| September 30, | December 31, | |||
| 2004 | 2003 | |||
| (Unaudited) | ||||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ 3,796,668 | $ 1,867,999 | ||
| Receivables, net | 1,313,950 | 1,496,934 | ||
| Inventories, net | 7,822,598 | 5,770,289 | ||
| Prepaid expenses | 1,279,282 | 941,966 | ||
| Other receivables | 1,114,564 | 654,141 | ||
| Other current assets | 152,854 | 10,296 | ||
| Deferred advertising – CBS | – | 38,807 | ||
| Total current assets | 15,479,916 | 10,780,432 | ||
| RESTRICTED CASH | 782,500 | 850,000 | ||
| ACQUISITION ESCROW | 920,000 | – | ||
| PROPERTY AND EQUIPMENT, net | 2,348,095 | 2,236,906 | ||
| INVESTMENTS IN AND ADVANCES TO EQUITY METHOD INVESTEES | 423,249 | 164,205 | ||
| IDENTIFIABLE INTANGIBLE ASSETS, net | 1,379,798 | 1,603,985 | ||
| GOODWILL | 45,081,539 | 40,813,682 | ||
| OTHER ASSETS | 284,851 | 431,811 | ||
| TOTAL ASSETS | $ 66,699,948 | $ 56,881,021 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Accounts payable | $ 1,988,600 | $ 2,201,431 | ||
| Accrued expenses and other | 3,868,554 | 5,178,467 | ||
| Loan from shareholder/officer | 200,000 | 600,000 | ||
| Deferred revenue | 9,436,149 | 9,063,317 | ||
| Current portion of capital lease obligations | 198,971 | 227,538 | ||
| Total current liabilities | 15,692,274 | 17,270,753 | ||
| CAPITAL LEASE OBLIGATIONS, less current portion | 147,043 | 178,790 | ||
| DEFERRED REVENUE, less current portion | 251,687 | 193,063 | ||
| MINORITY INTEREST | 40,131 | 21,895 | ||
| OTHER DEFERRED LIABILITY | 103,694 | 903,192 | ||
| CONVERTIBLE DEBENTURES, NET | 763,708 | 4,027,629 | ||
| COMMITMENTS AND CONTINGENCIES | ||||
| SHAREHOLDERS’ EQUITY: | ||||
| Preferred Stock at par value | – | – | ||
| Series A variable rate convertible preferred stock, $6.25 stated value, 217,600 | ||||
| shares authorized; 217,600 shares issued and outstanding at December 31,1998. | – | – | ||
| Series B variable rate convertible preferred stock, $5.21 stated value, 142,223 | ||||
| shares authorized; 122,846 shares issued and outstanding at December 31,1998. | – | – | ||
| Series C, 4% convertible preferred stock, $100 stated value, 100,000 shares | ||||
| authorized; 20,000 shares issued and outstanding at December 31,1998. | – | – | ||
| Series D, 7% convertible preferred stock, $10,000 stated value, 1,000 shares | ||||
| authorized; 250 shares issued and outstanding December 31,1998. | – | – | ||
| Series D-2, 7% convertible preferred stock, $10,000 stated value, 50 shares authorized; | ||||
| 50 shares issued and outstanding at December 31,1998. | – | – | ||
| Common stock at par value | 306,988 | 218,103 | ||
| Additional paid-in capital | 304,534,594 | 279,087,772 | ||
| Deferred compensation | (2,600,000) | (162,500) | ||
| Accumulated deficit | (252,540,171) | (244,857,676) | ||
| Total shareholders’ equity | 49,701,411 | 34,285,699 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 66,699,948 | $ 56,881,021 | ||
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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