crvw-10q_033112.htm

0001387131-12-001425.txt : 20120509 0001387131-12-001425.hdr.sgml : 20120509 20120509134505 ACCESSION NUMBER: 0001387131-12-001425 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120509 DATE AS OF CHANGE: 20120509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CareView Communications Inc CENTRAL INDEX KEY: 0001377149 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54090 FILM NUMBER: 12824937 BUSINESS ADDRESS: STREET 1: 405 STATE HIGHWAY 121 STREET 2: SUITE B-240 CITY: LEWISVILLE STATE: TX ZIP: 75067 BUSINESS PHONE: 972-943-6050 MAIL ADDRESS: STREET 1: 405 STATE HIGHWAY 121 STREET 2: SUITE B-240 CITY: LEWISVILLE STATE: TX ZIP: 75067 10-Q 1 crvw-10q_033112.htm QUARTERLY REPORT crvw-10q_033112.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended March 31, 2012

o	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

	For the transition period from________ to ___________

Commission File No. 000-54090

CAREVIEW COMMUNICATIONS, INC.

(Exact Name of Small Business Issuer as Specified in Its Charter)

Nevada		95-4659068
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

405 State Highway 121, Suite B-240, Lewisville, TX 75067		(972) 943-6050
(Address of Principal Executive Offices)		(Issuer’s Telephone Number)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 o

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 þ No o

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 o

Accelerated filer þ

Non-accelerated filer o

Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS

DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

The number of shares outstanding of the Issuer’s Common Stock as of May 8, 2012 was 132,086,376.

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

INDEX

			Page
PART I - FINANCIAL INFORMATION

	Item. 1	Financial Statements

		Condensed Consolidated Balance Sheets as of March 31, 2012 (Unaudited) and December 31, 2011	3

		Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2012 and 2011 (Unaudited)	4

		Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2012 and 2011 (Unaudited)	5

		Notes to the Condensed Consolidated Financial Statements	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

	Item 3.	Quantitative and Qualitative Disclosures about Market Risks	26

	Item 4.	Controls and Procedures	26

Part II - OTHER INFORMATION

	Item 1.	Legal Proceedings	27

	Item 1A.	Risk Factors	27

	Item 2.	Unregistered Sales of Equity Securities	27

	Item 3.	Defaults upon Senior Securities	28

	Item 4.	Mine Safety Disclosure	28

	Item 5.	Other Information	28

	Item 6.	Exhibits	29

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,
	2012			December 31,
	(unaudited)			2011
ASSETS
Current Assets:
Cash	$	10,042,456		$	8,526,857
Accounts receivable		244,206			186,850
Other current assets		282,121			359,086
Total current assets		10,568,783			9,072,793
Property and equipment, net of accumulated depreciation of $1,733,606 and $1,321,216, respectively		8,854,046			8,767,459
Other Assets:
Intellectual property, patents, and trademarks, net of accumulated amortization of $2,344,816 and $2,205,428, respectively		528,539			667,927
Other assets		3,408,892			3,448,038
		3,937,431			4,115,965
Total assets	$	23,360,260		$	21,956,217

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	444,167		$	1,240,347
Notes payable, net of debt discount of $2,352 and $32,255, respectively		11,393			58,602
Mandatorily redeemable equity in joint venture, net of debt discount of $2,352 and $32,255, respectively		11,393			58,602
Accrued interest		9,660			1,342
Other current liabilities		424,944			275,268
Total current liabilities		901,557			1,634,161

Long-term Liabilities:
Senior secured convertible notes, net of debt discount of $19,226,038 and $17,925,049, respectively		8,338,452			3,855,769
Notes payable, net of current portion and net of debt discount of $107,242 and $100,715, respectively		329,176			273,128
Mandatorily redeemable equity in joint venture, net of current portion and net of debt discount of $107,242 and $100,715, respectively		329,176			273,128
Total long-term liabilities		8,996,804			4,402,025
Total liabilities		9,898,361			6,036,186

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock - par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding		—			—
Common stock - par value $0.001; 300,000,000 shares authorized; 132,086,376 and 131,455,407 issued and outstanding, respectively		132,086			131,455
Additional paid in capital		65,125,310			62,788,134
Accumulated deficit		(51,530,058	)		(46,772,548	)
Total CareView Communications Inc. stockholders’ equity		13,727,338			16,147,041
Noncontrolling interest		(265,439	)		(227,010	)
Total stockholders’ equity		13,461,899			15,920,031
Total liabilities and stockholders’ equity	$	23,360,260		$	21,956,217

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

CAREVIEW COMMUNICATIONS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited)

	Three Months Ended
	March 31, 2012			March 31, 2011

Revenues, net	$	387,355		$	109,071

Operating expenses:
Network operations, including non-cash costs of $13,833 and $13,833, respectively		812,424			182,732
General and administration, including non-cash costs of $381,666 and $224,555, respectively		1,320,469			619,998
Sales and marketing		461,148			144,215
Research and development		217,377			157,848
Depreciation and amortization		551,777			275,964
Total operating expense		3,363,195			1,380,757
Operating loss		(2,975,840	)		(1,271,686	)
Other income and (expense):
Interest expense		(1,821,881	)		(77,202	)
Interest income		154			—
Other income		1,628			—
Total other income (expense)		(1,820,099	)		(77,202	)
Loss before taxes		(4,795,939	)		(1,348,888	)
Provision for income taxes		—			—
Net loss		(4,795,939	)		(1,348,888	)
Net loss attributable to noncontrolling interest		(38,429	)		(28,424	)
Net loss attributable to CareView
Communications, Inc.	$	(4,757,510	)	$	(1,320,464	)
Net loss per share attributable to CareView	$	(0.04	)	$	(0.01	)
Communications, Inc.
Weighted average number of common shares outstanding, basic and diluted		131,775,823			127,540,215

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

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011

(Unaudited)

	Three Months Ended
	March 31, 2012			March 31, 2011

CASH FLOWS FROM OPERATING ACTIVITES
Net loss	$	(4,795,939	)	$	(1,348,888	)
Adjustments to reconcile net loss to net cash flows provided
by (used in) operating activities:
Depreciation		412,390			138,042
Provision for doubtful accounts		(15,984	)		—
Amortization of intangible assets		139,388			137,921
Amortization of debt discount		827,884			47,451
Amortization of prepaid consulting costs		146,616			40,688
Amortization of installation costs		37,014			—
Amortization of distribution/service costs		13,833			13,833
Amortization of deferred debt issuance costs		131,633			—
Interest incurred and capitalized but not paid		783,674			—
Stock based compensation related to options granted		235,049			183,867
Changes in operating assets and liabilities:
Accounts receivable		(41,372	)		(18,975	)
Other current assets		75,554			(20,516	)
Other assets		45,409			—
Accounts payable		(796,180	)		1,066,488
Accrued interest		8,318			(8,416	)
Accrued expenses and other current liabilities		149,676			106,773
Net cash flows provided by (used in) operating activities		(2,643,037	)		338,268

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		(498,977	)		(852,471	)
Deferred installation costs		(333,948	)		—
Patent and trademark costs		—			(8,686	)
Net cash flows used in investing activities		(832,925	)		(861,157	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable		5,000,000
Proceeds from exercise of options and warrants		20,635			—
Repayment of notes payable		(29,074	)		(41,336	)
Proceeds from sale of common stock, net of issuance costs		—			550,000
Net cash flows provided by financing activities		4,991,561			508,664

Increase (decrease) in cash		1,515,599			(14,225	)
Cash, beginning of period		8,526,857			26,565
Cash, end of period	$	10,042,456		$	12,340

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest	$	17,836		$	37,555

Cash paid for income taxes	$	-		$	-

SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:

Paid in kind interest associated with the HealthCor funding	$	261,224		$	-

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

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE A – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS

Interim Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of CareView Communications, Inc. (“CareView” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The balance sheet at December 31, 2011 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2011.

Recently Issued and Newly Adopted Accounting Pronouncements

Adoption of New Accounting Standards

There have been no material changes to the Company’s significant accounting policies as summarized in Note B of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company does not expect that the adoption of any recent accounting pronouncements will have a material impact on its condensed consolidated financial statements.

NOTE B – STOCKHOLDERS’ EQUITY

Warrants

The Company uses the Black-Scholes-Merton option pricing model (“Black-Scholes Model”) to determine the fair value of the warrants it issues (except the HealthCor warrants). The Black-Scholes Model is an acceptable model in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the weighted average risk-free interest rate, and the weighted average term of the Warrants. The fair value of the HealthCor Warrants was computed using the Lattice Model, incorporating transaction details such as the Company’s stock price, contractual terms, maturity and risk free rates, as well as assumptions about future financings, volatility, and holder behavior. Due to the anti-dilution provisions within the embedded conversion feature and that associated with the exercise price of the HealthCor Warrants, the Company determined that the Lattice Model was most appropriate for valuing these instruments.

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE B – STOCKHOLDERS’ EQUITY (continued)

Warrants (continued)

During the three months ended March 31, 2012 and 2011, the Company did not issue any Warrants; however, it amortized certain previously capitalized Warrant costs in the accompanying condensed consolidated financial statements as follows: (i) $13,833 as distribution/service costs in network operations for both periods and (ii) $146,616 and $40,688, respectively as consulting expense in general and administration.

On January 16, 2012 (partial exercise) and February 6, 2012 (exercised the balance), an unaffiliated entity exercised a Warrant to purchase an aggregate of 400,000 shares of the Company’s Common Stock. In order to exercise the Warrant pursuant to the cashless provisions thereof, the unaffiliated entity surrendered its right to receive 122,191 shares, resulting in an issuance to the entity of 277,809 shares of common stock. On January 19, 2012, two unaffiliated entities exercised Warrants to purchase an aggregate of 39,683 shares of the Company’s Common Stock at an aggregate exercise price of $20,635. On February 28, 2012, an unaffiliated entity exercised Warrants to purchase an aggregate of 450,000 shares of the Company’s Common Stock. In order to exercise the Warrants pursuant to the cashless provisions thereof, the individual surrendered its right to receive 138,143 shares, resulting in an issuance to the individual of 311,857 shares of Common Stock.

As of March 31, 2012, Warrants outstanding (excluding the HealthCor Warrants) covered an aggregate of 22,173,879 shares of the Company’s Common Stock with exercise prices ranging from $0.52 to $1.59 per share resulting in a weighted average exercise price of $0.73 per share and a weighted average contractual life of 3.5 years. As of March 31, 2012, unamortized costs associated with capitalized Warrants, excluding the HealthCor Warrants, totaled approximately $1,604,000.

During the year ended December 31, 2011, the Company issued Warrants to certain unaffiliated parties for services, recording them in the accompanying condensed consolidated financial statements as follows: (i) on April 21, 2011, the Company entered into a two-year consulting agreement with an individual, wherein the individual was paid through the issuance of a five-year Warrant to purchase 400,000 shares of the Company’s Common Stock (with a fair value of $496,400) at an exercise price of $1.40 per share; through December 31, 2011, $171,669 was charged to expense and recorded as non-cash compensation and as of December 31, 2011, $324,731 was reported as prepaid costs in other assets. At March 31, 2012, prepaid costs totaled $262,682. The Warrants were valued on the date of the grant using a term of five (5) years; volatility of 89.74%; risk free rate of 2.14%; and a dividend yield of 0%; (ii) on May 31, 2011, the Company entered into a three-month consulting agreement with an individual, wherein the consultant was paid through the issuance of a five-year Warrant to purchase 100,000 shares of the Company’s Common Stock (with a fair value of $110,300) at an exercise price of $1.59 per share, through December 31, 2011, $110,300 was charged to expense and recorded as non-cash compensation. The Warrants were valued on the date of the grant using a term of five (5) years; volatility of 89.00%; risk free rate of 1.68%; and a dividend yield of 0%; (iii) on August 24, 2011, the Company entered into a six-month consulting agreement with an individual, wherein compensation was paid through the issuance of a three-year Warrant to purchase 200,000 shares of the Company’s Common Stock (with a fair value of $146,800) at an exercise price of $1.40 per share; through December 31, 2011, $102,920 was charged to expense and recorded as non-cash compensation and as of December 31, 2011, $43,880 was reported as prepaid costs in other assets. The Warrants were valued on the date of the grant using a term of three (3) years; volatility of 81.83%; risk free rate of 0.41%; and a dividend yield of 0%; (iv) on August 31, 2011, the Company entered into a Loan and Security Agreement

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE B – STOCKHOLDERS’ EQUITY (continued)

Warrants (continued)

with Comerica and Bridge Banks (the “Banks”) wherein the Company issued Warrants to the Banks to purchase an aggregate of 1,428,572 shares of the Company’s Common Stock (with an aggregate fair value of $1,535,714) at an exercise price of $1.40 per share; through December 31, 2011, $219,390 was charged to expense and recorded as interest expense and as of December 31, 2011, $1,316,324 was reported as deferred debt issuance costs. The Warrants were valued on the date of the grant using a term of seven (7) years; volatility of 83.14%; risk free rate of 1.56%; and a dividend yield of 0% (See NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK for further details); and (iv) as part of a Note and Warrant Purchase Agreement entered into with HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund LP, the Company issued 11,782,859 Warrants in April 2011 (See NOTE N – AGREEMENT WITH HEALTHCOR for further details). These Warrants were valued using the Lattice Model.

Stock Options

During the three months ended March 31, 2012, the Company did not grant any options to purchase shares of the Company’s Common Stock (“Options”). In February 2012, resulting from the resignation of an employee, an Option to purchase 10,000 shares was cancelled. As of March 31, 2012, 8,740,115 Options remain outstanding.

During the three months ended March 31, 2011, 230,000 Options, having a fair value of $202,310, were granted to employees. The ten-year Options have an exercise price of between $1.53 and $1.62 per share and vests over a three-year period, one-third per year on the anniversary date of the Option.

A summary of the Company’s stock option activity and related information follows:

	Number of Shares Under Option			Weighted Average Exercise Price			Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Balance at December 31, 2011		8,750,115		$	0.66			7.2	$	8,047,942
Granted		-0-
Exercised		-0-
Expired		-0-
Cancelled		(10,000	)	$	(1.51	)
Balance at March 31, 2012		8,740,115		$	0.66			7.0	$	7,785,039
Vested and Exercisable at March 31, 2012		6,997,706		$	0.56			6.7	$	6,962,640

The valuation methodology used to determine the fair value of the Options issued during the year was the Black-Scholes Model, an acceptable model in accordance with ASC 718-10. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the weighted average risk-free interest rate, and the weighted average expected term of the options.

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE B – STOCKHOLDERS’ EQUITY (continued)

Stock Options (continued)

The assumptions used in the Black-Scholes Model are set forth in the table below.

	March 31, 2012	December 31, 2011
Risk-free interest rate	NA	0.35-1.39	%
Volatility	NA	80.85-84.78	%
Expected life	NA	3 years
Dividend yield	NA	0.00	%

The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected term of the stock option and is calculated by using the average daily historical stock prices through the day preceding the grant date.

Estimated volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate each year during the expected life of the award. The Company’s estimated volatility is an average of the historical volatility of peer entities whose stock prices were publicly available. The Company’s calculation of estimated volatility is based on historical stock prices of these peer entities over a period equal to the expected life of the awards. The Company uses the historical volatility of peer entities due to the lack of sufficient historical data of its stock price.

Share-based compensation expense for Options recognized in our results for the three months ended March 31, 2012 ($235,049) and for the three months ended March 31, 2011 ($183,867) is based on awards vested and the Company estimated no forfeitures. ASC 718-10 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from the estimates.

At March 31, 2012, total unrecognized estimated compensation expense related to non-vested Options granted prior to that date was approximately $1.1 million, which is expected to be recognized over a weighted-average period of 1.75 years. No tax benefit was realized due to a continued pattern of operating losses.

NOTE C – OTHER CURRENT ASSETS

Other current assets consist of the following:

	March 31, 2012		December 31, 2011
Prepaid expenses	$	214,415	$	99,651
Legal retainer		61,969		62,402
Other receivables		5,737		2,210
Other receivables-related party		-0-		188,823
Note receivable-employee		-0-		6,000
TOTAL OTHER CURRENT ASSETS	$	282,121	$	359,086

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE D – FIXED ASSETS

Fixed assets consist of the following:

	March 31, 2012			December 31, 2011
Network equipment	$	10,167,470		$	9,720,351
Office equipment		113,102			130,008
Vehicles		112,669			82,622
Test equipment		84,315			81,670
Furniture		71,329			67,157
Computer software		26,780			-0-
Warehouse equipment		6,866			6,866
Leasehold improvements		5,121			-0-
		10,587,652			10,088,674
Less: accumulated depreciation		(1,733,606	)		(1,321,215	)
TOTAL FIXED ASSETS	$	8,854,046		$	8,767,459

Depreciation expense for the three months ended March 31, 2012 and 2011 was $412,390 and $138,042, respectively.

NOTE E – OTHER ASSETS

Intangible assets consist of the following:

	March 31, 2012
	Cost		Accumulated Amortization		Net
Patents and trademarks	$	120,422	$	4,818	$	115,604
Software development costs		2,002,933		1,702,498		300,435
Other intellectual property		750,000		637,500		112,500
TOTAL INTANGIBLE ASSETS	$	2,873,355	$	2,344,816	$	528,539

	December 31, 2011
	Cost		Accumulated Amortization		Net
Patents and trademarks	$	120,422	$	3,076	$	117,346
Software development costs		2,002,933		1,602,352		400,581
Other intellectual property		750,000		600,000		150,000
TOTAL INTANGIBLE ASSETS	$	2,873,355	$	2,205,428	$	667,927

CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE E – OTHER ASSETS (continued)

Other assets consist of the following:

	March 31, 2012
	Cost		Accumulated Amortization		Net
Deferred debt issuance costs	$	1,535,714	$	351,023	$	1,184,691
Deferred installation costs		1,167,933		61,055		1,106,878
Prepaid consulting		1,071,562		694,255		377,307
Deferred closing costs		434,157		43,310		390,847
Prepaid license fee		233,606		9,562		224,044
Security deposit		83,624		-0-		83,624
Deferred distribution/service costs		166,000		124,499		41,501
TOTAL OTHER ASSETS	$	4,692,596	$	1,283,704	$	3,408,892

	December 31,2011
	Cost		Accumulated Amortization		Net
Deferred debt issuance costs	$	1,535,714	$	219,390	$	1,316,324
Deferred installation costs		833,985		24,041		809,944
Prepaid consulting		1,071,562		547,639		523,923
Deferred closing costs		430,747		-0-		430,747
Prepaid license fee		233,606		5,464		228,142
Security deposit		83,624		-0-		83,624
Deferred distribution/service costs		166,000		110,666		55,334
TOTAL OTHER ASSETS	$	4,355,238	$	907,200	$	3,448,038

NOTE F – OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

	March 31, 2012		December 31, 2011
Accrued taxes	$	359,729	$	261,399
Lease liability		48,588		-0-
Accrued gross interest income		16,627		11,908
Insurance financing		-0-		1,961
TOTAL OTHER CURRENT LIABILITIES	$	424,944	$	275,268

NOTE G – INCOME TAXES

Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company does not expect to pay any significant federal or state income tax for 2012 as a result of the losses recorded during the three months ended March 31, 2012 as well as additional losses expected for the remainder of 2012 as well as from generating net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of March 31, 2012, the Company maintains a full valuation allowance for all deferred tax assets. Based on these requirements, no

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NOTE G – INCOME TAXES (continue)

provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period.

NOTE H – RELATED PARTIES

In January 2012, a related party repaid its outstanding balance of approximately $189,000. As of March 31, 2012 and December 31, 2011, the Company was owed $0 and approximately $189,000 (comprised of $86,000 from a related party for shared rental expense at the Company’s prior offices, and $103,000 from the related party for shared expenses related to consulting services rendered by two individuals). The $189,000 was included in other current assets in the accompanying condensed consolidated financial statements for December 31, 2011.

NOTE I – JOINT VENTURE AGREEMENT

On November 16, 2009, the Company entered into a Master Investment Agreement (the “Rockwell Agreement”) with Rockwell Holdings I, LLC, a Wisconsin limited liability (“Rockwell”). Under the terms of the Rockwell Agreement, the Company will use funds from Rockwell to fully implement the CareView System™ in Hillcrest Medical Center in Tulsa, Oklahoma (“Hillcrest”) and Saline Memorial Hospital in Benton, Arkansas (“Saline”) (the “Project Hospital(s)”).

Both Rockwell and the Company own 50% of each Project LLC formed for the Project Hospitals. CareView contributed its intellectual property rights and its hospital contract with each Project Hospital. Rockwell contributed cash to be used for the purchase of equipment for the Project LLCs with 50% attributed to a promissory note bearing interest at 10% and 50% attributed to member’s equity. The Project Notes are secured by a security interest in all of the equipment in the Project Hospitals, intellectual property rights, and the Project Hospital Contract. Additionally, the Project LLCs have an obligation to pay Rockwell a Preferential Return (the amount of Rockwell’s aggregate capital contribution to the Project LLCs plus ten percent (10%) per annum, compounded annually). The Company classified this obligation as a liability since it represents an unconditional obligation by the Company to pay Rockwell’s Preferential Return on each Project LLC and is recorded in mandatorily redeemable equity in joint venture on the accompanying condensed consolidated balance sheet.

The Project LLCs were within the scope of the variable interest entities (VIE) subsection of the FASB ASC and we determined the Project LLCs are VIEs based on the fact that the total equity investment at risk was not sufficient to finance the entities activities without additional financial support. The Company consolidates the Project LLCs as it has the power to direct the activities and an obligation to absorb losses of the VIEs.

As additional consideration to Rockwell for providing the funding, the Company granted Rockwell 1,151,206 Warrants valued at $1,124,728 (the “Project Warrants”). The Project Warrants were valued using the Black-Scholes Model on the date of the Rockwell Agreement using a term of five (5) years; volatility of 89.21%; risk free rate of 2.19%; and a dividend yield of 0%. The Warrants are classified as equity and are included in additional paid-in-capital on the accompanying condensed consolidated balance sheet. The Company allocated the proceeds to the Project Warrants and the Project Notes or Preferential Returns based on the relative fair value. The originally recorded debt discount of $636,752 is being amortized over the life of the debt, and recorded as interest expense in other income (expense) on

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NOTE I – JOINT VENTURE AGREEMENT (continue)

the accompanying condensed consolidated financial statements. Amortization expense totaled $47,452 for both of the three month periods ended March 31, 2012 and 2011. As any additional funding is provided, the Company will issue additional Project Warrants to Rockwell and calculate the fair value of those warrants and record them in the financial statements when they are due or issued.

