

G

45,225,756

47,259,221

2,033,465

G

The accompanying notes are an integral part of these consolidated financial statements.

A

To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.

B

To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.

C

To record adjustments resulting from the 2009 restatement primarily related to revenue recognition timing.

D

To correct fixed asset balances for previous disposals and other adjustments resulting from the 2009 restatement.

E

To correct interest expense related to notes payable.

F

To adjust the balance of deferred tax assets for the result of the 2010 valuation calculation.

G

To record update weighted-average common shares outstanding and reflect adjustment income due to revenue and expense adjustment and correction of the Company's Black Scholes calculations.

Consolidated Statements of Cash Flows

As Originally Reported

As Restated

Change

Cash flows from operating activities

Net income

$

1,123,600

$

746,667

$

(376,933)

Adjustments to reconcile net earnings to net cash provided by operating activities

Depreciation & amortization

68,885

56,405

(12,480)

A

Stock issued for services

412,800

415,000

2,200

B

Valuation of stock options

25,022

137,504

112,482

C

Changes in assets and liabilities

Deferred tax asset

(227,836)

743,700

971,536

D

Receivables

(209,016)

320,153

529,169

E

Restricted cash

-

296,752

296,752

F

Prepaid expenses and other assets

(357,431)

197,741

555,172

G

Inventory

22,580

-

(22,580)

H

Accounts payable and accrued liabilities

(124,104)

(956,923)

(832,819)

I

Deferred revenue

-

(389,868)

(389,868)

J

Net cash provided by operating activities

734,500

1,567,131

832,631

Cash flows from investing activities

Purchases of property and equipment

(15,665)

-

15,665

K

Purchases of available-for-sale securities

-

(500,000)

(500,000)

L

Cash on reserve with bank (restricted cash)

226,695

-

(226,695)

M

Net cash (used) by investing activities

211,030

(500,000)

(711,030)

Cash flows from financing activities

Proceeds on issuance of stock from exercise of options

46,000

46,000

-

L

Proceeds from stock issued for services

(378,400)

-

378,400

B

Proceeds from notes payable

1,000,000

1,000,000

-

Net cash provided by financing activities

667,600

1,046,000

378,400

As Originally Reported

As Restated

Change

Net increase/(decrease) in cash and cash equivalents

1,613,130

2,113,131

500,001

Cash and cash equivalents at beginning of period

1,490,769

1,490,769

-

Cash and cash equivalents at end of period

$

3,103,899

$

3,603,900

$

500,001

Supplemental disclosures of cash flow information:

Cash paid for interest

$

-

$

-

$

-

Cash paid for income taxes

$

1,200

$

1,200

$

-

Non-cash financing activities:

Stock issued for services

$

-

$

415,000

$

415,000

B

The accompanying notes are an integral part of these consolidated financial statements

A

To correct fixed assets balances for previous disposals and other adjustments resulting from the 2009 restatement

B

To correct stock issued for services amount.

C

To correct the amount recorded in stock options compensation.

D

To adjust the balance of deferred tax assets for the results of the 2010 valuation calculation.

E

To adjust accounts receivable to reflect changes in the Company's rebilling estimate, to write-down certain receivables and reclassify certain amounts due to restricted cash.

F

To write-off certain uncollectable deposits and reclassify certain receivables to restricted cash.

G

To record certain prepaid legal expenses.

H

To adjust amount spent on inventory.

I

To record accrued interest on notes payable, to record income tax payable and correct other accrued liabilities.

J

To record deferred revenue.

K

To correct expenses allocated to property and equipment purchases.

L

To record purchase of municipal bonds previously classified as cash and cash equivalents.

M

To correct restricted cash deposits.

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INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 30, 2011
INVESTMENTS [Abstract]
INVESTMENTS	NOTE 3 - INVESTMENTS On April 21, 2011, the Company invested $250,000 in common units of Middlebury Ventures II, LLC, a Delaware limited liability company. The funds are to be used by Middlebury Ventures II, LLC for the acquisition of Fisker Holdings, Inc. Series C-1 Shares pursuant to the Fisker Series C-1 transaction documents. On June 9, 2011, the Company formed Headlamp Ventures, LLC as a wholly owned subsidiary for the purpose of pursuing business acquisitions and investments. The new company was initially capitalized with $500,000. On July 20, 2011, the Company's Board of Directors resolved to resurrect its World Commerce Network, LLC business. World Commerce Network, LLC is a wholly owned subsidiary of the Company and has been a Discontinued Operation since July, 2002. On July 28, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries a 15% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company. On August 2, 2011, the Company acquired Thrifty Seeker, LLC, a Utah limited liability company, for $18,000. Thrifty Seeker, LLC competes in the daily deals space. On August 3, 2011, the Company, through its World Commerce Network, LLC subsidiary, issued a promissory note in the amount of $250,000 to Bryan Development, LLC, a Utah limited liability company, for use as working capital in its business investment activities. The note carries a 5% annual interest rate and can be converted, in whole or in part at the election of the Company, into common stock shares owned or held by Bryan Development, LLC. On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, established a revolving line of credit facility and issued an initial $400,000 promissory note to Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V., a corporation organized under the laws of Mexico, for use in its iron ore exporting business. Interest shall be charged on amounts outstanding in the form of a fee of $3.00 per Metric Ton of Iron Ore purchased with proceeds of the note. On August 15, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, partnered with Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V. and Dominican Oil & Gas Exploration, LLC to form Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC, a Utah limited liability company, for the purpose of developing an iron ore brokering business. For value received, the Company holds a 51% ownership position in Grupo Zapata Arce Division Metales y Minerales S.A. de C.V., LLC. On August 19, 2011, the Company's Board of Directors resolved to discontinue and dissolve Fundworks, Inc., a Delaware corporation and wholly owned subsidiary of the Company. The only activity at Fundworks, Inc. during the years ended December 31, 2010 and 2009, was intercompany transactions which have been eliminated in the consolidation. Therefore, the dissolution of this subsidiary does not result in the recognition of discontinued operations in the financial statements. On September 20, 2011, Grupo Zapata Arce Division Metales y Minerals S.A. de C.V., LLC was added as a party to the revolving line of credit and promissory note originally established August 15, 2011 for Grupo Zapata Arce, a division of Metales y Minerales S.A. De C.V.