One of the Company’s Project LLCs was notified by a customer of its desire to terminate its hospital agreement. This termination, effective January 27, 2012, results in the loss of monthly revenue totaling approximately $20,000, which revenue was used to make payments on its indebtedness to the Rockwell Holdings. As of March 31, 2012, the Company’s LLCs’ indebtedness to Rockwell Holdings totaled approximately $711,000. The Company is currently in negotiation with this customer to renew and extend the hospital agreement, but there can be no assurances made at this time. In the event that the Company is not able to renew the hospital agreement, the Company may incur de-installation costs of approximately $37,000 for removing its equipment from the hospital premises.

NOTE J – VARIABLE INTEREST ENTITIES

The Company consolidates VIEs, of which it is the primary beneficiary, which comprises the Project LLCs defined in NOTE I – JOINT VENTURE AGREEMENT. The liabilities recognized as a result of consolidating these VIEs do not necessarily represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets.

The total consolidated VIE assets and liabilities reflected on our condensed consolidated balance sheets at March 31, 2012 and December 31, 2011 are as follows:

	March 31, 2012		December 31, 2011
Assets
Cash	$	20,718	$	4,161
Receivables		19,443		49,835
Total current assets		40,161		53,996
Property, net		213,646		277,088
Total assets	$	253,807	$	331,084

Liabilities
Accounts payable	$	95,927	$	90,212
Notes payable, net of debt discount of $2,352 and $32,255, respectively		11,393		58,602
Mandatorily redeemable interest, net of debt discount of $2,352 and $32,255, respectively		11,393		58,602
Accrued interest		9,660		1,342
Other current liabilities		58,068		55,417
Total current liabilities		186,441		264,175

Notes payable, net of debt discount of $107,242 and $100,715, respectively		329,176		273,128
Mandatorily redeemable interest, net of debt discount of $107,242 and $100,715, respectively		329,176		273,128
Total long term liabilities		658,352		546,256
Total liabilities	$	844,793	$	810,431

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NOTE J – VARIABLE INTEREST ENTITIES (continued)

The financial performance of the consolidated VIEs reflected on our condensed consolidated statements of operations for the three months ended March 31, 2012 and 2011 is as follows:

	March 31, 2012			March 31, 2011

Revenue	$	34,639		$	64,172
Network operations		10,300			14,601
General and administrative expense		3,040			3,338
Depreciation		28,664			29,273
Total operating costs		42,004			47,212
Operating income (loss)		(7,365	)		16,960
Amortization of debt discount		46,752			47,451
Interest expense		22,743			26,356
Total other expense		69,495			73,807
Loss before taxes		(76,860	)		(56,847	)
Provision for taxes		-0-			-0-
Net loss		(76,860	)		(56,847	)
Net loss attributable to noncontrolling interest		(38,430	)		(28,424	)
Net loss attributable to CareView Communications, Inc.	$	(38,430	)	$	(28,423	)

NOTE K – DISTRIBUTION AGREEMENT

On January 9, 2010, the Company entered into a Distribution Agreement (“Agreement”) with Foundation Medical to distribute the CareView System™ on the East Coast of the United States. In addition to selling the CareView System™, the entity will also serve as CareView’s East Coast representative to service all of the installed medical facilities in that region. In connection with the Agreement, the Company issued a five-year Common Stock Purchase Warrant (the “Warrant”) to purchase 200,000 shares of the Company’s Common Stock at an exercise price of $0.52 per share. The Warrant has not been exercised. The Warrant was valued using the Black-Scholes Model on the date of the grant using a term five (5) years; volatility of 89.46%; risk free rate of 1.09%; and a dividend yield of 0%. The Agreement carries a three (3) year term and accordingly the Warrant, with a fair value of $166,000, is being amortized over the life of the Agreement. For both of the three month periods ended March 31, 2012 and 2011, the Company recognized expense of $13,833 as distribution expense in network operations. As of March 31, 2012 and December 31, 2011, the Company reported $41,501 and $55,334, respectively as deferred distribution cost in other assets on the accompanying condensed consolidated financial statements.

On March 1, 2012, the Company entered into a two-year Sales Consulting Agreement (“Consulting Agreement”) with Foundation Medical and Donald Shirley (collectively, the “Consultant”) wherein the above-mentioned Distribution Agreement was terminated and future services to be provided by the Consultant relative to designated hospitals would be provided pursuant to the Consulting Agreement. As consideration for cancellation of the Distribution Agreement, the Company agreed to issue to the Consultant 50,000 shares of the Company’s Common Stock upon execution of the Consulting Agreement and an additional 50,000 shares of the Company’s Common Stock on the date of the first anniversary thereof. CareView agreed to pay the Consultant a monthly consultant fee equal to the greater of (i) $10,000 or (ii) the sum of $250 per month per designated hospital. The first payment due thereunder was paid on March 1, 2012 in the amount of $10,000 and with subsequent payments due on the 20th day of

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NOTE K – DISTRIBUTION AGREEMENT (continued)

each month thereafter. In addition, the Consultant is eligible to receive a commission on system products and components up-sold and installed at the designated hospitals. Consultant will receive commissions on receipt of revenue by CareView as follows: (i) for 5-year contracts, Consultant will receive 10% in year 1, 8% in year 2, 7% in year 3, 5% in year 4 and 3% in year 5 and (ii) for 3-year contracts, Consultant will receive 6% in year 1, 4% in year 2 and 2% in year 3.

NOTE L – SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT

On August 20, 2010, in an effort to resolve all past, current and future claims due pursuant to a Subscription and Investor Rights Agreement (“Subscription Agreement”) with an entity known as T2 Consulting, LLC (“T2”), and the principals of T2, namely Tommy G. Thompson (“Thompson”), Gerald L. Murphy (“Murphy”) , and Dennis Langley (“Langley”), the Company entered into a Revocation and Substitution Agreement with T2, Thompson, Murphy and Langley (the “Agreement”). In exchange for the revocation of the Subscription Agreement by T2, Thompson, Murphy and Langley, the Company agreed to issue to each of Thompson, Murphy, and Langley a five-year Common Stock Purchase Warrant (“Warrant”) to purchase 1,000,000 shares of the Company’s Common Stock at an exercise price of $1.00 per share. The Warrants were valued on the date of the grant using their five (5) year term; volatility of 94.12%; risk free rate of 1.47%; and a dividend yield of 0%. The valuation methodology used to determine the fair value of the Warrants issued was the Black-Scholes Model, and accordingly calculated a fair value of $4,080,000 and reported as contract modification expense in general and administration during the year ended December 31, 2010. The Company’s Board of Directors believes the Agreement is in the best interest of all the shareholders of the Company and has determined that it is not necessary to obtain a ‘fairness’ opinion from an independent third-party.

As additional consideration for the revocation of the Subscription Agreement, the Company executed an Agreement Regarding Gross Income Interest (the “GII Agreement”) with each of Thompson, Murphy and Langley dated August 20, 2010. The GII Agreement does not have a termination date; however it does provide that the Company has the right to acquire the GII of Thompson, Murphy and Langley from September 1, 2013 until December 31, 2015, and that Thompson, Murphy and Langley each have the right to require that their respective GII be purchased by the Company any time from September 1, 2011 until December 31, 2015. At March 31, 2012, based on actual revenue, the Company recorded a liability for the GII owner’s put of approximately $14,000 (the estimated fair value of the GII owner’s put). This liability is analyzed and updated quarterly, based on actual revenues. In an additional term in the GII Agreement with Langley, the Company agreed that an affiliate of Langley shall be granted a distribution and sales agreement for the Company’s products for government entities in the U.S. including, but not limited to, HHS, VA, DOD and state and local governments. Terms of the distribution agreement will be negotiated at a future date.

NOTE M – AGREEMENT WITH HMA

On March 8, 2011, the Company entered into a Master Agreement with Hospital Management Associates, Inc., a Delaware corporation (“HMA”). Terms of the Master Agreement provide for (i) HMA to use the CareView System in each of its 66 hospitals across the U.S. through the execution of a separate Hospital Agreement for each location and (ii) CareView to provide the Primary Package and preferential pricing in exchange for the volume provided by HMA. As of March 31, 2012, the Company has 3,599 installations in 51 HMA hospitals resulting in revenue of approximately $312,000 for the three months ended March 31, 2012.

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MARCH 31, 2012

NOTE N – AGREEMENT WITH HEALTHCOR

On April 21, 2011, the Company entered into and closed a Note and Warrant Purchase Agreement (the “Purchase Agreement”) with HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP (the “Investors”). Pursuant to the Purchase Agreement, the Company sold Senior Secured Convertible Notes to the Investors in the principal amount of $9,316,000 and $10,684,000, respectively (collectively the “Convertible Debt”). As of March 31, 2012, the underlying shares of the Company’s common stock related to the Convertible Debt totaled approximately 17,969,000 (after applying the PIK for the period from April 21, 2011 through March 31, 2012). The Notes have a maturity date of April 20, 2021. Along with the Convertible Debt, the Company issued Common Stock purchase warrants (the “HealthCor Warrants”). Due to certain anti-dilution provisions associated with both the conversion feature of the Convertible Debt and the exercise price of the HealthCor Warrants, both instruments required liability treatment on the consolidated balance sheet under ASC 815-10. The full fair value of the derivatives related to the embedded conversion feature of the Convertible Debt and the HealthCor Warrants was recorded as long-term liability in the amount of $33,461,512 at the time of issuance. This transaction resulted in a discount of $20,000,000 on the Convertible Debt and the excess of the fair value of the derivatives over the discount recorded totaling $13,461,512 was recorded as non-cash expense in other expense. The fair value of these derivative liabilities was computed using a Monte Carlo simulation embedded in the Binomial Lattice option pricing model (the “Lattice Model”). Due to the complexities provided by the anti-dilution provisions within the embedded conversion feature and that associated with the exercise price of the HealthCor Warrants, the Company determined that the Lattice Model was most appropriate for valuing these instruments. The Lattice Model relies on multiple inputs, using multiple stock price paths and incorporates several Level 1 inputs such as the Company’s stock price and risk free rates based on the U.S Treasury strip note yield curve at the valuation date. The model also took into consideration that that future financings, especially those that would invoke the anti-dilution provision, would be remote due to the Company’s liquidity at the time of issuance. The model also assumed a dilutive event would occur approximately one year from the date of issuance as the anti-dilution provision gives the greatest benefit to the note holders in the first year. Lastly, the volatility rate at the valuation dates was 55% and the overall probability of a dilutive event occurrence was assigned a 5% chance based on the Company’s liquidity at the time of issuance and valuation.

Between the date of issuance, April 21, 2011, and December 29, 2011, the Company re-measured the fair values of all of its derivative liabilities and recorded an aggregate decrease of $10,495,147 in their fair value, resulting in a net charge to other expense of $2,966,365 related to the derivative liabilities.

On December 30, 2011, the Convertible Debt and HealthCor Warrants were amended to remove the anti-dilution provisions which triggered liability classification and re-measurement of fair value each reporting period under derivative accounting. Accordingly, at December 30, 2011, the balance in the liability accounts totaling $22,966,365 was reclassified into stockholders’ equity.

On January 9, 2012, the Company entered into a Binding Term Sheet with HealthCor Partners Management, L.P., on behalf of certain affiliated funds (collectively, “HCP”) regarding the issuance by the Company to HCP of a $5,000,000 Senior Convertible Note(s) (the “New Senior Convertible Note(s)”). To that end, on January 31, 2012, the Company and the Investors entered into the Second Amendment to Note and Warrant Purchase Agreement (“Second Amendment”) amending the Purchase Agreement, and issued the New Senior Convertible Notes to the Investors, each as described below.

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NOTE N – AGREEMENT WITH HEALTHCOR (continued)

Concurrently with the execution of the Second Amendment, the Company issued and sold New Senior Secured Convertible Notes to each of HealthCor Partners and HealthCor Hybrid in the principal amounts of $2,329,000 and $2,671,000, respectively. As provided by the Second Amendment, the New Senior Convertible Notes are in substantially the same form as the 2011 HealthCor Notes, with changes to the “Issuance Date,” “Maturity Date,” “First Five Year Note Period” and other terms to take into account the timing of the issuance of the New Senior Convertible Notes. The New Senior Convertible Notes have a maturity date ten (10) years from the date of issuance. The New Senior Convertible Notes will bear interest accordingly:

	(a)	During years 1-5, interest will be payable (on a cumulative basis) by the issuance of additional convertible debt (a “PIK”) with the same terms as New Senior Convertible Notes, at an interest rate of 12.5%, compounded quarterly.
	(b)	During years 6-10, interest may be paid in cash or as a consideration on the cumulative PIK (at the Company’s option), at an annual interest rate of 10.0%, compounded quarterly.
	(c)	Interest shall be calculated and payable on a quarterly basis in arrears.
	(d)	Notwithstanding the foregoing, during the existence of an event of default, the then applicable interest rate will be increased by 5%.

In addition, the provisions regarding interest acceleration, optional conversion, negative covenants, and events of default, preemptive rights and registration rights will be the same as those of the 2011 HealthCor Notes.

The Company will use the proceeds from the sale of the New Senior Secured Convertible Notes (i) to recruit and employ executives and sales personnel with experience in the healthcare/hospital space to establish contracts and pilot programs with hospitals, (ii) to expand its intellectual property portfolio, and (iii) for general working capital purposes.

In conjunction with the execution of the Second Amendment, the Company and its subsidiaries entered into a First Amendment to Loan and Security Agreement with Comerica Bank, as collateral agent and lender, and Bridge Bank, as lender (the “Loan Amendment”), amending the Loan and Security Agreement dated as of August 31, 2011, among the same parties (the “Loan and Security Agreement”). The Loan Amendment effected a change to the definition of “HealthCor Debt” under the Loan and Security Agreement, which is a component of “Permitted Indebtedness” under that agreement, in order to permit the issuance of the New Senior Convertible Notes. Also in connection with the Second Amendment, the Subordination Agreement between Comerica Bank and the Investors was amended to permit the sale and issue of the New Senior Convertible Notes.

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MARCH 31, 2012

NOTE N – AGREEMENT WITH HEALTHCOR (continued)

At the time of the issuance of the New Senior Secured Convertible Notes to each of HealthCor Partners and HealthCor Hybrid the underlying shares of the Company’s common stock totaled approximately 4,000,000. As of March 31, 2012, the underlying shares of the Company’s common stock totaled approximately 4,082,000 (after applying the PIK for the period from January 9, 2012 through March 31, 2012).

At any time or times on or after April 21, 2011, the Investors are entitled to convert any portion of the outstanding and unpaid accrued interest on and principal balances of the Notes into fully paid and non-assessable shares of Common Stock at a conversion rate of $1.25 per share. As part of the agreement (s) with the Investors, the Company accrues and capitalizes interest as payment in kind into the existing note(s) payable.

When issuing debt or equity securities convertible into common stock at a discount to the fair value of the common stock at the date the debt or equity financing is committed, a company is required to record a beneficial conversion feature (“BCF”) charge in accordance with ASC 470-20. The Company had two separate issuances of equity securities convertible into common stock that qualify under this accounting treatment, (i) the Senior Convertible Notes and (ii) the New Senior Convertible Notes. Because the Senior Convertible Notes were originally classified as a liability when issued and reclassified to equity on December 31, 2011, only the accrued interest capitalized as payment in kind since issuance qualifies under this accounting treatment. The full amount of the New Senior Convertible Notes and all accrued payment in kind interest also qualifies for this accounting treatment. At March 31, 2012, the Company recorded a BCF of $2,082,122 based on the difference between the contractual conversion rate and the current fair value of the Company’s Common Shares at original issuance date. The transaction was recorded as a charge to debt discount and the credit to additional paid in capital, with the debt discount ratably amortized to interest expense over the expected term of the notes (through April 2021 for the Senior Convertible Notes and through January 2022 for the New Senior Convertible Notes). To that end, the Company recorded an aggregate of $73,706 in interest expense for the three months ended March 31, 2012. The carrying value of the debt with HealthCor at March 31, 2012 approximates fair value as the interest rates used are those currently available to the Company and would be considered level 3 inputs under the fair value hierarchy.

NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK

On August 31, 2011, the Company entered into and closed a Loan and Security Agreement (the “Agreement” or the “Revolving Line”) with Comerica Bank (“Comerica”) and Bridge Bank, National Association (“Bridge Bank”) (collectively the “Banks”) providing for a two-year, $20 million revolving line of credit. The Revolving Line will provide the Company with capital, inter alia, to purchase equipment and perform installations pursuant to newly signed contracts that the Company may execute in the future with certain healthcare providers. The borrowings under the Agreement will bear interest on the outstanding daily balance of the advances at the rate of 3.75% plus the Prime Referenced Rate, which is a rate equal to Comerica’s prime rate but no less than the sum of 30-day LIBOR rate plus 2.5% per annum. Interest shall be paid monthly in arrears on any outstanding principal amount. The interest rate was calculated to be 7.0% per annum at March 31, 2012. Through March 31, 2012, the Company did not borrow any funds under the Revolving Line. At March 31, 2012, the entire $20,000,000 Revolving Line was available to the Company.

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MARCH 31, 2012

NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK (continued)

So long as no event of default has occurred and is continuing and subject to and upon the terms and conditions of the Agreement, and provided that the Company has delivered evidence to the reasonable satisfaction of the Banks of a signed contract for a new customer or the expansion of a contract with an existing customer for the addition of hospital sites and or hospital beds, the Company may request, and the Banks have agreed to make Advances in an aggregate outstanding amount not to exceed the lesser of (i) the $20 million revolving line limit or (ii) the Borrowing Base. As defined in the Agreement “Advances” means cash advances under the Revolving Line and “Borrowing Base” generally means an amount equal to eighty percent (80%) of Eligible Accounts. As defined in the Agreement, “Eligible Accounts” generally means those accounts that (x) arise in the ordinary course of the Company’s business; (y) arise from the future, rolling twelve (12) months due to sales of subscriptions to individual hospitals or hospital groups which are associated with (i) existing subscription services that are under contract and have at least twelve (12) months of life left on the contract at the time of inclusion of such account in the Borrowing Base; and (ii) newly executed contracts that have a minimum length of at least four (4) years; and (z) comply with certain Company representations and warranties to the Banks set forth in the Agreement that relate to Eligible Accounts. Subject to the terms and conditions of the Agreement, amounts borrowed may be repaid and re-borrowed at any time prior to the Revolving Maturity Date, (the earlier of (i) two (2) years after the initial Advance or (ii) June 14, 2014), at which time all Advances shall be immediately due and payable. Except as set forth in the Prime Referenced Rated Addendum to the Agreement, the Company may prepay any Advances without penalty or premium. The Company shall use the proceeds of the Advances for the purchase of machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments and/or installation costs associated with the installation of a new or expanded customer subscription services contract.

The Agreement requires the Company to pay a quarterly unused facility fee equal to one quarter of one percent (0.25%) per annum of the difference between the amount of the Revolving Line and the average outstanding principal balance of the Revolving Line during the applicable quarter. The Agreement requires CareView to maintain its primary operating accounts with Comerica and Bridge Bank on a 50:50 basis, with no less than 80% of CareView’s investment accounts with the Banks or their affiliates, unless CareView’s cash falls below $5 million, in which case it must maintain all its cash with the Banks. The Agreement also requires CareView to maintain a fixed charge coverage ratio of at least 5.01 to 1.00. The credit facility also contains certain customary affirmative covenants that include, among others, payment of taxes and other obligations, maintenance of insurance and reporting requirements, as well as customary negative covenants that limit, among other things, the Company’s ability to make dispositions and acquisitions, be acquired, incur debt or pay dividends.

The credit facility contains customary events of default including, among other things, non-payment, inaccurate representations and warranties, violation of covenants, events that constitute a material adverse effect and cross-defaults to other indebtedness. Upon an occurrence of an event of default, the Company shall pay interest on the outstanding principal balance of five percent (5%) above the otherwise applicable interest rate, and the Banks may accelerate the loan.

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MARCH 31, 2012

NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK (continued)

Pursuant to and in connection with the Agreement, the Company granted the Banks a security interest in all of its assets, including its intellectual property pursuant to an Intellectual Property Security Agreement, and pledged its ownership interests in its subsidiaries and certain joint ventures. Pursuant to and in connection with the Agreement, the Company has entered into a Subordination Agreement with its existing convertible note holders, HealthCor Partners Fund, L.P. and HealthCor Hybrid Offshore Master Fund, L.P.

Also, in connection with the Revolving Line, the Company issued Warrants to the Banks to purchase an aggregate of 1,428,572 shares of the Company’s Common Stock. The Warrants have an exercise price of $1.40 per share and expire on August 31, 2018. The fair value of the Warrants at issuance was $1,535,714 and has been recorded as deferred financing costs. The deferred financing costs are amortized to interest expense over the term of the revolving line. For the three months ended March 31, 2012, $131,633 was amortized to interest expense. The Warrants have not been exercised as of March 31, 2012.

NOTE P - SUBSEQUENT EVENTS

Consulting Agreement with Heartland Energy Partners, LLC

On April 29, 2012 (the “Effective Date”), the Company entered into a Consulting Agreement (“Agreement”) with Heartland Energy Partners, LLC (“Heartland”) under which Heartland will develop and execute a comprehensive strategy to create Company awareness and credibility with the Department of Veteran Affairs. The Agreement expires twelve (12) months from the date that the Company is approved by the U.S. General Services Administration (“GSA”); however, the Agreement may be canceled by either party with thirty (30) days written notice. Compensation for Heartland includes a monthly fee of $10,000, the first payment of which is due within ten (10) business days after receiving GSA approval, with subsequent monthly payments due for following eleven months unless the Agreement is earlier terminated by the parties. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant (“Warrant”) for the purchase of 1,000,000 shares of the Company’s Common Stock at an exercise price equal to the ten (10) day average closing price ending on the day before the Effective Date (or $1.51 per share). Commencing on or near the date of the GSA approval, and every ninety (90) days thereafter, the Company and English shall meet to evaluate the performance of English after which the vesting of the shares underlying the Warrant shall be determined in the sole discretion of Steve Johnson, the Company’s President, and the Company’s Board of Directors. Should the Agreement be terminated, any shares not yet vested under the Warrant will be canceled.

Advisory Services Agreement with Stonegate Securities, Inc.

On May 4, 2012, the Company entered into an Advisory Services Agreement with Stonegate Securities, Inc. (“Stonegate”) under which Stonegate will provide services related to micro-cap market research and investor relations. The Agreement is for a term of twelve months and may be terminated by either party upon thirty (30) days written notice. Compensation for Stonegate includes a retainer of $5,000 per month payable in advance. In addition, the Company agrees to issue a five-year Common

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MARCH 31, 2012

NOTE P - SUBSEQUENT EVENTS (Continued)

Advisory Services Agreement with Stonegate Securities, Inc. (continued)

Stock Purchase Warrant for the purchase of 240,000 shares of the Company’s Common Stock at an exercise price of $1.65 per share. Vesting of the underlying shares will occur at the rate of 20,000 shares on the monthly anniversary date of the Agreement so long as the Agreement has not been terminated. In the event the Agreement is terminated prior to full vesting of the underlying shares, a prorated portion of the shares will vest through the date of termination and the right to purchase the remaining underlying shares shall be canceled.

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

General

The following discussion and analysis provides information which management of the Company believes to be relevant to an assessment and understanding of the Company’s results of operations and financial condition. This discussion should be read together with the Company’s financial statements and the notes to the financial statements, which are included in this report. This information should also be read in conjunction with the information contained (i) in our Form 10-K filed with the Securities and Exchange Commission (the “Commission”) on March 15, 2012, including the audited consolidated financial statements and notes included therein as of and for the year ended December 31, 2011. The reported results will not necessarily reflect future results of operations or financial condition.

Throughout this Quarterly Report on Form 10-Q (the “Report”), the terms “we,” “us,” “our,” “CareView,” or “our Company” refers to CareView Communications, Inc., a Nevada corporation, and unless otherwise specified, includes our wholly owned subsidiaries, CareView Communications, Inc., a Texas corporation (“CareView-TX”) and CareView Operations, LLC, a Nevada limited liability company (“CareView Operations”) (collectively known as the “Company’s Subsidiaries”) and its LLCs, CareView-Hillcrest and CareView-Saline, determined to be variable interest entities (“VIEs”) in which the Company exercises control and is deemed the Primary Beneficiary (collectively known as the “Company’s LLCs”).

The Company maintains a website at www.care-view.com. The Company’s Common Stock trades on the OTCBB under the symbol “CRVW.”

Overview

CareView was incorporated in the State of California in July 1997 under the name Purpose, Inc., changing its name to Ecogate, Inc. in April 1999. In October 2007, the Company changed its name to CareView Communications, Inc. and in November 2007, the Company changed its state of incorporation to Nevada.

The Company developed a suite of products and hardware to help connect patients, families and health care providers through one easy-to-install and simple-to-use system (the “CareView System™”). The CareView System™ runs on each hospital’s coaxial cable television network that provides television signals to patient room; consequently, CareView’s network does not need to run on or through the hospital’s specific IT infrastructure, thereby requiring minimal Internet technology involvement on the part of the hospital. The Company’s proprietary, high-speed data network system may be deployed throughout a healthcare facility and will provide the facility with recurring revenue and infrastructure for future applications. Real-time bedside and point-of-care video monitoring and recording improve efficiency while limiting liability, and entertainment packages and patient education enhance the patient’s quality of stay. There is no capital expenditure by a subscribing hospital as CareView provides all hardware and installation of the CareView System™ in each room at no charge. Fees paid to CareView by each hospital consists of monthly service fees for each system installed (one per bed) and an additional rate for each nursing station monitor. Additional shared revenue generated from entertainment services (MovieView®, NetView®, PatientView®, and BabyView®) purchased directly by patient consumers, are split between the hospital and CareView per the terms of each contract. CareView is dedicated to working with all types of hospitals, nursing homes, adult living centers and selected outpatient care facilities domestically and internationally.

Amendment Agreement and New Secured Convertible Notes with HealthCor

On December 30, 2011, the Company and the Investors entered into a Note and Warrant Amendment Agreement (“Amendment Agreement”) agreeing to (a) amend the Purchase Agreement pursuant to Section 7.9 thereof, in order to modify the Investors’ right to restrict certain equity issuances as set forth therein; and (b) amend the HealthCor Notes and the HealthCor Warrants, pursuant to Section 11 of the HealthCor Notes and Section 21 of the HealthCor Warrants, in order to eliminate certain anti-dilution provisions contained therein. The accounting treatment resulting from the elimination of the anti-dilution provision reclassed approximately $23,000,000 in related long-term liabilities to stockholders’ equity; however, this does not affect the accounting for debt discount which will remain and continue to be amortized to interest expense.

The Second Amendment provided that, following the Issue Date, the Company was permitted to sell, on the same terms and conditions as those contained in the Purchase Agreement (as amended from time to time), up to $5,000,000 in New Senior Convertible Notes to the Investors. The Second Amendment provided that the New Senior Convertible Notes shall be included within the definition of “Notes” and “Closing Securities” under the Purchase Agreement, and any shares of Common Stock issuable upon conversion of the New Senior Convertible Notes shall be included within the definition of “Note Shares” under the Purchase Agreement. Concurrently with the execution of the Second Amendment, the Company issued and sold New Senior Secured Convertible Notes to each of HealthCor Partners and HealthCor Hybrid in the principal amounts of $2,329,000 and $2,671,000, respectively. For more details, see Note N – AGREEMENT WITH HEALTHCOR, set forth in the Notes to Condensed Financial Statements contained in Part I, Item 1 of this Report.

Distribution and Regional Support

On March 1, 2012, the Company entered into a two-year Sales Consulting Agreement (“Consulting Agreement”) with Foundation Medical and Donald Shirley (collectively, the “Consultant”) wherein the prior Distribution Agreement with the Company was terminated and future services to be provided by the Consultant relative to designated hospitals would be provided pursuant to the Consulting Agreement. As consideration for cancellation of the Distribution Agreement dated January 9, 2010, the Company agreed to issue to the Consultant 50,000 shares of the Company’s Common Stock upon execution of the Consulting Agreement and an additional 50,000 shares of the Company’s Common Stock on the date of the first anniversary thereof. CareView agreed to pay the Consultant a monthly consultant fee equal to the greater of (i) $10,000 or (ii) the sum of $250 per month per designated hospital. In addition, the Consultant is eligible to receive a commission on system products and components up-sold and installed at the designated hospitals. For more details, see Note K – DISTRIBUTION AGREEMENT, set forth in the Notes to Condensed Financial Statements contained in Part I, Item 1 of this Report.

Results of Operations

Three months ended March 31, 2012 compared to three months ended March 31, 2011

	Three months ended March 31,
	2012			2011			Change
	(000’s)
Revenue	$	387		$	109		$	278
Operating expenses		3,363			1,380			1,983
Operating loss		(2,976	)		(1,271	)		(1,705	)
Other expense, net		(1,820	)		(77	)		(1,743	)
Net loss		(4,796	)		(1,348	)		(3,448	)
Net loss attributable to noncontrolling interest		(38	)		(28	)		(10	)
Net loss attributable to CareView	$	(4,758	)	$	(1,320	)	$	(3,438	)

Revenue

The increase in revenue of $278,000 for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011, was primarily as a result of the Company’s entry into a Master Agreement with Hospital Management Associates, Inc. (HMA) in March 2011. Billable hospitals increased to 40 for the three months ended March 31, 2012 as compared to 5 for the comparable period for the prior year. Billable units, Room Control Platforms and Nurse Stations, increased to 2,887 (2,732 and 155, respectively) as compared to 695 (655 and 40, respectively) for the same comparable period of the prior year.

Operating Expenses

CareView’s principal operating costs include the following items as a percentage of total operating expense.

	Three Months Ended March 31,
	2012		2011
Human resource costs, including non-cash compensation	39	%	52	%
Professional fees for legal, accounting and consulting	16	%	10	%
Depreciation and amortization expense	16	%	20	%
Product deployment costs	8	%	0	%
Travel and entertainment	7	%	4	%
Other	14	%	14	%

Operating expenses increased by 144% as a result of the following items:

		(000’s)
Increase in human resource costs	$	430
Increase in non-cash compensation related to stock options		157
Increase in professional and consulting		414
Increase in depreciation		276
Increase in installation and deployment costs		263
Increase in travel and entertainment		187
Increase in all other, net		256
	$	1,983

The increase in human resource related costs (including salaries and benefits) was primarily due to the increase of 29 employees as compared to the comparable prior year period. The Company had 50 employees at March 31, 2012, with most of the additions related to customer sales and support.

Non-cash compensation expense increased primarily as a result of the valuation of outstanding employee stock options during the comparable periods.

Professional and consulting fees increased primarily due to:

	●	a $262,000 increase in consulting services consisting of (i) $38,000 related to operational and installation, (ii) $70,000 related to sales and marketing, (iii) $54,000 related to administrative support, and (iv) $100,000 related to a consulting/settlement agreement with the previous CFO;
	●	an audit fee increase of $103,000 related to (i) fees associated with public company filings and (ii) compliance with Sarbanes-Oxley 404; and
	●	a $49,000 increase in legal expense primarily related to the additional funding from HealthCor.

The increase in depreciation expense was directly related to the increase in deployable assets.

Higher installation and deployment costs were primarily associated with the significant increase of distribution activity for the Company’s equipment and the related costs involved with the ongoing support of customer sites as well repair and maintenance of existing on site equipment.

The increase in travel and entertainment expense was a direct result of increased activity associated with sales, installation, and training efforts related to growing our installed base.

Other Expense, net

Other non-operating expense increased by $1,743,000 for the three months ended March 31, 2012 in comparison to the same period in 2011 due to increases in the amortization of debt discount totaling $707,000 and interest expense totaling $1,036,000.

Net Loss Attributable to Noncontrolling Interest

As a result of the factors above and after applying the $38,000 net loss attributed to noncontrolling interests, CareView’s first quarter 2012 net loss of $4,758,000 increased $3,438,000 (260%) over the $1,320,000 net loss for the first quarter of 2011.

Liquidity and Capital Resources

We began the operation of our current business plan in 2003 and have not yet attained a level of revenue to allow us to meet our current overhead. Based on our current marketing plan and expected sales demand, we do not contemplate attaining profitable operations until the fourth quarter of 2012, nor is there any assurance that such an operating level can ever be achieved. We may be dependent upon obtaining additional financing in order to adequately fund working capital, infrastructure, manufacturing expenses and significant marketing/investor related expenditures to gain market recognition, so that we can achieve a level of revenue adequate to support our cost structure, none of which can be assured. Management believes that through the combination of the HealthCor financings in the aggregate of $25 million and the $20 million Revolving Line, it will have sufficient financial resources to fund its operations for the next nine (9) months. For more details related to the HealthCor and Comerica transactions see Agreement with HealthCor and Agreement with Comerica Bank and Bridge Bank National Association, as further described in the Notes to Condensed Consolidated Financial Statements, note N and O respectively.

As of March 31, 2012, CareView’s working capital was $9.7 million with $10.0 million cash on hand, our accumulated deficit was $51.5 million and our stockholders’ equity was $13.5 million. Net cash outlays from operations and capital expenditures were $3.5 million for the three months ended March 31, 2012.

Off-Balance Sheet Arrangements

None.

Critical Accounting Estimates

Please refer to the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2012 for detailed explanations of its critical accounting estimates, which have not changed significantly during the period ended March 31, 2012.

New Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures about Market Risk

On August 31, 2011, the Company entered into and closed a Loan and Security Agreement (the “Agreement” or the “Revolving Line”) with Comerica Bank (“Comerica”) and Bridge Bank, National Association (“Bridge Bank”) (collectively the “Banks”) providing for a two-year, $20 million revolving line of credit. The Revolving Line will provide the Company with capital, inter alia, to purchase equipment and perform installations pursuant to newly signed contracts that the Company may execute in the future with certain healthcare providers. The borrowings under the Agreement will bear interest on the outstanding daily balance of the advances at the rate of 3.75% plus the Prime Referenced Rate, which is a rate equal to Comerica’s prime rate but no less than the sum of 30-day LIBOR rate plus 2.5% per annum. Interest shall be paid monthly in arrears on any outstanding principal amount. Should the prime rate or LIBOR change significantly during the term of this Revolving Line, depending on the direction of the change, this could have a positive or negative impact on the Company’s cash flow.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms and is accumulated and communicated to the Company’s management, as appropriate, in order to allow timely decisions in connection with required disclosure.

Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including Samuel A. Greco, the Company’s Chief Executive Officer (“CEO”) and Anthony P. Piccin, the Company’s Chief Financial Officer (“CFO”) (the Company’s principal financial and accounting officer), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report.

Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2012 to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls

During the three months ended March 31, 2012, there were no changes in our internal control over financial reporting that occurred during the first quarter of 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

CareView Communication’s significant business risks are described in Part 1, Item 1A in our 2011 Form 10-K filed on March 15, 2012, to which reference is made herein. Management does not believe that there have been any significant changes in the Company’s risk factors since the Company filed the 2011 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Agreements with HealthCor

As described hereinabove at Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Overview, Amendment Agreement and New Secured Convertible Notes with HealthCor on April 21, 2011, the Company issued and sold to HealthCor Notes in the aggregate principal amount of $20,000,000 and Warrants to purchase up to an aggregate of 11,782,859 shares of the Company’s Common Stock. On January 31, 2012, the Company and HealthCor entered into a Second Amendment to Note and Warrant Purchase Agreement (“Second Amendment”) amending the Purchase Agreement, and issued New Senior Convertible Notes in the aggregate of $5,000,000. In connection with the sale of the Notes and Warrants to the Investors, the Company relied upon the exemption from registration provided by Regulation D under the Securities Act of 1933, as amended.

Exercise of Warrants

On September 1, 2009, the Company entered into a Consulting Agreement with Develo under which Develo was issued a five-year Warrant to purchase 500,000 underlying shares of the Company’s Common Stock at an exercise price of $0.52 per share. Develo subsequently assigned 100,000 shares under the Warrant to unaffiliated third parties and the assigned Warrants for the 100,000 shares were exercised in December 2011. On January 16, 2012, Develo exercised its right to purchase 100,000 shares under the Warrant. In order to exercise the Warrant pursuant to the cashless provisions thereof, Develo surrendered its right to receive 41,770 shares thereunder and was reissued a Warrant for the remaining 258,230 shares thereunder. On February 6, 2012, Develo exercised the Warrant to purchase the remaining 258,230 available under the Warrant. In order to exercise the Warrant pursuant to the cashless provisions thereof, Develo surrendered its right to receive 80,421 shares thereunder, resulting in an issuance of 177,809 shares.

On January 18, 2012, the Company reissued Warrants that had been assigned to unaffiliated third parties. On January 19, 2012, those third parties exercised their rights to purchase an aggregate of 39,683 shares at an aggregate purchase price of $20,635 or $0.52 per share.

On February 28, 2012, Fountain Fund 2 LP (“Fountain”) exercised its Warrant to purchase 450,000 shares of the Company’s Common Stock at a price of $.052 per share. In order to exercise the Warrant pursuant to the cashless provisions thereof, Fountain surrendered its right to receive 136,523 shares and was issued 313,477 shares.

These above-mentioned shares were issued in reliance upon an exemption from registration under Section 4(2) of the Securities Act.

Issuance of Warrants

On April 2, 2012, the Company issued a Warrant to purchase 50,000 shares of the Company’s Common Stock. The five-year Warrant has an exercise price of $1.52 per share and includes a cashless exercise provision.

On April 29, 2012, in conjunction with the Consulting Agreement entered into with Heartland Energy Partners, LLC, the Company issued a five-year Warrant for the purchase of 1,000,000 shares of the Company’s Common Stock at an exercise price of $1.51 per share. Vesting of the underlying shares will be determined at future dates by the Company’s President and Board of Directors. Should the Agreement be terminated, any shares not yet vested will be canceled.

On May 4, 2012, in conjunction with an Advisory Services Agreement with Stonegate Securities, Inc., the Company issued a five-year Warrant for the purchase of 240,000 shares of the Company’s Common Stock at an exercise price of $1.65 per share. Vesting of the underlying shares will occur at the rate of 20,000 shares on the monthly anniversary date of the Agreement so long as the Agreement has not been terminated. In the event the Agreement is terminated prior to full vesting of the underlying shares, a prorated portion of the shares will vest through the date of termination and the right to purchase the remaining underlying shares shall be canceled.

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

Exhibit No.	Date of Document	Name of Document

2.0	09/27/07	Securities Exchange Agreement by and between Ecogate, Inc., CareView Communications, Inc. and Shareholders of CareView Communications, Inc.(1)
3.0	07/08/97	Articles of Incorporation filed in State of California under Purpose, Inc. (1)
3.1	04/30/99	Certificate of Amendment filed in State of California (to change name to Ecogate, Inc. and to increase authorized shares to 100,000 shares) (1)
3.2	04/03/01	Certificate of Amendment filed in State of California (to (i) increase the capital stock of the Company to 25,000,000 shares at no par value [20,000,000 authorized common shares and 5,000,000 authorized preferred shares], and (ii) to add provisions for indemnification for officers and directors) (1)
3.3	08/05/04	Certificate of Amendment filed in State of California (to amend Articles of Incorporation to increase the capital stock of the Company to 105,000,000 shares at no par value [100,000,000 authorized common shares and 5,000,000 authorized preferred shares]) (1)
3.4	09/20/07	Certificate of Amendment filed in State of California (to amend Articles of Incorporation to increase the capital stock of the Company to 320,000,000 shares at no par value [300,000,000 authorized common shares and 20,000,000 authorized preferred shares]) (1)
3.5	09/25/07	Certificate of Amendment filed in State of California (to amend Articles of Incorporation to designate 1,000,000 shares of Series A Preferred(1)
3.6	09/25/07	Certificate of Amendment filed in State of California (to amend Articles of Incorporation to designate 3,000,000 shares of Series B Preferred Stock) (1)
3.7	10/30/07	Certificate of Amendment filed in State of California (to amend Articles of Incorporation to change name to CareView Communications, Inc.) (1)
3.8	11/06/07	Notice of Conversion filed in State of Nevada (to convert CareView Communications, Inc. from a California corporation to a Nevada corporation) (1)
3.9	11/06/07	Articles of Incorporation for CareView Communications, Inc. filed in State of Nevada(1)
3.10	11/21/07	Domestic Stock Corporation Certificate of Election to Wind Up and Dissolve filed in State of California(1)
3.11	11/21/07	Domestic Stock Corporation Certificate of Dissolution filed in State of California(1)
3.12	n/a	Bylaws of CareView Communications, Inc., a Nevada corporation(1)
10.00	02/28/05	Subscription and Investor Rights Agreement(1)
10.01	n/a	Products and Services Agreement (a/k/a Hospital Agreement), form of(1)
10.02	09/15/06	Promissory Note, form of(1)
10.03	08/16/07	Purchase Agreement between the CareView-TX and Cole Investment Hospital Group, LLC (for IP purchase) (1)
10.07	10/17/07	Subordinated Convertible Note, form of(1)
10.08	10/29/07	Assignment and Assumption Agreement and Consent(1)
10.09	12/03/07	CareView Communications, Inc. 2007 Stock Incentive Plan(1)
10.10	12/03/07	Non-Qualified Stock Option, form of(1)
10.11	12/13/07	Audit Committee Charter(1)
10.12	12/13/07	Compensation Committee Charter(1)
10.14	02/13/08	Advisory Board Charter(1)
10.15	05/20/08	Investment Banking Services Agreement with Peak Securities Corporation(1)
10.16	n/a	Stock Purchase Agreement, form of(1)
10.17	10/01/08	Agreement with Develo Financial Group, LLC(1)
10.25	10/02/08	6% Promissory Note, form of(1)
10.26	10/02/08	Common Stock Purchase Warrant, form of(1)
10.27	10/06/08	Investment Banking Services Agreement with William Blair & Company(1)
10.29	04/28/09	Promissory Note to David Webb for $83,333(1)
10.30	04/28/09	Promissory Note to Allen Wheeler for $83,333(1)
10.31	05/01/09	Agreement with Develo Financial Group, LLC(1)
10.32	05/29/09	Promissory Note to S. J. Capital, LLC for $1,500(1)
10.33	05/29/09	Amendment Agreement with Noteholders of 6% Promissory Notes(1)