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 3,130,394	$ 3,449,560
Receivables Trade, less allowance for doubtful receivables of $0 in 2010 and $0 in 2011	319,936	918,936
Prepaid expenses and other current assets	218,642	500,318
Inventory	9,917	11,300
Total current assets	3,678,889	4,880,114
PROPERTY AND EQUIPMENT, NET	1,822,646	1,851,296
Restricted Cash	457,404	575,989
Goodwill	1,946,253	1,946,253
Available-for-sale securities	1,000,000	750,000
Notes receivable	250,000
Deferred Tax Asset	1,568,700	1,316,500
Total Assets	10,723,892	11,320,152
CURRENT LIABILITIES
Accounts payable	31,919	142,359
Accrued liabilities	187,477	215,970
Accrued interest payable	117,322	64,822
Deferred revenue	40,816	102,550
Current liabilities from discontinued operations	95,122	101,799
Total current liabilities	472,656	627,500
LONG-TERM LIABILITIES
Notes payable	1,000,000	1,000,000
Total long term liabilities	1,000,000	1,000,000
Total liabilities	1,472,656	1,627,500
STOCKHOLDERS' EQUITY
Common stock - par value $0.001; authorized 50,000,000; issued and outstanding 49,713,895 and 49,713,895 shares, respectively	49,714	49,714
Additional paid-in capital	18,069,715	18,069,715
Accumulated deficit	(8,868,193)	(8,426,777)
Total stockholders' equity	9,251,236	9,692,652
Total liabilities and stockholders' equity	$ 10,723,892	$ 11,320,152

BASIS OF FINANCIAL STATEMENT PRESENTATION	9 Months Ended
BASIS OF FINANCIAL STATEMENT PRESENTATION	Sep. 30, 2011
BASIS OF FINANCIAL STATEMENT PRESENTATION [Abstract]
BASIS OF FINANCIAL STATEMENT PRESENTATION	NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company's audited financial statements and notes thereto included in its December 31, 2010 Annual Report on Form 10-K. Operating results for the three and nine month periods ending September 30, 2011 are not necessarily indicative of the results to be expected for year ending December 31, 2011.

NOTE PAYABLE	9 Months Ended
NOTE PAYABLE	Sep. 30, 2011
NOTE PAYABLE [Abstract]
NOTE PAYABLE	NOTE 2 - NOTE PAYABLE On January 27, 2010, the Company executed a Promissory Note Secured by a Deed of Trust with Assignment of Rents in the principal amount of $1,000,000 (the "Note"). The Note holder is entitled to receive the entire principal amount with all accrued interest, at 7% interest per annum, payable on or before January 27, 2012. The Note is secured by a deed of trust with assignment of rents on commercial properties owned by the Company. The Holder is entitled to collect rents and lease amounts, if any, from the buildings upon any default and may at its option elect to foreclose on the properties. The Company may make payments prior to the due date and any payment will be applied first to the reduction of interest and the remaining balance to the outstanding principal. In the event the Company fails to pay any amount when due, then the amount owing will become immediately due and a default interest rate of 15% shall apply to the principal amount.

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
CONSOLIDATED BALANCE SHEETS [Abstract]
Receivables Trade, allowance	$ 0	$ 0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	49,713,895	49,713,895
Common stock, shares outstanding	49,713,895	49,713,895

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2011	Apr. 30, 2012
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011
Entity Registrant Name	PACIFIC WEBWORKS INC
Entity Central Index Key	0001086303
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		49,713,895