10.34	06/01/09	Webb & Webb Retainer Agreement(1)
10.35	06/03/09	Promissory Note to David Webb for $30,000(1)
10.36	06/03/09	Promissory Note to Steve Johnson for $20,000(1)
10.37	06/16/09	Promissory Note to Recap Group, LLC for $20,000(1)
10.38	07/18/09	Cooperative Agreement with Mann Equity, LLC(1)
10.39	08/25/09	Amendment Agreement with Noteholder of 6% Promissory Note(1)
10.40	09/01/09	Consulting Agreement with Develo Financial Group, LLC(1)
10.41	09/09/09	Investment Banking Agreement with National Securities Corporation(1)
10.42	09/11/09	CareView Communications, Inc. 2009 Stock Incentive Plan(1)
10.43	10/01/09	Commercial Lease Agreement (for Lewisville location) (1)
10.44	11/16/09	Rockwell JV – Master Investment Agreement(1)
10.45	11/16/09	Rockwell JV – Project Hospital Contract Assignment, form of(1)
10.46	11/16/09	Rockwell JV – Project Escrow Deposit Agreement, form of(1)
10.47	11/16/09	Rockwell JV – Limited License of Intellectual Property Rights,, form of(1)
10.48	11/16/09	Rockwell JV – Project Note, form of (1)
10.49	11/16/09	Rockwell JV – Amended and Restated Project Note, form of(1)
10.50	11/16/09	Rockwell JV – Project LLC Operating Agreement, form of(1)
10.51	11/16/09	Rockwell JV – Project Security Agreement, form of(1)
10.52	11/16/09	Rockwell JV – Project Services Subcontract Agreement, form of(1)
10.53	11/16/09	Rockwell JV – Project Warrant, form of(1)
10.54	01/14/10	Extension Agreement with Noteholders of Bridge Loans(1)
10.55	01/29/10	Master Lease between the Company and Fountain Fund 2 LP(1)
10.56	01/09/10	Distribution Agreement between the Company and Foundation Medical(1)
10.57	04/13/10	Letter of Intent between the Company and AFH Holding and Advisory, LLC, Discovery Medical Investments, LLC and Mann Equity, LLC(1)
10.58	04/15/10	Addendum to Cooperative Agreement with Mann Equity, LLC(1)
10.59	05/26/10	Letter of Intent between the Company and Weigao Holding(1)
10.60	07/29/10	Amendment Agreement between the Company and AFH Holding and Advisory, LLC, Discovery Medical Investments, LLC and Mann Equity, LLC(1)
10.61	06/21/10	Indemnification Agreement, form of(1)
10.62	06/29/10	First Amendment to Commercial Lease Agreement(1)
10.63	08/17/10	Letter of Waiver from Tommy G. Thompson(1)
10.64	09/20/10	Revocation and Substitution Agreement(1)
10.65	09/20/10	Agreement Regarding Gross Income Interests with Tommy G. Thompson(1)
10.66	09/20/10	Agreement Regarding Gross Income Interests with Gerald L. Murphy(1)
10.67	09/20/10	Agreement Regarding Gross Income Interests with Dennis M. Langley(1)
10.68	11/01/10	Promissory Note with Plato & Associates, LLC(2)
10.69	12/17/10	Consulting Agreement with Gregory Mastroieni(3)
10.70	12/17/10	Common Stock Purchase Warrant to Gregory Mastroieni(3)
10.72	04/21/11	Note and Warrant Purchase Agreement between the Company and HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP(4)
10.73	04/21/11	Senior Secured Convertible Note of the Company payable to HealthCor Partners Fund, LP(4)
10.74	04/21/11	Senior Secured Convertible Note of the Company payable to HealthCor Hybrid Offshore Master Fund, LP(4)
10.75	04/21/11	Warrant to Purchase 5,488,456 shares of the Company issued to HealthCor Partners Fund, LP(4)
10.76	04/21/11	Warrant to Purchase 6,293,403 shares of the Company issued to HealthCor Hybrid Offshore Master Fund, LP(4)
10.77	04/21/11	Registration Rights Agreements between the Company and HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP(4)
10.78	04/21/11	Pledge and Security Agreement between the Company and HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP(4)
10.79	04/21/11	Intellectual Property Security Agreement between the Company and HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP(4)
10.81	04/21/11	Consulting Agreement with Nick Segal(5)
10.82	05/31/11	Consulting Agreement with Dennis McGonigal(5)

10.83	8/31/11	Loan and Security Agreement between Comerica Bank and Bridge Bank and CareView Communications, Inc., a Nevada corporation, CareView Communications, Inc., a Texas corporation, and CareView Operations, LLC, a Texas limited liability company(6)
10.84	8/31/11	Prime Referenced Rated Addendum between the Company and Comerica Bank as Collateral Agent for the Banks(6)
10.85	8/31/11	Subordination Agreement between Comerica Bank and HealthCor Partners Fund, L.P. and HealthCor Hybrid Offshore Master Fund, L.P. (6)
10.86	8/31/11	Intellectual Property Security Agreement, form of(6)
10.87	8/31/11	Warrant issued to Comerica Bank to purchase 714,286 shares of the Company’s Common Stock(6)
10.88	8/31/11	Warrant issued to Bridge Bank to purchase 714,286 shares of Company’s Common Stock(6)
10.89	11/07/11	Separation Agreement and General Release between the Company and John R. Bailey(7)
10.90	12/31/11	Note and Warrant Amendment Agreement with HealthCor(8)
10.91	01/09/12	Binding Term Sheet with HealthCor(9)
10.92	12/31/11	Note and Warrant Amendment Agreement(2)
10.93	01/09/12	Binding Term Sheet(3)
10.94	01/31/12	Second Amendment to Note and Warrant Purchase Agreement(10)
10.95	01/31/12	Senior Secured Convertible Note of the Company payable to HealthCor Partners Fund, LP(10)
10.96	01/31/12	Senior Secured Convertible Note of the Company payable to HealthCor Hybrid Offshore Master Fund, LP(10)
10.97	01/31/12	First Amendment to Loan and Security Agreement among the Company, certain of its subsidiaries, Comerica Bank and Bridge Bank, National Association(10)
10.98	01/31/12	Amendment to and Affirmation of Subordination Agreement(10)
10.99	03/01/12	Sales Consulting Agreement with among the Company, Don Shirley and Foundation Medical, LLC(11)
10.100	n/a	Insider Trading Policy, form of(11)
10.101	n/a	Whistleblower Policy(11)
10.102	n/a	Related Party Transactions Policy(11)
10.103	04/29/12	Consulting Agreement between the Company and Heartland Energy Partners, LLC*
10.104	05/04/12	Advisory Services Agreement between the Company and Stonegate Securities, Inc.*
14.00	n/a	2011 Code of Business Conduct and Ethics, form of(1)
14.01	n/a	2011 Code of Business Ethics for Financial Executives, form of(1)
21.00	03/15/12	Subsidiaries of the Registrant(11)
31.1	05/09/12	Certification of Chief Executive Officer of Periodic Report pursuant to Rule 13a-14a and Rule 14d-14(a).*
31.2	05/09/12	Certification of Chief Financial Officer of Periodic Report pursuant to Rule 13a-14a and Rule 15d-14(a).*
32.1	05/09/12	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.*
32.2	05/09/12	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.*
101.INS	n/a	XBRL Instance Document*
101.SCH	n/a	XBRL Taxonomy Extension Schema Document*
101.CAL	n/a	XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	n/a	XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	n/a	XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	n/a	XBRL Taxonomy Extension Presentation Linkbase Document*

___________________

(1)	Filed as an exhibit to the Company’s Form 10 filed with the SEC on August 23, 2010.
(2)	Filed as an exhibit to the Company’s quarterly report on Form 10-Q filed with the SEC on November 7, 2010, which exhibits may have had a different exhibit number when originally filed.
(3)	Filed as an exhibit to the Company’s annual report on Form 10-K filed with the SEC on April 15, 2011.
(4)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2011.
(5)	Filed as an exhibit to the Company’s quarterly report on Form 10-Q filed with the SEC on August 22, 2011, which exhibits may have had a different exhibit number when originally filed.
(6)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on September 7, 2011, which exhibits may have had a different exhibit number when originally filed.

(7)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on November 10, 2011, which exhibits may have had a different exhibit number when originally filed.
(8)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on January 5, 2012, which exhibits may have had a different exhibit number when originally filed.
(9)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on January 9, 2012, which exhibits may have had a different exhibit number when originally filed.
(10)	Filed as an exhibit to the Company’s Current Report on Form 8-K filed with the SEC on February 2, 2012, which exhibits may have had a different exhibit number when originally filed.
(11)	Filed as an exhibit to the Company’s Current Report on Form 10-K filed with the SEC on March 15, 2012.
*	Filed herewith.

SIGNATURES

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

DATE: May 9, 2012

	CAREVIEW COMMUNICATIONS, INC.

	By:	/s/ Samuel A. Greco
		Samuel A. Greco
		Chief Executive Officer

	By:	/s/ Anthony P. Piccin
		Anthony P. Piccin
		Chief Financial Officer

EX-10.103 2 ex10_103.htm CONSULTING AGREEMENT BETWEEN THE COMPANY AND HEARTLAND ENERGY PARTNERS, LLC ex10_103.htm

CareView Communications, Inc. 10-Q

EXHIBIT 10.103

CONSULTING AGREEMENT

AGREEMENT by and between CareView Communications, Inc. (the “Company”) having its principal place of business at 405 State Highway 121 Bypass, Suite B240, Lewisville, Texas 75067 and Heartland Energy Partners, LLC, (the “Consultant”) having its principal place of business at 4601 N. Fairfax, Suite 110, Arlington, VA 22203. The Agreement will become effective upon the date of the signing of this Agreement by both parties (the “Effective Date”).

WHEREAS, the Company desires to retain the Consultant for consulting services in connection with the Company’s business affairs on a non-exclusive basis, and the Consultant is willing to undertake to provide such services as hereinafter fully set forth:

WITNESSETH

NOW THEREFORE, the parties agree as follows:

	1.	Term: Twelve (12) months from the date that the Company is approved by the United State General Services Administration (“GSA”), however this Agreement may be cancelled by either party with 30 days written notice (the “Termination Date”).

	2.	Nature of Services: The Company hereby engages the Consultant to render the services hereinafter described during the term hereof (it being understood and agreed that the Consultant is free to tender the same or similar services to any other entity selected by it that does not compete with the business of the Company):

		Former VA Deputy Secretary Gordon Mansfield and Mr. John English will develop, coordinate, manage and execute a comprehensive strategy for the development of a working relationship with the Company and members of its VA team. Consultant will devise a strategy on several initiatives listed below within the Department of Veterans Affairs (VA), including the following:

	●	Raise CareView Profile at the VA
		This engagement will include the services of both John English and former VA Deputy Secretary Gordon Mansfield. Secretary Mansfield will provide the Company with the higher profile and credibility needed amongst VA/VHA leaders. Obvious efforts will be made within VHA amongst VISN leadership, Patient Care Services, Office of Disability and Medical Assessment, Office of Deputy Undersecretary for Health of Policy and Services, and the VHA Undersecretary’s office. It is important to garner additional exposure within program offices and mid-level management who are both stationed in the field and at central office in Washington.

	●	Expand on Current VA Footprint
		Secretary Mansfield and Mr. English will work with the Company to develop a strategy based on the existing VA footprint in Arkansas to not only raise the profile, but to also raise awareness within VA of the value that the Company will bring in the area of patient safety with the minimization of falls. In addition to meetings, additional awareness should be made through the development of white papers, which will be distributed amongst VA management highlighting the Company offerings. The Veteran Service Organizations should also be an important component of the efforts to raise awareness regarding the Company’s ability to increase patient safety within the individual medical center.

	●	Meetings
		Secretary Mansfield and Mr. English will utilize their contacts within the VA stakeholder community to garner the audience and exposure needed to accomplish the goals set out by the Company. It is important to note, that Mr. Mansfield and Mr. English do not view their role as strictly door openers to schedule an abundant amount of meetings. Rather, they should be viewed as a collaborative partner with the Company to assist with formulating a comprehensive strategy and the execution of that strategy with the purpose of reaching goals and objectives. The introduction of the Company to these senior leaders with subsequent follow-up meetings will be a top priority. We recommend the following initial meetings:

	o	Targeted VISN Directors
	o	Undersecretary of VHA
	o	Deputy Undersecretary of VHA for Health of Policy and Services
	o	Office of Disability and Medical Assessment
	o	Patient Care Services
	o	Hospital Executive Leadership

3.	Responsibilities of the Company: The Company shall provide the Consultant with all public, non-private financial and business information about the Company as reasonably requested by the Consultant in a timely manner. In addition, executive officers, management and directors of the Company shall make themselves available for personal consultations either with the Consultant and/or third party designees, subject to reasonable prior notice, pursuant to the request of the Consultant.

4.	Compensation: For corporate finance, business development, strategic planning, investor relations, and other consulting work, the Company agrees to pay and/or issue to the Consultant the following:

	(a)	Cash Fee – A monthly cash fee of US$10,000, the first payment of which is due within ten (10) business days after receiving GSA approval, with subsequent monthly payments due thereafter for the duration of the Agreement unless terminated.

	(b)	Warrants – A one-time issuance of five-year warrants to purchase 1,000,000 shares of the Company’s common stock at an exercise price equal to the ten (10) day average closing price ending on the day before the Effective Date; provided however in no event shall the exercise price be lower than $1.50 per share. The warrants will vest on the following schedule: Commencing on or near the date of the GSA approval, every ninety (90) days thereafter the Company and the Consultant shall meet to discuss the effectiveness of Consultant’s services. Said performance will then be evaluated and the vesting of warrants shall be determined at the sole discretion of Steve Johnson and the Board of Directors. Should the Agreement be terminated, any warrants not yet vested will be cancelled.

5.	Expenses: The Company shall reimburse the Consultant for actual out-of pocket expenses incurred by the Consultant in connection with the performance by the Consultant of its duties hereunder. The Consultant shall not incur any expenses over $500.00 without obtaining prior written approval from the Company.

6.	Complete Agreement: This Agreement contains the entire Agreement between the parties with respect to the contents hereof supersedes all prior agreements and understandings between the parties with the respect to such matters, whether written or oral. Neither this Agreement, nor any term or provisions hereof may be changed, waived, discharged or amended in any manner other than by any instrument in writing, signed by the party against which the enforcement of the change, waiver, discharge or amendment is sought.

	7.	Counterparts: This Agreement may be executed in two or more counterparts, each of which shall be an original but all of which shall constitute one Agreement.

	8.	Disclosure: Any financial advice rendered by the Consultant pursuant to this Agreement may not be disclosed publicly in any manner without the prior written approval of the Consultant, unless required by law or statute or any court, governmental or regulatory agency. All non-public information given to the Consultant by the Company will be treated by the Consultant as confidential information and the Consultant agrees not to make use of such information other than in connection with its performance of this Agreement, provided however that any such information may be disclosed if required by any court or governmental or regulatory authority, board or agency. “Non-public information” shall not include any information which (i) is or becomes generally available to the public other than as a result of a disclosure by the Consultant; (ii) was available to the Consultant prior to its disclosure to the Consultant by the Company, provided that such information is not known by the Consultant to be subject to another confidentiality agreement with another party; or (iii) becomes available to the Consultant on a non-confidentiality basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company.

	9.	Notice: Any or all notices, designations, consents, offers, acceptance or other communication provided for herein shall be given in writing and delivered in person or by registered or certified mail, return receipt requested, directed to the address shown below unless notice of a change of address is furnished:

If to the Consultant:

Heartland Energy Partners, LLC

4601 N. Fairfax, Suite 110

Arlington, VA 22203

Attention: John English

If to the Company:

CareView Communications, Inc.

405 State Highway, Suite B240

Lewisville, Texas 75067

Attention: Steve Johnson

10.	Severability: If any provision of this Agreement is held invalid, illegal or unenforceable,

	(a)	the validity, legality and enforceability of the remaining provisions of this Agreement are not affected or impaired in any way; and

	(b)	the parties shall negotiate in good faith in an attempt to agree to another provision (instead of the provision held to be invalid, illegal or unenforceable) that is valid, legal and enforceable and carries out the parties’ intentions to the greatest lawful extent under this Agreement.

11.	Assignments and Delegations:

	(a)	No Assignments By Consultant. The Consultant may not assign any of its rights or delegate any performance under this Agreement except with the prior written consent of the Company. The Company may withhold consent for any or no reason in its sole and absolute discretion. All assignments of rights are prohibited under this subsection, whether they are voluntary or involuntary, by merger, consolidation, dissolution, operation of law, or any other manner.

	(b)	No Delegations By Consultant. The Consultant may not delegate any performance under this Agreement.

	(c)	Ramifications of Purported Assignment or Delegation. Any purported assignment of rights or delegation of performance in violation of this Section is void.

12.	Choice of Law: The laws of the State of Texas govern all matters arising out of or relating to this Agreement, including, without limitation, its interpretation, construction, performance, and enforcement.

13.	Designation of Forum: Any party bringing a legal action or proceeding against any other party arising out of or relating to this Agreement may bring the legal action or proceeding in the United States District Court for the North District of Texas or in any court of the State of Texas sitting in Denton County.

14.	Waiver of Right to Contest Jurisdiction: Each party waives, to the fullest extent permitted by law,

	(a)	any objection which it may now or later have to the laying of venue of any legal action or proceeding arising out of or relating to this Agreement brought in any court of the State of Texas sitting in Denton County, or the United States District Court for the North District of Texas; and

	(b)	any claim that any action or proceeding brought in any such court has been brought in an inconvenient forum.

15.	Submission to Jurisdiction: Each party to this Agreement submits to the nonexclusive jurisdiction of

	(a)	the United States District Court for the North District of Texas and its appellate courts, and

	(b)	any court of the State of Texas sitting in Denton County and its appellate courts, for the purposes of all legal actions and proceedings arising out of or relating to this Agreement.

16.	Complete Agreement: This Agreement constitutes the final agreement between the parties. It is the complete and exclusive expression of the parties’ agreement on the matters contained in this Agreement. All prior and contemporaneous negotiations and agreements between the parties on the matters contained in this Agreement are expressly merged into and superseded by this Agreement. The provisions of this Agreement may not be explained, supplemented, or qualified through evidence of trade usage or a prior course of dealings. In entering into this Agreement, neither party has relied upon any statement, representation, warranty, or agreement of the other party except for those expressly contained in this Agreement. There are no conditions precedent to the effectiveness of this Agreement other than those expressly stated in this Agreement.

17.	Amendments: The parties may amend this Agreement only by a written agreement of the parties that identifies itself as an amendment to this Agreement.

18.	Miscellaneous:

	(a)	All final decisions with the respect to consultation, advice and services rendered by the Consultant to the Company shall rest exclusively with the Company, and the Consultant shall not have any right or authority to bind the Company to any obligation or commitment.

	(b)	The Consultant shall render the services pursuant to this agreement in compliance with the rules and policies of the NASDAQ, or such other stock exchange as the Company’s shares may be listed on from time to time.

Agreed and accepted on April 29, 2012 by and between:

CareView Communications, Inc.		Heartland Energy Partners, LLC

/s/Steven Johnson		/s/John English
Steve Johnson, President		John English, Managing Member

EX-10.104 3 ex10-104.htm ADVISORY SERVICES AGREEMENT BETWEEN THE COMPANY AND STONEGATE SECURITIES, INC ex10-104.htm

CareView Communications, Inc. 10-Q

EXHIBIT 10.104

ADVISORY SERVICES AGREEMENT

This Advisory Services Agreement (“Agreement”) serves to confirm and outline the terms under which Careview Communications, Inc. (the “Company” or “CareView”) has retained Stonegate Securities, Inc., a Texas corporation (“Stonegate”) on a non-exclusive basis to provide the services outlined below, upon the terms and conditions also outlined below.

1. Term: Twelve (12) months from the date the Agreement is signed by the Company and Stonegate. However this Agreement may be cancelled by either party with 30 days written notice pursuant to Paragraph 5.

2. Duties of Stonegate: During the period that this Agreement shall remain in effect, Stonegate will provide the following services to the Company:

	●	Initiate Research at a date as mutually agreed by the parties in writing (consisting of an initial report and quarterly updates) providing the Company approves the release of the report.

	●	Distribute research to the following entities: First Call, Multex/Reuters, Bloomberg, Capital IQ, and Zacks

	●	Stonegate will also distribute its research to certain institutional investors whose primary focus in on the micro-cap market

	●	Ongoing investor relations consultation and representation

	●	Provide targeted institutional investor list to Company

	●	Coordination of targeted institutional investor meetings and road shows

	●	Periodic Stonegate coordinated meetings and conference calls with investors and analysts

	●	Detailed follow-up on all institutional investor meetings

	●	Quarterly reports to management on program activity

3. Upon execution of this Agreement the Company shall pay to Stonegate the amount of Five Thousand Dollars ($5,000.00) as an up front, initial, earned retainer for the first month of this Agreement. Each month thereafter, if this Agreement has not been terminated, the Company will pay to Stonegate the sum of Five Thousand Dollars ($5,000.00) per month, in advance, and as invoiced by Stonegate for Stonegate’s services. Company also shall reimburse Stonegate for all travel related expenses; however, any expense in excess of $2,000.00 shall be approved by Company in advance.

4. Upon execution of this Agreement, the Company agrees to grant to Stonegate a Warrant (the “Warrant”) entitling the holder(s) thereof to purchase Two Hundred Forty Thousand (240,000) shares of common stock in the Company for a period of five (5) years at an exercise price of $1.65. Provided, however, the shares granted in the Warrant shall vest as follows: 20,000 shares shall vest on the one month anniversary date of this Agreement; thereafter, 20,000 shares shall vest on each of the successive monthly anniversary dates of this Agreement through and including the twelve month anniversary date. The vesting of the shares subject to the Warrant shall be contingent upon this Agreement not having been previously terminated by either party in accordance with its terms. In the event that this Agreement is terminated prior to the twelve month anniversary hereof, a prorated portion of the shares that would have vested in any partial month shall fully vest. The Warrant shall be in a form as mutually agreed by the parties. Under any circumstance, the Warrant must provide for cashless exercise, transferability, and adjustments to warrant price and number of shares subject to warrant. Should the Agreement be terminated, any warrants not yet vested will be cancelled.

Stonegate, LLC Consulting Agreement

5. Termination: This Agreement may be cancelled and terminated by either party upon thirty (30) days written notice to the other party at any time, provided that Company may so cancel only if all monies owed under paragraph 3 of this Agreement have been paid by the Company.

6. Indemnity: Company shall indemnify and hold Stonegate harmless at all times after the date of this Agreement against

(a) any liability, loss, damages (including punitive damages), claim, settlement payment, cost and expense, interest, award, judgment, diminution in value, fine, fee, and penalty, or other charge, other than any Litigation Expenses (as defined in subsection (b)), directly or indirectly arising out of or relating to information that Company provided to Stonegate and upon which Stonegate reasonably relied on in the course of discharging its duties under the Agreement; and

(b) any court filing fee, court cost, arbitration fee or cost, witness fee, and each other fee and cost of investigating and defending or asserting any claim for indemnification under this Agreement, including, without limitation, in each case, attorneys’ fees, other professionals’ fees, and disbursements (collectively, “Litigation Expenses”).

(c) the foregoing shall be in addition to any rights that Stonegate may have at common law or otherwise and shall extend upon the same terms to and inure to the benefit of any director, officer, employee, agent or controlling person of Stonegate.

7. Choice of Law/Conflict of Laws: This Agreement shall be construed in accordance with and governed by the laws of the State of Texas, without giving effect to any conflict of laws provision thereof. Venue of any lawsuit involving this Agreement or the performance thereof shall be in the appropriate court in Denton County, Texas. In the event of any legal proceeding between the parties to enforce or defend the terms and rights set forth in this Agreement, the prevailing party or parties shall be paid all reasonable costs of such legal proceeding, including but not limited to, attorneys’ fees by the other party or parties.

8. Notice: Any or all notices, designations, consents, offers, acceptance or other communication provided for herein shall be given in writing and delivered in person or by registered or certified mail, return receipt requested, directed to the address shown below unless notice of a change of address is furnished:

Stonegate, LLC Consulting Agreement

If to Stonegate:

Stonegate Securities, Inc.

5950 Sherry Lane, 4th Floor

Dallas, Texas 75225

Attention: Scott Griffith

If to the Company:

CareView Communications, Inc.

405 State Highway, Suite B240

Lewisville, Texas 75067

Attention: Steve Johnson

9. Confidentiality: Stonegate shall hold all Confidential Information (as defined below) in strict confidence and not disclose any Confidential Information except as expressly provided herein and shall not use any Confidential Information for its own benefit or otherwise against the best interests of CareView or any of its affiliates during the term of this Agreement or thereafter. If Stonegate shall be required by subpoena or similar government order or other legal process (“Legal Process”) to disclose any Confidential Information, then Stonegate shall provide CareView with prompt written notice of such requirement and cooperate if requested with CareView in efforts to resist disclosure or to obtain a protective order or similar remedy. Subject to the foregoing if Confidential Information is required by Legal Process to be disclosed, then Stonegate may disclose such Confidential Information but shall not disclose any Confidential Information for a reasonable period of time, unless compelled under imminent threat of penalty, sanction, contempt citation or other violation of law, in order to allow CareView time to resist disclosure or to obtain a protective order or similar remedy. If Stonegate discloses any Confidential Information, then Stonegate shall disclose only that portion of the Confidential Information which, in the opinion of Stonegate’s counsel, is required by such Legal Process to be disclosed. Upon termination of this Agreement, Stonegate shall return to CareView all Confidential Information in tangible form (including but not limited to electronic files) in its possession.

As used herein, “Confidential Information” shall mean any information regarding CareView and/or its affiliates (whether written, oral or otherwise), received or obtained before, on or after the date hereof, product design, specification or other technical information, manufacturing or other process information, financial information, customer information, general business information, or market information, whether or not marked or designated as “Confidential”, “Proprietary” or the like, in any form, including electronic or optical data storage and retrieval mechanisms, and including all forms of communication, including but not limited to physical demonstrations, in-person conversations and telephone conversations, e-mail and other means of information transfer such as facility tours, regardless of whether any such information is protected by applicable trade secret or similar laws, and including any work product of Stonegate. The term “Confidential Information” shall not include information which: (i) is or becomes generally available to the public other than as a result of the disclosure by Stonegate or another person bound by a confidentiality agreement with, or other legal or fiduciary or other obligation of secrecy or confidentiality to, the CareView or another party with respect to such information; or (ii) becomes available to Stonegate from a source other than the CareView or any of its directors, officers, employees, agents, affiliates, representatives or advisors, provided that such source is not bound by a confidentiality agreement with, or other legal or fiduciary or other obligation of secrecy or confidentiality to, CareView or another party with respect to such information.

Stonegate, LLC Consulting Agreement

10. Assignments and Delegations:

	(a)	No Assignments By Stonegate. Stonegate may not assign any of its rights or delegate any performance under this Agreement except with the prior written consent of the Company. The Company may withhold consent for any or no reason in its sole and absolute discretion. All assignments of rights are prohibited under this subsection, whether they are voluntary or involuntary, by merger, consolidation, dissolution, operation of law, or any other manner.

	(b)	No Delegations By Stonegate. Stonegate may not delegate any performance under this Agreement.

	(c)	Ramifications of Purported Assignment or Delegation. Any purported assignment of rights or delegation of performance in violation of this Section is void.

Any assignment or delegation of any rights or duties pursuant to this Agreement by Company is subject to the prior, written approval of Stonegate which shall not be unreasonably withheld.

11. Complete Agreement: This Agreement constitutes the final agreement between the parties. It is the complete and exclusive expression of the parties’ agreement on the matters contained in this Agreement. All prior and contemporaneous negotiations and agreements between the parties on the matters contained in this Agreement are expressly merged into and superseded by this Agreement. The provisions of this Agreement may not be explained, supplemented, or qualified through evidence of trade usage or a prior course of dealings. In entering into this Agreement, neither party has relied upon any statement, representation, warranty, or agreement of the other party except for those expressly contained in this Agreement. There are no conditions precedent to the effectiveness of this Agreement other than those expressly stated in this Agreement.

12. Amendments: The parties may amend this Agreement only by a writing executed by each party to this Agreement that identifies itself as an amendment to this Agreement.

13. The provisions of paragraphs 6 through 12 shall survive the termination or expiration of this Agreement.

Stonegate, LLC Consulting Agreement

IN WITNESS WHEREOF, this Agreement has been executed as of the effective date indicated below by duly authorized representatives of the Company and Stonegate.

	CAREVIEW COMMUNICATIONS, INC.

	/s/ Steven Johnson
	By:	Steven Johnson
	Title:	President
	Dated:	May 4, 2012

	STONEGATE SECURITIES, INC.

	/s/ Scott Griffith
	By:	Scott Griffith
	Title:	President
	Dated:	May 4, 2012

Stonegate, LLC Consulting Agreement

EX-31.1 4 ex-31_1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF PERIODIC REPORT PURSUANT TO RULE 13A-14A AND RULE 14D-14(A) ex-31_1.htm

CareView Communications, Inc. 10-Q

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Samuel A. Greco, certify that:

(1)	I have reviewed this quarterly report on Form 10-Q of CareView Communications, Inc.;

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

(3)	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;

(4)	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

(5)	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 functions):

	(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.

May 9, 2012	/s/ Samuel A. Greco
	Samuel A. Greco
	Chief Executive Officer

EX-31.2 5 ex-31_2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER OF PERIODIC REPORT PURSUANT TO RULE 13A-14A AND RULE 15D-14(A). ex-31_2.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Anthony P. Piccin, certify that:

(1)	I have reviewed this quarterly report on Form 10-Q of CareView Communications, Inc.;

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

(3)	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;

(4)	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

(5)	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 functions):

	(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.

May 9, 2012		/s/ Anthony P. Piccin
		Anthony P. Piccin
		Chief Financial Officer

EX-32.1 6 ex-32_1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 ex-32_1.htm

CareView Communications, Inc. 10-Q

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of CareView Communications, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2012, as filed with the Securities and Exchange Commission (the “Report”), I, Samuel A. Greco, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Samuel A. Greco
Samuel A. Greco
Chief Executive Officer
May 9, 2012

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 7 ex-32_2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 ex-32_2.htm

CareView Communications, Inc. 10-Q

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of CareView Communications, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2012, as filed with the Securities and Exchange Commission (the “Report”), I, Anthony P. Piccin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Anthony P. Piccin
Anthony P. Piccin
Chief Financial Officer
May 9, 2012

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">NOTE G – INCOME TAXES</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company does not expect to pay any significant federal or state income tax for 2012 as a result of the losses recorded during the three months ended March 31, 2012 as well as additional losses expected for the remainder of 2012 as well as from generating net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of March 31, 2012, the Company maintains a full valuation allowance for all deferred tax assets. Based on these requirements, no provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period.</div></div>

<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">NOTE C – OTHER CURRENT ASSETS</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">Other current assets consist of the following:</div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 70%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2012</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">December 31, 2011</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Prepaid expenses</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">214,415</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">99,651</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Legal retainer</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">61,969</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">62,402</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Other receivables</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">5,737</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">2,210</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Other receivables-related party</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">188,823</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Note receivable-employee</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">6,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 60%; text-align: left; padding-bottom: 4px; text-indent: 0pt; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt"> <div style="text-align: left; text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt">TOTAL OTHER CURRENT ASSETS</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">282,121</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">359,086</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td></tr></table></div></div>

<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">NOTE E – OTHER ASSETS</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">Intangible assets consist of the following:</div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="10" style="vertical-align: bottom; width: 45%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2012</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Cost</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Accumulated Amortization</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Net</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Patents and trademarks</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">120,422</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">4,818</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">115,604</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Software development costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">2,002,933</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,702,498</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">300,435</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Other intellectual property</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">750,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">637,500</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">112,500</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%; text-align: right; padding-bottom: 4px"> <div style="text-align: right; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"> TOTAL INTANGIBLE ASSETS</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">2,873,355</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">2,344,816</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">528,539</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="10" style="vertical-align: bottom; width: 45%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">December 31, 2011</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Cost</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Accumulated Amortization</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Net</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Patents and trademarks</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">120,422</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">3,076</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">117,346</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Software development costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">2,002,933</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,602,352</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">400,581</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Other intellectual property</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">750,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">600,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">150,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%; text-align: right; padding-bottom: 4px"> <div style="text-align: right; text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt"> TOTAL INTANGIBLE ASSETS</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">2,873,355</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">2,205,428</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">667,927</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">Other assets consist of the following:</div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="10" style="vertical-align: bottom; width: 45%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2012</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Cost</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Accumulated Amortization</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Net</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred debt issuance costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,535,714</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">351,023</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,184,691</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred installation costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,167,933</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">61,055</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,106,878</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Prepaid consulting</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,071,562</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">694,255</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">377,307</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred closing costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">434,157</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">43,310</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">390,847</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Prepaid license fee</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">233,606</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">9,562</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">224,044</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Security deposit</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">83,624</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">83,624</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred distribution/service costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">166,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">124,499</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">41,501</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: right; vertical-align: bottom; width: 52%; padding-bottom: 4px"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right">TOTAL OTHER ASSETS</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">4,692,596</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">1,283,704</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">3,408,892</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="10" style="vertical-align: bottom; width: 45%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">December 31,2011</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Cost</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Accumulated Amortization</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 13%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Net</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred debt issuance costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,535,714</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">219,390</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,316,324</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred installation costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">833,985</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">24,041</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">809,944</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Prepaid consulting</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">1,071,562</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">547,639</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">523,923</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred closing costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">430,747</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">430,747</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Prepaid license fee</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">233,606</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">5,464</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">228,142</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 52%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Security deposit</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">83,624</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right">83,624</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 52%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: justify">Deferred distribution/service costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">166,000</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">110,666</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 2px solid; text-align: right">55,334</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: right; vertical-align: bottom; width: 52%; padding-bottom: 4px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: right">TOTAL OTHER ASSETS</div> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">4,355,238</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">907,200</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 2%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 12%; border-bottom: black 4px double; text-align: right">3,448,038</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td></tr></table></div></div>

<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">NOTE P - SUBSEQUENT EVENTS</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">Consulting Agreement with Heartland Energy Partners, LLC</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">On April 29, 2012 (the “Effective Date”), the Company entered into a Consulting Agreement (“Agreement”) with Heartland Energy Partners, LLC (“Heartland”) under which Heartland will develop and execute a comprehensive strategy to create Company awareness and credibility with the Department of Veteran Affairs. The Agreement expires twelve (12) months from the date that the Company is approved by the U.S. General Services Administration (“GSA”); however, the Agreement may be canceled by either party with thirty (30) days written notice. Compensation for Heartland includes a monthly fee of $10,000, the first payment of which is due within ten (10) business days after receiving GSA approval, with subsequent monthly payments due for following eleven months unless the Agreement is earlier terminated by the parties. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant (“Warrant”) for the purchase of 1,000,000 shares of the Company’s Common Stock at an exercise price equal to the ten (10) day average closing price ending on the day before the Effective Date (or $1.51 per share). Commencing on or near the date of the GSA approval, and every ninety (90) days thereafter, the Company and English shall meet to evaluate the performance of English after which the vesting of the shares underlying the Warrant shall be determined in the sole discretion of Steve Johnson, the Company’s President, and the Company’s Board of Directors. Should the Agreement be terminated, any shares not yet vested under the Warrant will be canceled.</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">Advisory Services Agreement with Stonegate Securities, Inc.</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">On May 4, 2012, the Company entered into an Advisory Services Agreement with Stonegate Securities, Inc. (“Stonegate”) under which Stonegate will provide services related to micro-cap market research and investor relations. The Agreement is for a term of twelve months and may be terminated by either party upon thirty (30) days written notice. Compensation for Stonegate includes a retainer of $5,000 per month payable in advance. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant for the purchase of 240,000 shares of the Company’s Common Stock at an exercise price of $1.65 per share. Vesting of the underlying shares will occur at the rate of 20,000 shares on the monthly anniversary date of the Agreement so long as the Agreement has not been terminated. In the event the Agreement is terminated prior to full vesting of the underlying shares, a prorated portion of the shares will vest through the date of termination and the right to purchase the remaining underlying shares shall be canceled.</div></div>

132086376

<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">NOTE J – VARIABLE INTEREST ENTITIES</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">The Company consolidates VIEs, of which it is the primary beneficiary, which comprises the Project LLCs defined in NOTE I – JOINT VENTURE AGREEMENT. The liabilities recognized as a result of consolidating these VIEs do not necessarily represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets.</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left">The total consolidated VIE assets and liabilities reflected on our condensed consolidated balance sheets at March 31, 2012 and December 31, 2011 are as follows:</div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 70%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2012</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">December 31, 2011</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">Assets</div> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Cash</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">20,718</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">4,161</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Receivables</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">19,443</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">49,835</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total current assets</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">40,161</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">53,996</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Property, net</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">213,646</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">277,088</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total assets</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">253,807</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">331,084</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 60%">  </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: center">Liabilities</div> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Accounts payable</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">95,927</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right">90,212</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Notes payable, net of debt discount of $2,352 and $32,255, respectively</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">11,393</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">58,602</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Mandatorily redeemable interest, net of debt discount of $2,352 and $32,255, respectively</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">11,393</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">58,602</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Accrued interest</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">9,660</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">1,342</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Other current liabilities</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">58,068</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">55,417</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total current liabilities</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">186,441</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">264,175</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="vertical-align: bottom; width: 60%">  </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Notes payable, net of debt discount of $107,242 and $100,715, respectively</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">329,176</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">273,128</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Mandatorily redeemable interest, net of debt discount of $107,242 and $100,715, respectively</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">329,176</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">273,128</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total long term liabilities</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">658,352</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">546,256</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left"> Total liabilities</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">844,793</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">810,431</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"> </td> </tr></table> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify">The financial performance of the consolidated VIEs reflected on our condensed consolidated statements of operations for the three months ended March 31, 2012 and 2011 is as follows:</div> <div style="text-indent: 0pt; display: block"> </div> <div style="text-align: left"> <table cellpadding="0" cellspacing="0" style="width: 70%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"> <tr> <td style="vertical-align: bottom; width: 60%; padding-bottom: 2px">  </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2012</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%; border-bottom: black 2px solid"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center">March 31, 2011</div> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr> <td style="vertical-align: bottom; width: 60%">  </td> <td style="vertical-align: bottom; width: 3%"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 3%"> </td> <td colspan="2" style="vertical-align: bottom; width: 16%"> </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Revenue</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">34,639</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">64,172</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Network operations</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">10,300</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">14,601</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">General and administrative expense</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">3,040</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">3,338</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Depreciation</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">28,664</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">29,273</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total operating costs</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">42,004</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">47,212</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Operating income (loss)</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">(7,365</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px">)</td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">16,960</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Amortization of debt discount</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">46,752</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">47,451</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Interest expense</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">22,743</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">26,356</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px; padding-left: 0pt; margin-left: 9pt"> <div style="text-indent: -9pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left">Total other expense</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">69,495</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">73,807</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Loss before taxes</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">(76,860</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left">)</td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">(56,847</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left">)</td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Provision for taxes</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">-0-</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"> </td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Net loss</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">(76,860</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left">)</td> <td style="text-align: right; vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right">(56,847</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left">)</td> </tr><tr style="background-color: #cceeff"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 2px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Net loss attributable to noncontrolling interest</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">(38,430</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px">)</td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 2px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 2px solid; text-align: right">(28,424</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px">)</td> </tr><tr style="background-color: white"> <td style="text-align: left; vertical-align: bottom; width: 60%; padding-bottom: 4px"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt; text-align: left">Net loss attributable to CareView Communications, Inc.</div> </td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">(38,430</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px">)</td> <td style="text-align: right; vertical-align: bottom; width: 3%; padding-bottom: 4px"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">$</td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 4px double; text-align: right">(28,423</td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px">)</td></tr></table></div></div>

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Condensed Consolidated Balance Sheets ASSETS Current Assets: Cash and cash equivalents Accounts receivable Other current assets Total current assets Property and equipment, net of accumulated depreciation of $1,733,606 and $1,321,216, respectively Other Assets: Intellectual property, patents, and trademarks, net of accumulated amortization of $2,344,816 and $2,205,428, respectively Other assets [AssetsNoncurrent] Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Notes payable, net of debt discount of $2,352 and $32,255, respectively Mandatorily redeemable equity in joint venture, net of debt discount of $2,352 and $32,255, respectively Accrued interest Other current liabilities Total current liabilities Long-term Liabilities Senior secured convertible notes, net of debt discount of $19,226,038 and $17,925,049, respectively Notes payable, net of current portion and net of debt discount of $107,242 and $100,715, respectively Mandatorily redeemable equity in joint venture, net of current portion and net of debt discount of $107,242 and $100,715, respectively Total long-term liabilities Total liabilities Commitments and Contingencies Stockholders' Equity (Deficit): Preferred stock - par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding Common stock - par value $0.001; 300,000,000 shares authorized; 132,086,376 and 131,455,407 issued and outstanding, respectively Additional paid in capital Accumulated deficit Total CareView Communications Inc. stockholders equity Noncontrolling interest Total stockholders' equity Total liabilities and stockholders' equity Condensed Consolidated Balance Sheets Parenthetical Accumulated depreciation of property and equipment Accumulated amortization of intellectual property, patents, and trademarks Debt discount of notes payable, current Debt discount of mandatorily redeemable equity in joint venture, current Debt discount of senior secured convertible notes Debt discount of notes payable, noncurrent Debt discount of mandatorily redeemable equity in joint venture, noncurrent Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Condensed Consolidated Statements Of Operations Revenues, net Operating expenses: Network operations, including non-cash costs of $13,833 and $13,833, respectively General and administration, including non-cash costs of $381,666 and $224,555, respectively Sales and marketing Research and development Depreciation and amortization Total operating expense Operating loss Other income and (expense) Interest expense Interest income Other income Total other income (expense) Loss before taxes Provision for income taxes Net loss Net loss attributable to noncontrolling interest Net loss attributable to CareView Communications, Inc. Net loss per share attributable to CareView Communications, Inc. 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The current debt discount on senior secured convertible notes The non current debt discount on notes payable The non current debt discount on mandatorily redeemable equity in a joint venture The noncash network and administrative costs Noncash general and administrative costs. This element represents the amortization of prepaid consulting costs. This element represents the amortization of installation costs. This element represents the amortization of deferred debt issuance costs. Interest incurred and capitalized but not yet paid. The cash outflow for installion costs deferred. Supplemental schedule of non cash financing activities Paid in kind interest associated with Healthcor funding in a noncash or partial noncash transaction. The entire disclosure for other noncurrent assets. Disclosure of an agreement with HMA. Disclosure of an agreement with Healthcor. The entire disclosure for a joint venture agreement transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. 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OTHER CURRENT ASSETS
3 Months Ended

Mar. 31, 2012

Other Current Assets

OTHER CURRENT ASSETS
NOTE C – OTHER CURRENT ASSETS

Other current assets consist of the following:

March 31, 2012

December 31, 2011

Prepaid expenses
$ 214,415 $ 99,651

Legal retainer
61,969 62,402

Other receivables
5,737 2,210

Other receivables-related party
-0- 188,823

Note receivable-employee
-0- 6,000

TOTAL OTHER CURRENT ASSETS
$ 282,121 $ 359,086

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Namespace Prefix: CRVW_

Data Type: xbrli:stringItemType

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Period Type: duration

X

- Definition

Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets.

+ References

No definition available.

+ Details

Name: us-gaap_ScheduleOfOtherAssetsTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

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STOCKHOLDERS' EQUITY
3 Months Ended

Mar. 31, 2012

Stockholders' Equity (Deficit):

STOCKHOLDERS' EQUITY
NOTE B – STOCKHOLDERS’ EQUITY

Warrants

The Company uses the Black-Scholes-Merton option pricing model (“Black-Scholes Model”) to determine the fair value of the warrants it issues (except the HealthCor warrants). The Black-Scholes Model is an acceptable model in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718-10. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the weighted average risk-free interest rate, and the weighted average term of the Warrants. The fair value of the HealthCor Warrants was computed using the Lattice Model, incorporating transaction details such as the Company’s stock price, contractual terms, maturity and risk free rates, as well as assumptions about future financings, volatility, and holder behavior. Due to the anti-dilution provisions within the embedded conversion feature and that associated with the exercise price of the HealthCor Warrants, the Company determined that the Lattice Model was most appropriate for valuing these instruments.

Warrants (continued)

During the three months ended March 31, 2012 and 2011, the Company did not issue any Warrants; however, it amortized certain previously capitalized Warrant costs in the accompanying condensed consolidated financial statements as follows: (i) $13,833 as distribution/service costs in network operations for both periods and (ii) $146,616 and $40,688, respectively as consulting expense in general and administration.

On January 16, 2012 (partial exercise) and February 6, 2012 (exercised the balance), an unaffiliated entity exercised a Warrant to purchase an aggregate of 400,000 shares of the Company’s Common Stock. In order to exercise the Warrant pursuant to the cashless provisions thereof, the unaffiliated entity surrendered its right to receive 122,191 shares, resulting in an issuance to the entity of 277,809 shares of common stock. On January 19, 2012, two unaffiliated entities exercised Warrants to purchase an aggregate of 39,683 shares of the Company’s Common Stock at an aggregate exercise price of $20,635. On February 28, 2012, an unaffiliated entity exercised Warrants to purchase an aggregate of 450,000 shares of the Company’s Common Stock. In order to exercise the Warrants pursuant to the cashless provisions thereof, the individual surrendered its right to receive 138,143 shares, resulting in an issuance to the individual of 311,857 shares of Common Stock.