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Hosting, gateway and maintenance fees	$ 381,827	$ 965,328	$ 1,340,005	$ 8,197,532
Total revenues	381,827	965,328	1,340,005	8,197,532
Cost of sales	30,283	50,651	130,258	352,293
Gross profit	351,544	914,677	1,209,747	7,845,239
Selling expenses	796	87,905	15,499	923,995
Research and development	42,301	91,995	147,719	318,486
General and administrative	469,787	493,500	1,698,003	5,005,559
Depreciation and amortization	9,483	18,801	28,650	56,405
Total operating expenses	522,367	692,201	1,889,871	6,304,445
Income (loss) from operations	(170,823)	222,476	(680,124)	1,540,794
Other income (expense)
Interest income (expense), net	(7,231)	(18,141)	(38,990)	(48,005)
Other income (expense), net	6,525	533	25,498	5,591
Total other income (expense)	(706)	(17,608)	(13,492)	(42,414)
Income (loss) before income taxes	(171,529)	204,868	(693,616)	1,498,380
Income Tax Provision/(Benefit)	(39,300)	85,400	(252,200)	743,700
Income Tax Expense				8,013
Net Income (Loss)	$ (132,229)	$ 119,468	$ (441,416)	$ 746,667
EARNINGS PER SHARE
Basic	$ 0.0	$ 0.0	$ (0.01)	$ 0.02
Diluted	$ 0.0	$ 0.0	$ (0.01)	$ 0.02
Weighted-average common shares outstanding
Basic	49,713,895	47,259,221	49,713,895	45,843,492
Fully Diluted	49,713,895	47,259,221	49,713,895	45,843,492

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2011
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 6 - SUBSEQUENT EVENTS On October 3, 2011, the revolving line of credit and promissory note, originally established July 28, 2011 for Bsquare Red, LLC was amended to increase the amount to $500,000. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company. On October 19, 2011, the Company's Board of Directors resolved to authorize the investment of up to $1,200,000 in Rsignia, Inc. Rsignia, Inc. is a leading provider of cyber security solutions and services including detection, mitigation, countermeasures and forensics. On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $100,000 in Payroll Innovations, LLC, a payroll debit card provider servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in Payroll Innovations, LLC. On November 11, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $150,000 in PickYourPayday.com, LLC, an online payroll advance business servicing small to mid-sized employers. For value received, the Company holds a 25% ownership position in PickYourPayday.com, LLC. On December 2, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, invested $10,000 in Asher, LLC, a business specializing in design and production of gloves and apparel sold in the athletics industry. For value received, the Company holds a 51% ownership position in Asher, LLC. It is noted that the Headlamp Ventures, LLC interest in Asher, LLC was purchased from a relation by marriage of the CFO of the Company. On December 31, 2011, the Company, through its Headlamp Ventures, LLC subsidiary, extended the maturity date on the Promissory Note extended to Rsignia, Inc. to April 15, 2012. On January 18, 2012, the Company, through its World Commerce Network, LLC subsidiary, issued a short term $300,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note has a maturity date of February, 15, 2012, carries a 15% effective annual rate of interest and a one-time fee equal to one percent of the total loan amount. The note, including all interest and fees, was paid in full at maturity. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company. On January 27, 2012, the maturity date on the $1,000,000 Promissory Note executed by the Company on January 27, 2010 was amended to January 27, 2015. (See Note 2, above.) On February 9, 2012, the Company, through its Headlamp Ventures, LLC subsidiary, established a new revolving line of credit facility and issued an initial $500,000 promissory note to Bsquare Red, LLC, a Utah limited liability company, to be used as working capital in their internet marketing business. The note carries an 18% effective annual rate of interest. It is noted that Bsquare Red, LLC is owned by family members of the CEO and CFO of the Company. On April 16, 2012, the Promissory Note extended to Rsignia, Inc., went into default. The Company subsequently provided Rsignia, Inc. with notice of default and a demand for repayment of all outstanding principal and accrued interest. The Company is currently working with Rsignia, Inc. to collect payment in full.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
Cash Flows From Operating Activities
Net income (loss)	$ (441,416)	$ 746,667
Adjustments to reconcile net earnings (loss) to net cash used in operating activities
Depreciation and amortization	28,650	56,405
Stock issued for services		415,000
Stock option compensation		137,504
Changes in assets and liabilities
Deferred tax asset	(252,200)	743,700
Receivables	599,001	320,153
Restricted Cash	118,585	296,752
Prepaid expenses and other assets	281,676	197,741
Inventory	1,383
Accounts payable and accrued liabilities	(93,111)	(956,923)
Deferred revenue	(61,734)	(389,868)
Net cash provided (used) by operating activities	180,834	1,567,131
Cash Flows From Investing Activities
Purchase of available-for-sale securities	(500,000)	(500,000)
Proceeds from sale of available-for-sale securities	250,000
Increase in notes receivable	(250,000)
Net cash (used) by investing activities	(500,000)	(500,000)
Cash Flows From Financing Activities
Proceeds from notes payable		1,000,000
Proceeds on issuance of stock from exercise of options		46,000
Net cash provided by financing activities		1,046,000
Net increase/(decrease) in cash and cash equivalents	(319,166)	2,113,131
Cash and cash equivalents at beginning of period	3,449,560	1,490,769
Cash and cash equivalents at end of period	3,130,394	3,603,900
Supplemental disclosures of cash flow information:
Cash paid for interest
Cash paid for income taxes		1,200
Non-cash financing activities:
Stock issued for services		$ 415,000