As of March 31, 2012, Warrants outstanding (excluding the HealthCor Warrants) covered an aggregate of 22,173,879 shares of the Company’s Common Stock with exercise prices ranging from $0.52 to $1.59 per share resulting in a weighted average exercise price of $0.73 per share and a weighted average contractual life of 3.5 years. As of March 31, 2012, unamortized costs associated with capitalized Warrants, excluding the HealthCor Warrants, totaled approximately $1,604,000.

During the year ended December 31, 2011, the Company issued Warrants to certain unaffiliated parties for services, recording them in the accompanying condensed consolidated financial statements as follows: (i) on April 21, 2011, the Company entered into a two-year consulting agreement with an individual, wherein the individual was paid through the issuance of a five-year Warrant to purchase 400,000 shares of the Company’s Common Stock (with a fair value of $496,400) at an exercise price of $1.40 per share; through December 31, 2011, $171,669 was charged to expense and recorded as non-cash compensation and as of December 31, 2011, $324,731 was reported as prepaid costs in other assets. At March 31, 2012, prepaid costs totaled $262,682. The Warrants were valued on the date of the grant using a term of five (5) years; volatility of 89.74%; risk free rate of 2.14%; and a dividend yield of 0%; (ii) on May 31, 2011, the Company entered into a three-month consulting agreement with an individual, wherein the consultant was paid through the issuance of a five-year Warrant to purchase 100,000 shares of the Company’s Common Stock (with a fair value of $110,300) at an exercise price of $1.59 per share, through December 31, 2011, $110,300 was charged to expense and recorded as non-cash compensation. The Warrants were valued on the date of the grant using a term of five (5) years; volatility of 89.00%; risk free rate of 1.68%; and a dividend yield of 0%; (iii) on August 24, 2011, the Company entered into a six-month consulting agreement with an individual, wherein compensation was paid through the issuance of a three-year Warrant to purchase 200,000 shares of the Company’s Common Stock (with a fair value of $146,800) at an exercise price of $1.40 per share; through December 31, 2011, $102,920 was charged to expense and recorded as non-cash compensation and as of December 31, 2011, $43,880 was reported as prepaid costs in other assets. The Warrants were valued on the date of the grant using a term of three (3) years; volatility of 81.83%; risk free rate of 0.41%; and a dividend yield of 0%; (iv) on August 31, 2011, the Company entered into a Loan and Security Agreement

Warrants (continued)

with Comerica and Bridge Banks (the “Banks”) wherein the Company issued Warrants to the Banks to purchase an aggregate of 1,428,572 shares of the Company’s Common Stock (with an aggregate fair value of $1,535,714) at an exercise price of $1.40 per share; through December 31, 2011, $219,390 was charged to expense and recorded as interest expense and as of December 31, 2011, $1,316,324 was reported as deferred debt issuance costs. The Warrants were valued on the date of the grant using a term of seven (7) years; volatility of 83.14%; risk free rate of 1.56%; and a dividend yield of 0% (See NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK for further details); and (iv) as part of a Note and Warrant Purchase Agreement entered into with HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund LP, the Company issued 11,782,859 Warrants in April 2011 (See NOTE N – AGREEMENT WITH HEALTHCOR for further details). These Warrants were valued using the Lattice Model.

Stock Options

During the three months ended March 31, 2012, the Company did not grant any options to purchase shares of the Company’s Common Stock (“Options”). In February 2012, resulting from the resignation of an employee, an Option to purchase 10,000 shares was cancelled. As of March 31, 2012, 8,740,115 Options remain outstanding.

During the three months ended March 31, 2011, 230,000 Options, having a fair value of $202,310, were granted to employees. The ten-year Options have an exercise price of between $1.53 and $1.62 per share and vests over a three-year period, one-third per year on the anniversary date of the Option.

A summary of the Company’s stock option activity and related information follows:

Number of
Shares
Under
Option

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Life

Aggregate
Intrinsic
Value

Balance at December 31, 2011
8,750,115 $ 0.66 7.2 $ 8,047,942

Granted
-0-

Exercised
-0-

Expired
-0-

Cancelled
(10,000 ) $ (1.51 )

Balance at March 31, 2012
8,740,115 $ 0.66 7.0 $ 7,785,039

Vested and Exercisable at March 31, 2012
6,997,706 $ 0.56 6.7 $ 6,962,640

The valuation methodology used to determine the fair value of the Options issued during the year was the Black-Scholes Model, an acceptable model in accordance with ASC 718-10. The Black-Scholes Model requires the use of a number of assumptions including volatility of the stock price, the weighted average risk-free interest rate, and the weighted average expected term of the options.

Stock Options (continued)

The assumptions used in the Black-Scholes Model are set forth in the table below.

March 31, 2012

December 31, 2011

Risk-free interest rate

NA
0.35-1.39 %

Volatility

NA
80.85-84.78 %

Expected life

NA

3 years

Dividend yield

NA
0.00 %

The risk-free interest rate assumption is based upon observed interest rates on zero coupon U.S. Treasury bonds whose maturity period is appropriate for the expected term of the stock option and is calculated by using the average daily historical stock prices through the day preceding the grant date.

Estimated volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate each year during the expected life of the award. The Company’s estimated volatility is an average of the historical volatility of peer entities whose stock prices were publicly available. The Company’s calculation of estimated volatility is based on historical stock prices of these peer entities over a period equal to the expected life of the awards. The Company uses the historical volatility of peer entities due to the lack of sufficient historical data of its stock price.

Share-based compensation expense for Options recognized in our results for the three months ended March 31, 2012 ($235,049) and for the three months ended March 31, 2011 ($183,867) is based on awards vested and the Company estimated no forfeitures. ASC 718-10 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from the estimates.

At March 31, 2012, total unrecognized estimated compensation expense related to non-vested Options granted prior to that date was approximately $1.1 million, which is expected to be recognized over a weighted-average period of 1.75 years. No tax benefit was realized due to a continued pattern of operating losses.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)

Mar. 31, 2012

Dec. 31, 2011

Current Assets:

Cash and cash equivalents $ 10,042,456 $ 8,526,857

Accounts receivable 244,206 186,850

Other current assets 282,121 359,086

Total current assets 10,568,783 9,072,793

Property and equipment, net of accumulated depreciation of $1,733,606 and $1,321,216, respectively 8,854,046 8,767,459

Other Assets:

Intellectual property, patents, and trademarks, net of accumulated amortization of $2,344,816 and $2,205,428, respectively 528,539 667,927

Other assets 3,408,892 3,448,038

[AssetsNoncurrent] 3,937,431 4,115,965

Total assets 23,360,260 21,956,217

Current Liabilities:

Accounts payable 444,167 1,240,347

Notes payable, net of debt discount of $2,352 and $32,255, respectively 11,393 58,602

Mandatorily redeemable equity in joint venture, net of debt discount of $2,352 and $32,255, respectively 11,393 58,602

Accrued interest 9,660 1,342

Other current liabilities 424,944 275,268

Total current liabilities 901,557 1,634,161

Long-term Liabilities

Senior secured convertible notes, net of debt discount of $19,226,038 and $17,925,049, respectively 8,338,452 3,855,769

Notes payable, net of current portion and net of debt discount of $107,242 and $100,715, respectively 329,176 273,128

Mandatorily redeemable equity in joint venture, net of current portion and net of debt discount of $107,242 and $100,715, respectively 329,176 273,128

Total long-term liabilities 8,996,804 4,402,025

Total liabilities 9,898,361 6,036,186

Commitments and Contingencies

Stockholders' Equity (Deficit):

Preferred stock - par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding

Common stock - par value $0.001; 300,000,000 shares authorized; 132,086,376 and 131,455,407 issued and outstanding, respectively 132,086 131,455

Additional paid in capital 65,125,310 62,788,134

Accumulated deficit (51,530,058) (46,772,548)

Total CareView Communications Inc. stockholders equity 13,727,338 16,147,041

Noncontrolling interest (265,439) (227,010)

Total stockholders' equity 13,461,899 15,920,031

Total liabilities and stockholders' equity $ 23,360,260 $ 21,956,217

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

CASH FLOWS FROM OPERATING ACTIVITES

Net loss $ (4,795,939) $ (1,348,888)

Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:

Depreciation 412,390 138,042

Provision for doubtful accounts (15,984)

Amortization of intangible assets 139,388 137,921

Amortization of debt discount 827,884 47,451

Amortization of prepaid consulting costs 146,616 40,688

Amortization of installation costs 37,014

Amortization of distribution/service costs 13,833 13,833

Amortization of deferred debt issuance costs 131,633

Interest incurred and capitalized but not paid 783,674

Stock based compensation related to options granted 235,049 183,867

Changes in operating assets and liabilities:

Accounts receivable (41,372) (18,975)

Other current assets 75,554 (20,516)

Other assets 45,409

Accounts payable (796,180) 1,066,488

Accrued interest 8,318 (8,416)

Accrued expenses and other current liabilities 149,676 106,773

Net cash flows provided by (used in) operating activities (2,643,037) 338,268

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment (498,977) (852,471)

Deferred installation costs (333,948)

Patent and trademark costs (8,686)

Net cash flows used in investing activities (832,925) (861,157)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from notes payable 5,000,000

Proceeds from exercise of options and warrants 20,635

Repayment of notes payable (29,074) (41,336)

Proceeds from sale of common stock, net of issuance costs 550,000

Net cash flows provided by financing activities 4,991,561 508,664

Increase (decrease) in cash 1,515,599 (14,225)

Cash, beginning of period 8,526,857 26,565

Cash, end of period 10,042,456 12,340

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest 17,836 37,555

Cash paid for income taxes

SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:

Paid in kind interest associated with the HealthCor funding $ 261,224

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SUBSEQUENT EVENTS
3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
NOTE P - SUBSEQUENT EVENTS

Consulting Agreement with Heartland Energy Partners, LLC

On April 29, 2012 (the “Effective Date”), the Company entered into a Consulting Agreement (“Agreement”) with Heartland Energy Partners, LLC (“Heartland”) under which Heartland will develop and execute a comprehensive strategy to create Company awareness and credibility with the Department of Veteran Affairs. The Agreement expires twelve (12) months from the date that the Company is approved by the U.S. General Services Administration (“GSA”); however, the Agreement may be canceled by either party with thirty (30) days written notice. Compensation for Heartland includes a monthly fee of $10,000, the first payment of which is due within ten (10) business days after receiving GSA approval, with subsequent monthly payments due for following eleven months unless the Agreement is earlier terminated by the parties. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant (“Warrant”) for the purchase of 1,000,000 shares of the Company’s Common Stock at an exercise price equal to the ten (10) day average closing price ending on the day before the Effective Date (or $1.51 per share). Commencing on or near the date of the GSA approval, and every ninety (90) days thereafter, the Company and English shall meet to evaluate the performance of English after which the vesting of the shares underlying the Warrant shall be determined in the sole discretion of Steve Johnson, the Company’s President, and the Company’s Board of Directors. Should the Agreement be terminated, any shares not yet vested under the Warrant will be canceled.

Advisory Services Agreement with Stonegate Securities, Inc.

On May 4, 2012, the Company entered into an Advisory Services Agreement with Stonegate Securities, Inc. (“Stonegate”) under which Stonegate will provide services related to micro-cap market research and investor relations. The Agreement is for a term of twelve months and may be terminated by either party upon thirty (30) days written notice. Compensation for Stonegate includes a retainer of $5,000 per month payable in advance. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant for the purchase of 240,000 shares of the Company’s Common Stock at an exercise price of $1.65 per share. Vesting of the underlying shares will occur at the rate of 20,000 shares on the monthly anniversary date of the Agreement so long as the Agreement has not been terminated. In the event the Agreement is terminated prior to full vesting of the underlying shares, a prorated portion of the shares will vest through the date of termination and the right to purchase the remaining underlying shares shall be canceled.

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BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS
3 Months Ended

Mar. 31, 2012

Basis Of Presentation And Recently Issued Accounting Pro-Nouncements

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS
NOTE A – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS

Interim Financial Statements

The accompanying unaudited interim condensed consolidated financial statements of CareView Communications, Inc. (“CareView” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The balance sheet at December 31, 2011 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2011.

Recently Issued and Newly Adopted Accounting Pronouncements

Adoption of New Accounting Standards

There have been no material changes to the Company’s significant accounting policies as summarized in Note B of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company does not expect that the adoption of any recent accounting pronouncements will have a material impact on its condensed consolidated financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)

Mar. 31, 2012

Dec. 31, 2011

Condensed Consolidated Balance Sheets

Accumulated depreciation of property and equipment $ 1,733,606 $ 1,321,216

Accumulated amortization of intellectual property, patents, and trademarks 2,344,816 2,205,428

Debt discount of notes payable, current 2,352 32,255

Debt discount of mandatorily redeemable equity in joint venture, current 2,352 32,255

Debt discount of senior secured convertible notes 19,226,038 17,925,049

Debt discount of notes payable, noncurrent 107,242 100,715

Debt discount of mandatorily redeemable equity in joint venture, noncurrent $ 107,242 $ 100,715

Preferred stock, par value $ 0.001 $ 0.001

Preferred stock, shares authorized 20,000,000 20,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value $ 0.001 $ 0.001

Common stock, shares authorized 300,000,000 300,000,000

Common stock, shares issued 132,086,376 131,455,407

Common stock, shares outstanding 132,086,376

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DISTRIBUTION AGREEMENT
3 Months Ended

Mar. 31, 2012

Distribution Agreement

DISTRIBUTION AGREEMENT
NOTE K – DISTRIBUTION AGREEMENT

On January 9, 2010, the Company entered into a Distribution Agreement (“Agreement”) with Foundation Medical to distribute the CareView System™ on the East Coast of the United States. In addition to selling the CareView System™, the entity will also serve as CareView’s East Coast representative to service all of the installed medical facilities in that region. In connection with the Agreement, the Company issued a five-year Common Stock Purchase Warrant (the “Warrant”) to purchase 200,000 shares of the Company’s Common Stock at an exercise price of $0.52 per share. The Warrant has not been exercised. The Warrant was valued using the Black-Scholes Model on the date of the grant using a term five (5) years; volatility of 89.46%; risk free rate of 1.09%; and a dividend yield of 0%. The Agreement carries a three (3) year term and accordingly the Warrant, with a fair value of $166,000, is being amortized over the life of the Agreement. For both of the three month periods ended March 31, 2012 and 2011, the Company recognized expense of $13,833 as distribution expense in network operations. As of March 31, 2012 and December 31, 2011, the Company reported $41,501 and $55,334, respectively as deferred distribution cost in other assets on the accompanying condensed consolidated financial statements.

On March 1, 2012, the Company entered into a two-year Sales Consulting Agreement (“Consulting Agreement”) with Foundation Medical and Donald Shirley (collectively, the “Consultant”) wherein the above-mentioned Distribution Agreement was terminated and future services to be provided by the Consultant relative to designated hospitals would be provided pursuant to the Consulting Agreement. As consideration for cancellation of the Distribution Agreement, the Company agreed to issue to the Consultant 50,000 shares of the Company’s Common Stock upon execution of the Consulting Agreement and an additional 50,000 shares of the Company’s Common Stock on the date of the first anniversary thereof. CareView agreed to pay the Consultant a monthly consultant fee equal to the greater of (i) $10,000 or (ii) the sum of $250 per month per designated hospital. The first payment due thereunder was paid on March 1, 2012 in the amount of $10,000 and with subsequent payments due on the 20th day of each month thereafter. In addition, the Consultant is eligible to receive a commission on system products and components up-sold and installed at the designated hospitals. Consultant will receive commissions on receipt of revenue by CareView as follows: (i) for 5-year contracts, Consultant will receive 10% in year 1, 8% in year 2, 7% in year 3, 5% in year 4 and 3% in year 5 and (ii) for 3-year contracts, Consultant will receive 6% in year 1, 4% in year 2 and 2% in year 3.

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SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT
3 Months Ended

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Subscription And Investor Rights Agreement

SUBSCRIPTIONS AND INVESTOR RIGHTS AGREEMENT
NOTE L – SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT

On August 20, 2010, in an effort to resolve all past, current and future claims due pursuant to a Subscription and Investor Rights Agreement (“Subscription Agreement”) with an entity known as T2 Consulting, LLC (“T2”), and the principals of T2, namely Tommy G. Thompson (“Thompson”), Gerald L. Murphy (“Murphy”) , and Dennis Langley (“Langley”), the Company entered into a Revocation and Substitution Agreement with T2, Thompson, Murphy and Langley (the “Agreement”). In exchange for the revocation of the Subscription Agreement by T2, Thompson, Murphy and Langley, the Company agreed to issue to each of Thompson, Murphy, and Langley a five-year Common Stock Purchase Warrant (“Warrant”) to purchase 1,000,000 shares of the Company’s Common Stock at an exercise price of $1.00 per share. The Warrants were valued on the date of the grant using their five (5) year term; volatility of 94.12%; risk free rate of 1.47%; and a dividend yield of 0%. The valuation methodology used to determine the fair value of the Warrants issued was the Black-Scholes Model, and accordingly calculated a fair value of $4,080,000 and reported as contract modification expense in general and administration during the year ended December 31, 2010. The Company’s Board of Directors believes the Agreement is in the best interest of all the shareholders of the Company and has determined that it is not necessary to obtain a ‘fairness’ opinion from an independent third-party.

As additional consideration for the revocation of the Subscription Agreement, the Company executed an Agreement Regarding Gross Income Interest (the “GII Agreement”) with each of Thompson, Murphy and Langley dated August 20, 2010. The GII Agreement does not have a termination date; however it does provide that the Company has the right to acquire the GII of Thompson, Murphy and Langley from September 1, 2013 until December 31, 2015, and that Thompson, Murphy and Langley each have the right to require that their respective GII be purchased by the Company any time from September 1, 2011 until December 31, 2015. At March 31, 2012, based on actual revenue, the Company recorded a liability for the GII owner’s put of approximately $14,000 (the estimated fair value of the GII owner’s put). This liability is analyzed and updated quarterly, based on actual revenues. In an additional term in the GII Agreement with Langley, the Company agreed that an affiliate of Langley shall be granted a distribution and sales agreement for the Company’s products for government entities in the U.S. including, but not limited to, HHS, VA, DOD and state and local governments. Terms of the distribution agreement will be negotiated at a future date.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
3 Months Ended

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Mar. 31, 2011

Condensed Consolidated Statements Of Operations

Revenues, net $ 387,355 $ 109,071

Operating expenses:

Network operations, including non-cash costs of $13,833 and $13,833, respectively 812,424 182,732

General and administration, including non-cash costs of $381,666 and $224,555, respectively 1,320,469 619,998

Sales and marketing 461,148 144,215

Research and development 217,377 157,848

Depreciation and amortization 551,777 275,964

Total operating expense 3,363,195 1,380,757

Operating loss (2,975,840) (1,271,686)

Other income and (expense)

Interest expense (1,821,881) (77,202)

Interest income 154

Other income 1,628

Total other income (expense) (1,820,099) (77,202)

Loss before taxes (4,795,939) (1,348,888)

Provision for income taxes

Net loss (4,795,939) (1,348,888)

Net loss attributable to noncontrolling interest (38,429) (28,424)

Net loss attributable to CareView Communications, Inc. $ (4,757,510) $ (1,320,464)

Net loss per share attributable to CareView Communications, Inc. $ (0.04) $ (0.01)

Weighted average number of common shares outstanding, basic and diluted 131,775,823 127,540,215

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OTHER CURRENT LIABILITIES
3 Months Ended

Mar. 31, 2012

Other Current Liabilities

OTHER CURRENT LIABILITIES
NOTE F – OTHER CURRENT LIABILITIES

Other current liabilities consist of the following:

March 31, 2012

December 31, 2011

Accrued taxes
$ 359,729 $ 261,399

Lease liability
48,588 -0-

Accrued gross interest income
16,627 11,908

Insurance financing
-0- 1,961

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OTHER ASSETS
3 Months Ended

Mar. 31, 2012

Other Assets:

OTHER ASSETS
NOTE E – OTHER ASSETS

Intangible assets consist of the following:

March 31, 2012

Cost

Accumulated Amortization

Net

Patents and trademarks
$ 120,422 $ 4,818 $ 115,604

Software development costs
2,002,933 1,702,498 300,435

Other intellectual property
750,000 637,500 112,500

TOTAL INTANGIBLE ASSETS
$ 2,873,355 $ 2,344,816 $ 528,539

December 31, 2011

Cost

Accumulated Amortization

Net

Patents and trademarks
$ 120,422 $ 3,076 $ 117,346

Software development costs
2,002,933 1,602,352 400,581

Other intellectual property
750,000 600,000 150,000

TOTAL INTANGIBLE ASSETS
$ 2,873,355 $ 2,205,428 $ 667,927

Other assets consist of the following:

March 31, 2012

Cost

Accumulated Amortization

Net

Deferred debt issuance costs
$ 1,535,714 $ 351,023 $ 1,184,691

Deferred installation costs
1,167,933 61,055 1,106,878

Prepaid consulting
1,071,562 694,255 377,307

Deferred closing costs
434,157 43,310 390,847

Prepaid license fee
233,606 9,562 224,044

Security deposit
83,624 -0- 83,624

Deferred distribution/service costs
166,000 124,499 41,501

TOTAL OTHER ASSETS
$ 4,692,596 $ 1,283,704 $ 3,408,892

December 31,2011

Cost

Accumulated Amortization

Net

Deferred debt issuance costs
$ 1,535,714 $ 219,390 $ 1,316,324

Deferred installation costs
833,985 24,041 809,944

Prepaid consulting
1,071,562 547,639 523,923

Deferred closing costs
430,747 -0- 430,747

Prepaid license fee
233,606 5,464 228,142

Security deposit
83,624 -0- 83,624

Deferred distribution/service costs
166,000 110,666 55,334

TOTAL OTHER ASSETS
$ 4,355,238 $ 907,200 $ 3,448,038

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AGREEMENT WITH HMA
3 Months Ended

Mar. 31, 2012

Agreement With Hma

AGREEMENT WITH HMA
NOTE M – AGREEMENT WITH HMA

On March 8, 2011, the Company entered into a Master Agreement with Hospital Management Associates, Inc., a Delaware corporation (“HMA”). Terms of the Master Agreement provide for (i) HMA to use the CareView System in each of its 66 hospitals across the U.S. through the execution of a separate Hospital Agreement for each location and (ii) CareView to provide the Primary Package and preferential pricing in exchange for the volume provided by HMA. As of March 31, 2012, the Company has 3,599 installations in 51 HMA hospitals resulting in revenue of approximately $312,000 for the three months ended March 31, 2012.

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JOINT VENTURE AGREEMENT
3 Months Ended

Mar. 31, 2012

Joint Venture Agreement

JOINT VENTURE AGREEMENT
NOTE I – JOINT VENTURE AGREEMENT

On November 16, 2009, the Company entered into a Master Investment Agreement (the “Rockwell Agreement”) with Rockwell Holdings I, LLC, a Wisconsin limited liability (“Rockwell”). Under the terms of the Rockwell Agreement, the Company will use funds from Rockwell to fully implement the CareView System™ in Hillcrest Medical Center in Tulsa, Oklahoma (“Hillcrest”) and Saline Memorial Hospital in Benton, Arkansas (“Saline”) (the “Project Hospital(s)”).

Both Rockwell and the Company own 50% of each Project LLC formed for the Project Hospitals. CareView contributed its intellectual property rights and its hospital contract with each Project Hospital. Rockwell contributed cash to be used for the purchase of equipment for the Project LLCs with 50% attributed to a promissory note bearing interest at 10% and 50% attributed to member’s equity. The Project Notes are secured by a security interest in all of the equipment in the Project Hospitals, intellectual property rights, and the Project Hospital Contract. Additionally, the Project LLCs have an obligation to pay Rockwell a Preferential Return (the amount of Rockwell’s aggregate capital contribution to the Project LLCs plus ten percent (10%) per annum, compounded annually). The Company classified this obligation as a liability since it represents an unconditional obligation by the Company to pay Rockwell’s Preferential Return on each Project LLC and is recorded in mandatorily redeemable equity in joint venture on the accompanying condensed consolidated balance sheet.

The Project LLCs were within the scope of the variable interest entities (VIE) subsection of the FASB ASC and we determined the Project LLCs are VIEs based on the fact that the total equity investment at risk was not sufficient to finance the entities activities without additional financial support. The Company consolidates the Project LLCs as it has the power to direct the activities and an obligation to absorb losses of the VIEs.

As additional consideration to Rockwell for providing the funding, the Company granted Rockwell 1,151,206 Warrants valued at $1,124,728 (the “Project Warrants”). The Project Warrants were valued using the Black-Scholes Model on the date of the Rockwell Agreement using a term of five (5) years; volatility of 89.21%; risk free rate of 2.19%; and a dividend yield of 0%. The Warrants are classified as equity and are included in additional paid-in-capital on the accompanying condensed consolidated balance sheet. The Company allocated the proceeds to the Project Warrants and the Project Notes or Preferential Returns based on the relative fair value. The originally recorded debt discount of $636,752 is being amortized over the life of the debt, and recorded as interest expense in other income (expense) on the accompanying condensed consolidated financial statements. Amortization expense totaled $47,452 for both of the three month periods ended March 31, 2012 and 2011. As any additional funding is provided, the Company will issue additional Project Warrants to Rockwell and calculate the fair value of those warrants and record them in the financial statements when they are due or issued.

One of the Company’s Project LLCs was notified by a customer of its desire to terminate its hospital agreement. This termination, effective January 27, 2012, results in the loss of monthly revenue totaling approximately $20,000, which revenue was used to make payments on its indebtedness to the Rockwell Holdings. As of March 31, 2012, the Company’s LLCs’ indebtedness to Rockwell Holdings totaled approximately $711,000. The Company is currently in negotiation with this customer to renew and extend the hospital agreement, but there can be no assurances made at this time. In the event that the Company is not able to renew the hospital agreement, the Company may incur de-installation costs of approximately $37,000 for removing its equipment from the hospital premises.

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INCOME TAXES
3 Months Ended

Mar. 31, 2012

Income Taxes

INCOME TAXES

NOTE G – INCOME TAXES

Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company does not expect to pay any significant federal or state income tax for 2012 as a result of the losses recorded during the three months ended March 31, 2012 as well as additional losses expected for the remainder of 2012 as well as from generating net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of March 31, 2012, the Company maintains a full valuation allowance for all deferred tax assets. Based on these requirements, no provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period.

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RELATED PARTIES
3 Months Ended

Mar. 31, 2012

Related Parties

RELATED PARTIES
NOTE H – RELATED PARTIES

In January 2012, a related party repaid its outstanding balance of approximately $189,000. As of March 31, 2012 and December 31, 2011, the Company was owed $0 and approximately $189,000 (comprised of $86,000 from a related party for shared rental expense at the Company’s prior offices, and $103,000 from the related party for shared expenses related to consulting services rendered by two individuals). The $189,000 was included in other current assets in the accompanying condensed consolidated financial statements for December 31, 2011.

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VARIABLE INTEREST ENTITIES
3 Months Ended

Mar. 31, 2012

Variable Interest Entities

VARIABLE INTEREST ENTITIES
NOTE J – VARIABLE INTEREST ENTITIES

The Company consolidates VIEs, of which it is the primary beneficiary, which comprises the Project LLCs defined in NOTE I – JOINT VENTURE AGREEMENT. The liabilities recognized as a result of consolidating these VIEs do not necessarily represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets.

The total consolidated VIE assets and liabilities reflected on our condensed consolidated balance sheets at March 31, 2012 and December 31, 2011 are as follows:

March 31, 2012

December 31, 2011

Assets

Cash
$ 20,718 $ 4,161

Receivables
19,443 49,835

Total current assets
40,161 53,996

Property, net
213,646 277,088

Total assets
$ 253,807 $ 331,084

Liabilities

Accounts payable
$ 95,927 $ 90,212

Notes payable, net of debt discount of $2,352 and $32,255, respectively
11,393 58,602

Mandatorily redeemable interest, net of debt discount of $2,352 and $32,255, respectively
11,393 58,602

Accrued interest
9,660 1,342

Other current liabilities
58,068 55,417

Total current liabilities
186,441 264,175

Notes payable, net of debt discount of $107,242 and $100,715, respectively
329,176 273,128

Mandatorily redeemable interest, net of debt discount of $107,242 and $100,715, respectively
329,176 273,128

Total long term liabilities
658,352 546,256

Total liabilities
$ 844,793 $ 810,431

The financial performance of the consolidated VIEs reflected on our condensed consolidated statements of operations for the three months ended March 31, 2012 and 2011 is as follows:

March 31, 2012

March 31, 2011

Revenue
$ 34,639 $ 64,172

Network operations
10,300 14,601

General and administrative expense
3,040 3,338

Depreciation
28,664 29,273

Total operating costs
42,004 47,212

Operating income (loss)
(7,365 ) 16,960

Amortization of debt discount
46,752 47,451

Interest expense
22,743 26,356

Total other expense
69,495 73,807

Loss before taxes
(76,860 ) (56,847 )

Provision for taxes
-0- -0-

Net loss
(76,860 ) (56,847 )

Net loss attributable to noncontrolling interest
(38,430 ) (28,424 )

Net loss attributable to CareView Communications, Inc.
$ (38,430 ) $ (28,423 )

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LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK
3 Months Ended

Mar. 31, 2012

Loan And Security Agreement With Comerica Bank And Bridge Bank

LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK
NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK

On August 31, 2011, the Company entered into and closed a Loan and Security Agreement (the “Agreement” or the “Revolving Line”) with Comerica Bank (“Comerica”) and Bridge Bank, National Association (“Bridge Bank”) (collectively the “Banks”) providing for a two-year, $20 million revolving line of credit. The Revolving Line will provide the Company with capital, inter alia, to purchase equipment and perform installations pursuant to newly signed contracts that the Company may execute in the future with certain healthcare providers. The borrowings under the Agreement will bear interest on the outstanding daily balance of the advances at the rate of 3.75% plus the Prime Referenced Rate, which is a rate equal to Comerica’s prime rate but no less than the sum of 30-day LIBOR rate plus 2.5% per annum. Interest shall be paid monthly in arrears on any outstanding principal amount. The interest rate was calculated to be 7.0% per annum at March 31, 2012. Through March 31, 2012, the Company did not borrow any funds under the Revolving Line. At March 31, 2012, the entire $20,000,000 Revolving Line was available to the Company.

So long as no event of default has occurred and is continuing and subject to and upon the terms and conditions of the Agreement, and provided that the Company has delivered evidence to the reasonable satisfaction of the Banks of a signed contract for a new customer or the expansion of a contract with an existing customer for the addition of hospital sites and or hospital beds, the Company may request, and the Banks have agreed to make Advances in an aggregate outstanding amount not to exceed the lesser of (i) the $20 million revolving line limit or (ii) the Borrowing Base. As defined in the Agreement “Advances” means cash advances under the Revolving Line and “Borrowing Base” generally means an amount equal to eighty percent (80%) of Eligible Accounts. As defined in the Agreement, “Eligible Accounts” generally means those accounts that (x) arise in the ordinary course of the Company’s business; (y) arise from the future, rolling twelve (12) months due to sales of subscriptions to individual hospitals or hospital groups which are associated with (i) existing subscription services that are under contract and have at least twelve (12) months of life left on the contract at the time of inclusion of such account in the Borrowing Base; and (ii) newly executed contracts that have a minimum length of at least four (4) years; and (z) comply with certain Company representations and warranties to the Banks set forth in the Agreement that relate to Eligible Accounts. Subject to the terms and conditions of the Agreement, amounts borrowed may be repaid and re-borrowed at any time prior to the Revolving Maturity Date, (the earlier of (i) two (2) years after the initial Advance or (ii) June 14, 2014), at which time all Advances shall be immediately due and payable. Except as set forth in the Prime Referenced Rated Addendum to the Agreement, the Company may prepay any Advances without penalty or premium. The Company shall use the proceeds of the Advances for the purchase of machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments and/or installation costs associated with the installation of a new or expanded customer subscription services contract.

The Agreement requires the Company to pay a quarterly unused facility fee equal to one quarter of one percent (0.25%) per annum of the difference between the amount of the Revolving Line and the average outstanding principal balance of the Revolving Line during the applicable quarter. The Agreement requires CareView to maintain its primary operating accounts with Comerica and Bridge Bank on a 50:50 basis, with no less than 80% of CareView’s investment accounts with the Banks or their affiliates, unless CareView’s cash falls below $5 million, in which case it must maintain all its cash with the Banks. The Agreement also requires CareView to maintain a fixed charge coverage ratio of at least 5.01 to 1.00. The credit facility also contains certain customary affirmative covenants that include, among others, payment of taxes and other obligations, maintenance of insurance and reporting requirements, as well as customary negative covenants that limit, among other things, the Company’s ability to make dispositions and acquisitions, be acquired, incur debt or pay dividends.

The credit facility contains customary events of default including, among other things, non-payment, inaccurate representations and warranties, violation of covenants, events that constitute a material adverse effect and cross-defaults to other indebtedness. Upon an occurrence of an event of default, the Company shall pay interest on the outstanding principal balance of five percent (5%) above the otherwise applicable interest rate, and the Banks may accelerate the loan.

Pursuant to and in connection with the Agreement, the Company granted the Banks a security interest in all of its assets, including its intellectual property pursuant to an Intellectual Property Security Agreement, and pledged its ownership interests in its subsidiaries and certain joint ventures. Pursuant to and in connection with the Agreement, the Company has entered into a Subordination Agreement with its existing convertible note holders, HealthCor Partners Fund, L.P. and HealthCor Hybrid Offshore Master Fund, L.P.

Also, in connection with the Revolving Line, the Company issued Warrants to the Banks to purchase an aggregate of 1,428,572 shares of the Company’s Common Stock. The Warrants have an exercise price of $1.40 per share and expire on August 31, 2018. The fair value of the Warrants at issuance was $1,535,714 and has been recorded as deferred financing costs. The deferred financing costs are amortized to interest expense over the term of the revolving line. For the three months ended March 31, 2012, $131,633 was amortized to interest expense. The Warrants have not been exercised as of March 31, 2012.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Condensed Consolidated Statements Of Operations

Noncash network operations costs $ 13,833 $ 13,833

Noncash general and administrative costs $ 381,666 $ 224,555

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FIXED ASSETS
3 Months Ended

Mar. 31, 2012

Fixed Assets

FIXED ASSETS
NOTE D – FIXED ASSETS

Fixed assets consist of the following:

March 31, 2012

December 31, 2011

Network equipment
$ 10,167,470 $ 9,720,351

Office equipment
113,102 130,008

Vehicles
112,669 82,622

Test equipment
84,315 81,670

Furniture
71,329 67,157

Computer software
26,780 -0-

Warehouse equipment
6,866 6,866

Leasehold improvements
5,121 -0-
10,587,652 10,088,674

Less: accumulated depreciation
(1,733,606 ) (1,321,215 )

TOTAL FIXED ASSETS
$ 8,854,046 $ 8,767,459

Depreciation expense for the three months ended March 31, 2012 and 2011 was $412,390 and $138,042, respectively.

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AGREEMENT WITH HEALTHCOR
3 Months Ended

Mar. 31, 2012

Agreement With Healthcor

AGREEMENT WITH HEALTHCOR
NOTE N – AGREEMENT WITH HEALTHCOR

On April 21, 2011, the Company entered into and closed a Note and Warrant Purchase Agreement (the “Purchase Agreement”) with HealthCor Partners Fund, LP and HealthCor Hybrid Offshore Master Fund, LP (the “Investors”). Pursuant to the Purchase Agreement, the Company sold Senior Secured Convertible Notes to the Investors in the principal amount of $9,316,000 and $10,684,000, respectively (collectively the “Convertible Debt”). As of March 31, 2012, the underlying shares of the Company’s common stock related to the Convertible Debt totaled approximately 17,969,000 (after applying the PIK for the period from April 21, 2011 through March 31, 2012). The Notes have a maturity date of April 20, 2021. Along with the Convertible Debt, the Company issued Common Stock purchase warrants (the “HealthCor Warrants”). Due to certain anti-dilution provisions associated with both the conversion feature of the Convertible Debt and the exercise price of the HealthCor Warrants, both instruments required liability treatment on the consolidated balance sheet under ASC 815-10. The full fair value of the derivatives related to the embedded conversion feature of the Convertible Debt and the HealthCor Warrants was recorded as long-term liability in the amount of $33,461,512 at the time of issuance. This transaction resulted in a discount of $20,000,000 on the Convertible Debt and the excess of the fair value of the derivatives over the discount recorded totaling $13,461,512 was recorded as non-cash expense in other expense. The fair value of these derivative liabilities was computed using a Monte Carlo simulation embedded in the Binomial Lattice option pricing model (the “Lattice Model”). Due to the complexities provided by the anti-dilution provisions within the embedded conversion feature and that associated with the exercise price of the HealthCor Warrants, the Company determined that the Lattice Model was most appropriate for valuing these instruments. The Lattice Model relies on multiple inputs, using multiple stock price paths and incorporates several Level 1 inputs such as the Company’s stock price and risk free rates based on the U.S Treasury strip note yield curve at the valuation date. The model also took into consideration that that future financings, especially those that would invoke the anti-dilution provision, would be remote due to the Company’s liquidity at the time of issuance. The model also assumed a dilutive event would occur approximately one year from the date of issuance as the anti-dilution provision gives the greatest benefit to the note holders in the first year. Lastly, the volatility rate at the valuation dates was 55% and the overall probability of a dilutive event occurrence was assigned a 5% chance based on the Company’s liquidity at the time of issuance and valuation.

Between the date of issuance, April 21, 2011, and December 29, 2011, the Company re-measured the fair values of all of its derivative liabilities and recorded an aggregate decrease of $10,495,147 in their fair value, resulting in a net charge to other expense of $2,966,365 related to the derivative liabilities.

On December 30, 2011, the Convertible Debt and HealthCor Warrants were amended to remove the anti-dilution provisions which triggered liability classification and re-measurement of fair value each reporting period under derivative accounting. Accordingly, at December 30, 2011, the balance in the liability accounts totaling $22,966,365 was reclassified into stockholders’ equity.

On January 9, 2012, the Company entered into a Binding Term Sheet with HealthCor Partners Management, L.P., on behalf of certain affiliated funds (collectively, “HCP”) regarding the issuance by the Company to HCP of a $5,000,000 Senior Convertible Note(s) (the “New Senior Convertible Note(s)”). To that end, on January 31, 2012, the Company and the Investors entered into the Second Amendment to Note and Warrant Purchase Agreement (“Second Amendment”) amending the Purchase Agreement, and issued the New Senior Convertible Notes to the Investors, each as described below.

The Second Amendment provided that, following the Issue Date, the Company was permitted to sell, on the same terms and conditions as those contained in the Purchase Agreement (as amended from time to time), up to $5,000,000 in New Senior Convertible Notes to the Investors. The Second Amendment provided that the New Senior Convertible Notes shall be included within the definition of “Notes” and “Closing Securities” under the Purchase Agreement, and any shares of Common Stock issuable upon conversion of the New Senior Convertible Notes shall be included within the definition of “Note Shares” under the Purchase Agreement.

Concurrently with the execution of the Second Amendment, the Company issued and sold New Senior Secured Convertible Notes to each of HealthCor Partners and HealthCor Hybrid in the principal amounts of $2,329,000 and $2,671,000, respectively. As provided by the Second Amendment, the New Senior Convertible Notes are in substantially the same form as the 2011 HealthCor Notes, with changes to the “Issuance Date,” “Maturity Date,” “First Five Year Note Period” and other terms to take into account the timing of the issuance of the New Senior Convertible Notes. The New Senior Convertible Notes have a maturity date ten (10) years from the date of issuance. The New Senior Convertible Notes will bear interest accordingly:

(a)

During years 1-5, interest will be payable (on a cumulative basis) by the issuance of additional convertible debt (a “PIK”) with the same terms as New Senior Convertible Notes, at an interest rate of 12.5%, compounded quarterly.

(b)

During years 6-10, interest may be paid in cash or as a consideration on the cumulative PIK (at the Company’s option), at an annual interest rate of 10.0%, compounded quarterly.

(c)

Interest shall be calculated and payable on a quarterly basis in arrears.

(d)

Notwithstanding the foregoing, during the existence of an event of default, the then applicable interest rate will be increased by 5%.

In addition, the provisions regarding interest acceleration, optional conversion, negative covenants, and events of default, preemptive rights and registration rights will be the same as those of the 2011 HealthCor Notes.

The Company will use the proceeds from the sale of the New Senior Secured Convertible Notes (i) to recruit and employ executives and sales personnel with experience in the healthcare/hospital space to establish contracts and pilot programs with hospitals, (ii) to expand its intellectual property portfolio, and (iii) for general working capital purposes.

In conjunction with the execution of the Second Amendment, the Company and its subsidiaries entered into a First Amendment to Loan and Security Agreement with Comerica Bank, as collateral agent and lender, and Bridge Bank, as lender (the “Loan Amendment”), amending the Loan and Security Agreement dated as of August 31, 2011, among the same parties (the “Loan and Security Agreement”). The Loan Amendment effected a change to the definition of “HealthCor Debt” under the Loan and Security Agreement, which is a component of “Permitted Indebtedness” under that agreement, in order to permit the issuance of the New Senior Convertible Notes. Also in connection with the Second Amendment, the Subordination Agreement between Comerica Bank and the Investors was amended to permit the sale and issue of the New Senior Convertible Notes.

At the time of the issuance of the New Senior Secured Convertible Notes to each of HealthCor Partners and HealthCor Hybrid the underlying shares of the Company’s common stock totaled approximately 4,000,000. As of March 31, 2012, the underlying shares of the Company’s common stock totaled approximately 4,082,000 (after applying the PIK for the period from January 9, 2012 through March 31, 2012).

At any time or times on or after April 21, 2011, the Investors are entitled to convert any portion of the outstanding and unpaid accrued interest on and principal balances of the Notes into fully paid and non-assessable shares of Common Stock at a conversion rate of $1.25 per share. As part of the agreement (s) with the Investors, the Company accrues and capitalizes interest as payment in kind into the existing note(s) payable.

When issuing debt or equity securities convertible into common stock at a discount to the fair value of the common stock at the date the debt or equity financing is committed, a company is required to record a beneficial conversion feature (“BCF”) charge in accordance with ASC 470-20. The Company had two separate issuances of equity securities convertible into common stock that qualify under this accounting treatment, (i) the Senior Convertible Notes and (ii) the New Senior Convertible Notes. Because the Senior Convertible Notes were originally classified as a liability when issued and reclassified to equity on December 31, 2011, only the accrued interest capitalized as payment in kind since issuance qualifies under this accounting treatment. The full amount of the New Senior Convertible Notes and all accrued payment in kind interest also qualifies for this accounting treatment. At March 31, 2012, the Company recorded a BCF of $2,082,122 based on the difference between the contractual conversion rate and the current fair value of the Company’s Common Shares at original issuance date. The transaction was recorded as a charge to debt discount and the credit to additional paid in capital, with the debt discount ratably amortized to interest expense over the expected term of the notes (through April 2021 for the Senior Convertible Notes and through January 2022 for the New Senior Convertible Notes). To that end, the Company recorded an aggregate of $73,706 in interest expense for the three months ended March 31, 2012. The carrying value of the debt with HealthCor at March 31, 2012 approximates fair value as the interest rates used are those currently available to the Company and would be considered level 3 inputs under the fair value hierarchy.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 10,042,456	$ 8,526,857
Accounts receivable	244,206	186,850
Other current assets	282,121	359,086
Total current assets	10,568,783	9,072,793
Property and equipment, net of accumulated depreciation of $1,733,606 and $1,321,216, respectively	8,854,046	8,767,459
Other Assets:
Intellectual property, patents, and trademarks, net of accumulated amortization of $2,344,816 and $2,205,428, respectively	528,539	667,927
Other assets	3,408,892	3,448,038
[AssetsNoncurrent]	3,937,431	4,115,965
Total assets	23,360,260	21,956,217
Current Liabilities:
Accounts payable	444,167	1,240,347
Notes payable, net of debt discount of $2,352 and $32,255, respectively	11,393	58,602
Mandatorily redeemable equity in joint venture, net of debt discount of $2,352 and $32,255, respectively	11,393	58,602
Accrued interest	9,660	1,342
Other current liabilities	424,944	275,268
Total current liabilities	901,557	1,634,161
Long-term Liabilities
Senior secured convertible notes, net of debt discount of $19,226,038 and $17,925,049, respectively	8,338,452	3,855,769
Notes payable, net of current portion and net of debt discount of $107,242 and $100,715, respectively	329,176	273,128
Mandatorily redeemable equity in joint venture, net of current portion and net of debt discount of $107,242 and $100,715, respectively	329,176	273,128
Total long-term liabilities	8,996,804	4,402,025
Total liabilities	9,898,361	6,036,186
Commitments and Contingencies
Stockholders' Equity (Deficit):
Preferred stock - par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding
Common stock - par value $0.001; 300,000,000 shares authorized; 132,086,376 and 131,455,407 issued and outstanding, respectively	132,086	131,455
Additional paid in capital	65,125,310	62,788,134
Accumulated deficit	(51,530,058)	(46,772,548)
Total CareView Communications Inc. stockholders equity	13,727,338	16,147,041
Noncontrolling interest	(265,439)	(227,010)
Total stockholders' equity	13,461,899	15,920,031
Total liabilities and stockholders' equity	$ 23,360,260	$ 21,956,217

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITES
Net loss	$ (4,795,939)	$ (1,348,888)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Depreciation	412,390	138,042
Provision for doubtful accounts	(15,984)
Amortization of intangible assets	139,388	137,921
Amortization of debt discount	827,884	47,451
Amortization of prepaid consulting costs	146,616	40,688
Amortization of installation costs	37,014
Amortization of distribution/service costs	13,833	13,833
Amortization of deferred debt issuance costs	131,633
Interest incurred and capitalized but not paid	783,674
Stock based compensation related to options granted	235,049	183,867
Changes in operating assets and liabilities:
Accounts receivable	(41,372)	(18,975)
Other current assets	75,554	(20,516)
Other assets	45,409
Accounts payable	(796,180)	1,066,488
Accrued interest	8,318	(8,416)
Accrued expenses and other current liabilities	149,676	106,773
Net cash flows provided by (used in) operating activities	(2,643,037)	338,268
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(498,977)	(852,471)
Deferred installation costs	(333,948)
Patent and trademark costs		(8,686)
Net cash flows used in investing activities	(832,925)	(861,157)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable	5,000,000
Proceeds from exercise of options and warrants	20,635
Repayment of notes payable	(29,074)	(41,336)
Proceeds from sale of common stock, net of issuance costs		550,000
Net cash flows provided by financing activities	4,991,561	508,664
Increase (decrease) in cash	1,515,599	(14,225)
Cash, beginning of period	8,526,857	26,565
Cash, end of period	10,042,456	12,340
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	17,836	37,555
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:
Paid in kind interest associated with the HealthCor funding	$ 261,224

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2012
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE P - SUBSEQUENT EVENTS Consulting Agreement with Heartland Energy Partners, LLC On April 29, 2012 (the “Effective Date”), the Company entered into a Consulting Agreement (“Agreement”) with Heartland Energy Partners, LLC (“Heartland”) under which Heartland will develop and execute a comprehensive strategy to create Company awareness and credibility with the Department of Veteran Affairs. The Agreement expires twelve (12) months from the date that the Company is approved by the U.S. General Services Administration (“GSA”); however, the Agreement may be canceled by either party with thirty (30) days written notice. Compensation for Heartland includes a monthly fee of $10,000, the first payment of which is due within ten (10) business days after receiving GSA approval, with subsequent monthly payments due for following eleven months unless the Agreement is earlier terminated by the parties. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant (“Warrant”) for the purchase of 1,000,000 shares of the Company’s Common Stock at an exercise price equal to the ten (10) day average closing price ending on the day before the Effective Date (or $1.51 per share). Commencing on or near the date of the GSA approval, and every ninety (90) days thereafter, the Company and English shall meet to evaluate the performance of English after which the vesting of the shares underlying the Warrant shall be determined in the sole discretion of Steve Johnson, the Company’s President, and the Company’s Board of Directors. Should the Agreement be terminated, any shares not yet vested under the Warrant will be canceled. Advisory Services Agreement with Stonegate Securities, Inc. On May 4, 2012, the Company entered into an Advisory Services Agreement with Stonegate Securities, Inc. (“Stonegate”) under which Stonegate will provide services related to micro-cap market research and investor relations. The Agreement is for a term of twelve months and may be terminated by either party upon thirty (30) days written notice. Compensation for Stonegate includes a retainer of $5,000 per month payable in advance. In addition, the Company agrees to issue a five-year Common Stock Purchase Warrant for the purchase of 240,000 shares of the Company’s Common Stock at an exercise price of $1.65 per share. Vesting of the underlying shares will occur at the rate of 20,000 shares on the monthly anniversary date of the Agreement so long as the Agreement has not been terminated. In the event the Agreement is terminated prior to full vesting of the underlying shares, a prorated portion of the shares will vest through the date of termination and the right to purchase the remaining underlying shares shall be canceled.

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS	3 Months Ended
	Mar. 31, 2012
Basis Of Presentation And Recently Issued Accounting Pro-Nouncements
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS	NOTE A – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRO-NOUNCEMENTS Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements of CareView Communications, Inc. (“CareView” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The balance sheet at December 31, 2011 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2011. Recently Issued and Newly Adopted Accounting Pronouncements Adoption of New Accounting Standards There have been no material changes to the Company’s significant accounting policies as summarized in Note B of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. The Company does not expect that the adoption of any recent accounting pronouncements will have a material impact on its condensed consolidated financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets
Accumulated depreciation of property and equipment	$ 1,733,606	$ 1,321,216
Accumulated amortization of intellectual property, patents, and trademarks	2,344,816	2,205,428
Debt discount of notes payable, current	2,352	32,255
Debt discount of mandatorily redeemable equity in joint venture, current	2,352	32,255
Debt discount of senior secured convertible notes	19,226,038	17,925,049
Debt discount of notes payable, noncurrent	107,242	100,715
Debt discount of mandatorily redeemable equity in joint venture, noncurrent	$ 107,242	$ 100,715
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	132,086,376	131,455,407
Common stock, shares outstanding	132,086,376

DISTRIBUTION AGREEMENT	3 Months Ended
DISTRIBUTION AGREEMENT	Mar. 31, 2012
Distribution Agreement
DISTRIBUTION AGREEMENT	NOTE K – DISTRIBUTION AGREEMENT On January 9, 2010, the Company entered into a Distribution Agreement (“Agreement”) with Foundation Medical to distribute the CareView System™ on the East Coast of the United States. In addition to selling the CareView System™, the entity will also serve as CareView’s East Coast representative to service all of the installed medical facilities in that region. In connection with the Agreement, the Company issued a five-year Common Stock Purchase Warrant (the “Warrant”) to purchase 200,000 shares of the Company’s Common Stock at an exercise price of $0.52 per share. The Warrant has not been exercised. The Warrant was valued using the Black-Scholes Model on the date of the grant using a term five (5) years; volatility of 89.46%; risk free rate of 1.09%; and a dividend yield of 0%. The Agreement carries a three (3) year term and accordingly the Warrant, with a fair value of $166,000, is being amortized over the life of the Agreement. For both of the three month periods ended March 31, 2012 and 2011, the Company recognized expense of $13,833 as distribution expense in network operations. As of March 31, 2012 and December 31, 2011, the Company reported $41,501 and $55,334, respectively as deferred distribution cost in other assets on the accompanying condensed consolidated financial statements. On March 1, 2012, the Company entered into a two-year Sales Consulting Agreement (“Consulting Agreement”) with Foundation Medical and Donald Shirley (collectively, the “Consultant”) wherein the above-mentioned Distribution Agreement was terminated and future services to be provided by the Consultant relative to designated hospitals would be provided pursuant to the Consulting Agreement. As consideration for cancellation of the Distribution Agreement, the Company agreed to issue to the Consultant 50,000 shares of the Company’s Common Stock upon execution of the Consulting Agreement and an additional 50,000 shares of the Company’s Common Stock on the date of the first anniversary thereof. CareView agreed to pay the Consultant a monthly consultant fee equal to the greater of (i) $10,000 or (ii) the sum of $250 per month per designated hospital. The first payment due thereunder was paid on March 1, 2012 in the amount of $10,000 and with subsequent payments due on the 20th day of each month thereafter. In addition, the Consultant is eligible to receive a commission on system products and components up-sold and installed at the designated hospitals. Consultant will receive commissions on receipt of revenue by CareView as follows: (i) for 5-year contracts, Consultant will receive 10% in year 1, 8% in year 2, 7% in year 3, 5% in year 4 and 3% in year 5 and (ii) for 3-year contracts, Consultant will receive 6% in year 1, 4% in year 2 and 2% in year 3.

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 08, 2012
Document And Entity Information
Entity Registrant Name	CareView Communications Inc
Entity Central Index Key	0001377149
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		132,086,376
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012

SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT	3 Months Ended
SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT	Mar. 31, 2012
Subscription And Investor Rights Agreement
SUBSCRIPTIONS AND INVESTOR RIGHTS AGREEMENT	NOTE L – SUBSCRIPTION AND INVESTOR RIGHTS AGREEMENT On August 20, 2010, in an effort to resolve all past, current and future claims due pursuant to a Subscription and Investor Rights Agreement (“Subscription Agreement”) with an entity known as T2 Consulting, LLC (“T2”), and the principals of T2, namely Tommy G. Thompson (“Thompson”), Gerald L. Murphy (“Murphy”) , and Dennis Langley (“Langley”), the Company entered into a Revocation and Substitution Agreement with T2, Thompson, Murphy and Langley (the “Agreement”). In exchange for the revocation of the Subscription Agreement by T2, Thompson, Murphy and Langley, the Company agreed to issue to each of Thompson, Murphy, and Langley a five-year Common Stock Purchase Warrant (“Warrant”) to purchase 1,000,000 shares of the Company’s Common Stock at an exercise price of $1.00 per share. The Warrants were valued on the date of the grant using their five (5) year term; volatility of 94.12%; risk free rate of 1.47%; and a dividend yield of 0%. The valuation methodology used to determine the fair value of the Warrants issued was the Black-Scholes Model, and accordingly calculated a fair value of $4,080,000 and reported as contract modification expense in general and administration during the year ended December 31, 2010. The Company’s Board of Directors believes the Agreement is in the best interest of all the shareholders of the Company and has determined that it is not necessary to obtain a ‘fairness’ opinion from an independent third-party. As additional consideration for the revocation of the Subscription Agreement, the Company executed an Agreement Regarding Gross Income Interest (the “GII Agreement”) with each of Thompson, Murphy and Langley dated August 20, 2010. The GII Agreement does not have a termination date; however it does provide that the Company has the right to acquire the GII of Thompson, Murphy and Langley from September 1, 2013 until December 31, 2015, and that Thompson, Murphy and Langley each have the right to require that their respective GII be purchased by the Company any time from September 1, 2011 until December 31, 2015. At March 31, 2012, based on actual revenue, the Company recorded a liability for the GII owner’s put of approximately $14,000 (the estimated fair value of the GII owner’s put). This liability is analyzed and updated quarterly, based on actual revenues. In an additional term in the GII Agreement with Langley, the Company agreed that an affiliate of Langley shall be granted a distribution and sales agreement for the Company’s products for government entities in the U.S. including, but not limited to, HHS, VA, DOD and state and local governments. Terms of the distribution agreement will be negotiated at a future date.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Condensed Consolidated Statements Of Operations
Revenues, net	$ 387,355	$ 109,071
Operating expenses:
Network operations, including non-cash costs of $13,833 and $13,833, respectively	812,424	182,732
General and administration, including non-cash costs of $381,666 and $224,555, respectively	1,320,469	619,998
Sales and marketing	461,148	144,215
Research and development	217,377	157,848
Depreciation and amortization	551,777	275,964
Total operating expense	3,363,195	1,380,757
Operating loss	(2,975,840)	(1,271,686)
Other income and (expense)
Interest expense	(1,821,881)	(77,202)
Interest income	154
Other income	1,628
Total other income (expense)	(1,820,099)	(77,202)
Loss before taxes	(4,795,939)	(1,348,888)
Provision for income taxes
Net loss	(4,795,939)	(1,348,888)
Net loss attributable to noncontrolling interest	(38,429)	(28,424)
Net loss attributable to CareView Communications, Inc.	$ (4,757,510)	$ (1,320,464)
Net loss per share attributable to CareView Communications, Inc.	$ (0.04)	$ (0.01)
Weighted average number of common shares outstanding, basic and diluted	131,775,823	127,540,215

AGREEMENT WITH HMA	3 Months Ended
AGREEMENT WITH HMA	Mar. 31, 2012
Agreement With Hma
AGREEMENT WITH HMA	NOTE M – AGREEMENT WITH HMA On March 8, 2011, the Company entered into a Master Agreement with Hospital Management Associates, Inc., a Delaware corporation (“HMA”). Terms of the Master Agreement provide for (i) HMA to use the CareView System in each of its 66 hospitals across the U.S. through the execution of a separate Hospital Agreement for each location and (ii) CareView to provide the Primary Package and preferential pricing in exchange for the volume provided by HMA. As of March 31, 2012, the Company has 3,599 installations in 51 HMA hospitals resulting in revenue of approximately $312,000 for the three months ended March 31, 2012.

JOINT VENTURE AGREEMENT	3 Months Ended
JOINT VENTURE AGREEMENT	Mar. 31, 2012
Joint Venture Agreement
JOINT VENTURE AGREEMENT	NOTE I – JOINT VENTURE AGREEMENT On November 16, 2009, the Company entered into a Master Investment Agreement (the “Rockwell Agreement”) with Rockwell Holdings I, LLC, a Wisconsin limited liability (“Rockwell”). Under the terms of the Rockwell Agreement, the Company will use funds from Rockwell to fully implement the CareView System™ in Hillcrest Medical Center in Tulsa, Oklahoma (“Hillcrest”) and Saline Memorial Hospital in Benton, Arkansas (“Saline”) (the “Project Hospital(s)”). Both Rockwell and the Company own 50% of each Project LLC formed for the Project Hospitals. CareView contributed its intellectual property rights and its hospital contract with each Project Hospital. Rockwell contributed cash to be used for the purchase of equipment for the Project LLCs with 50% attributed to a promissory note bearing interest at 10% and 50% attributed to member’s equity. The Project Notes are secured by a security interest in all of the equipment in the Project Hospitals, intellectual property rights, and the Project Hospital Contract. Additionally, the Project LLCs have an obligation to pay Rockwell a Preferential Return (the amount of Rockwell’s aggregate capital contribution to the Project LLCs plus ten percent (10%) per annum, compounded annually). The Company classified this obligation as a liability since it represents an unconditional obligation by the Company to pay Rockwell’s Preferential Return on each Project LLC and is recorded in mandatorily redeemable equity in joint venture on the accompanying condensed consolidated balance sheet. The Project LLCs were within the scope of the variable interest entities (VIE) subsection of the FASB ASC and we determined the Project LLCs are VIEs based on the fact that the total equity investment at risk was not sufficient to finance the entities activities without additional financial support. The Company consolidates the Project LLCs as it has the power to direct the activities and an obligation to absorb losses of the VIEs. As additional consideration to Rockwell for providing the funding, the Company granted Rockwell 1,151,206 Warrants valued at $1,124,728 (the “Project Warrants”). The Project Warrants were valued using the Black-Scholes Model on the date of the Rockwell Agreement using a term of five (5) years; volatility of 89.21%; risk free rate of 2.19%; and a dividend yield of 0%. The Warrants are classified as equity and are included in additional paid-in-capital on the accompanying condensed consolidated balance sheet. The Company allocated the proceeds to the Project Warrants and the Project Notes or Preferential Returns based on the relative fair value. The originally recorded debt discount of $636,752 is being amortized over the life of the debt, and recorded as interest expense in other income (expense) on the accompanying condensed consolidated financial statements. Amortization expense totaled $47,452 for both of the three month periods ended March 31, 2012 and 2011. As any additional funding is provided, the Company will issue additional Project Warrants to Rockwell and calculate the fair value of those warrants and record them in the financial statements when they are due or issued. One of the Company’s Project LLCs was notified by a customer of its desire to terminate its hospital agreement. This termination, effective January 27, 2012, results in the loss of monthly revenue totaling approximately $20,000, which revenue was used to make payments on its indebtedness to the Rockwell Holdings. As of March 31, 2012, the Company’s LLCs’ indebtedness to Rockwell Holdings totaled approximately $711,000. The Company is currently in negotiation with this customer to renew and extend the hospital agreement, but there can be no assurances made at this time. In the event that the Company is not able to renew the hospital agreement, the Company may incur de-installation costs of approximately $37,000 for removing its equipment from the hospital premises.

RELATED PARTIES	3 Months Ended
RELATED PARTIES	Mar. 31, 2012
Related Parties
RELATED PARTIES	NOTE H – RELATED PARTIES In January 2012, a related party repaid its outstanding balance of approximately $189,000. As of March 31, 2012 and December 31, 2011, the Company was owed $0 and approximately $189,000 (comprised of $86,000 from a related party for shared rental expense at the Company’s prior offices, and $103,000 from the related party for shared expenses related to consulting services rendered by two individuals). The $189,000 was included in other current assets in the accompanying condensed consolidated financial statements for December 31, 2011.

LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK	3 Months Ended
	Mar. 31, 2012
Loan And Security Agreement With Comerica Bank And Bridge Bank
LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK	NOTE O – LOAN AND SECURITY AGREEMENT WITH COMERICA BANK AND BRIDGE BANK On August 31, 2011, the Company entered into and closed a Loan and Security Agreement (the “Agreement” or the “Revolving Line”) with Comerica Bank (“Comerica”) and Bridge Bank, National Association (“Bridge Bank”) (collectively the “Banks”) providing for a two-year, $20 million revolving line of credit. The Revolving Line will provide the Company with capital, inter alia, to purchase equipment and perform installations pursuant to newly signed contracts that the Company may execute in the future with certain healthcare providers. The borrowings under the Agreement will bear interest on the outstanding daily balance of the advances at the rate of 3.75% plus the Prime Referenced Rate, which is a rate equal to Comerica’s prime rate but no less than the sum of 30-day LIBOR rate plus 2.5% per annum. Interest shall be paid monthly in arrears on any outstanding principal amount. The interest rate was calculated to be 7.0% per annum at March 31, 2012. Through March 31, 2012, the Company did not borrow any funds under the Revolving Line. At March 31, 2012, the entire $20,000,000 Revolving Line was available to the Company. So long as no event of default has occurred and is continuing and subject to and upon the terms and conditions of the Agreement, and provided that the Company has delivered evidence to the reasonable satisfaction of the Banks of a signed contract for a new customer or the expansion of a contract with an existing customer for the addition of hospital sites and or hospital beds, the Company may request, and the Banks have agreed to make Advances in an aggregate outstanding amount not to exceed the lesser of (i) the $20 million revolving line limit or (ii) the Borrowing Base. As defined in the Agreement “Advances” means cash advances under the Revolving Line and “Borrowing Base” generally means an amount equal to eighty percent (80%) of Eligible Accounts. As defined in the Agreement, “Eligible Accounts” generally means those accounts that (x) arise in the ordinary course of the Company’s business; (y) arise from the future, rolling twelve (12) months due to sales of subscriptions to individual hospitals or hospital groups which are associated with (i) existing subscription services that are under contract and have at least twelve (12) months of life left on the contract at the time of inclusion of such account in the Borrowing Base; and (ii) newly executed contracts that have a minimum length of at least four (4) years; and (z) comply with certain Company representations and warranties to the Banks set forth in the Agreement that relate to Eligible Accounts. Subject to the terms and conditions of the Agreement, amounts borrowed may be repaid and re-borrowed at any time prior to the Revolving Maturity Date, (the earlier of (i) two (2) years after the initial Advance or (ii) June 14, 2014), at which time all Advances shall be immediately due and payable. Except as set forth in the Prime Referenced Rated Addendum to the Agreement, the Company may prepay any Advances without penalty or premium. The Company shall use the proceeds of the Advances for the purchase of machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments and/or installation costs associated with the installation of a new or expanded customer subscription services contract. The Agreement requires the Company to pay a quarterly unused facility fee equal to one quarter of one percent (0.25%) per annum of the difference between the amount of the Revolving Line and the average outstanding principal balance of the Revolving Line during the applicable quarter. The Agreement requires CareView to maintain its primary operating accounts with Comerica and Bridge Bank on a 50:50 basis, with no less than 80% of CareView’s investment accounts with the Banks or their affiliates, unless CareView’s cash falls below $5 million, in which case it must maintain all its cash with the Banks. The Agreement also requires CareView to maintain a fixed charge coverage ratio of at least 5.01 to 1.00. The credit facility also contains certain customary affirmative covenants that include, among others, payment of taxes and other obligations, maintenance of insurance and reporting requirements, as well as customary negative covenants that limit, among other things, the Company’s ability to make dispositions and acquisitions, be acquired, incur debt or pay dividends. The credit facility contains customary events of default including, among other things, non-payment, inaccurate representations and warranties, violation of covenants, events that constitute a material adverse effect and cross-defaults to other indebtedness. Upon an occurrence of an event of default, the Company shall pay interest on the outstanding principal balance of five percent (5%) above the otherwise applicable interest rate, and the Banks may accelerate the loan. Pursuant to and in connection with the Agreement, the Company granted the Banks a security interest in all of its assets, including its intellectual property pursuant to an Intellectual Property Security Agreement, and pledged its ownership interests in its subsidiaries and certain joint ventures. Pursuant to and in connection with the Agreement, the Company has entered into a Subordination Agreement with its existing convertible note holders, HealthCor Partners Fund, L.P. and HealthCor Hybrid Offshore Master Fund, L.P. Also, in connection with the Revolving Line, the Company issued Warrants to the Banks to purchase an aggregate of 1,428,572 shares of the Company’s Common Stock. The Warrants have an exercise price of $1.40 per share and expire on August 31, 2018. The fair value of the Warrants at issuance was $1,535,714 and has been recorded as deferred financing costs. The deferred financing costs are amortized to interest expense over the term of the revolving line. For the three months ended March 31, 2012, $131,633 was amortized to interest expense. The Warrants have not been exercised as of March 31, 2012.