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Delaware	11-2908692
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
11615 N. Houston-Rosslyn
Houston, Texas	77086
(Address of principal executive offices)	(Zip Code)

 

 

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		Page
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Stockholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7-11
Item 2.	Management's Discussion and Analysis of Financial Condition
	and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	17
Item 4.	Controls and Procedures	17
	PART II OTHER INFORMATION
Item 1.	Legal Proceedings	17
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Submissions of Matters to a Vote of Security Holders	18
Item 5.	Other Information	18
Item 6.	Exhibits	18

 

		March 31, 2005			December 31, 2004
		(unaudited)
CURRENT ASSETS:
Cash and cash equivalents		$	1,473		$	1,428
Receivables — net			8,920			10,340
Prepaid expenses and other current assets			1,322			1,850
Total current assets			11,715			13,618
PROPERTY AND EQUIPMENT — net			2,700			2,872
DEFERRED TAX ASSET			98			98
OTHER ASSETS			1,684			1,805
Total assets		$	16,197		$	18,393
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long term debt		$	1,200		$	1,200
Current portion of accrued interest			314			332
Accounts payable			2,701			3,468
Accrued liabilities			2,838			6,065
Total current liabilities			7,053			11,065
Long term debt and notes payable, net of current maturities			5,250			5,550
Accrued interest, net of current portion			526			598
Total liabilities			12,829			17,213
COMMITMENTS AND CONTINGENCIES			—			—
STOCKHOLDERS' EQUITY:
Preferred stock ($.00001 par value, 5,000,000 shares authorized, 53,000 shares issued and outstanding			—			—
Common stock ($.00001 par value, 125,000,000 shares authorized, 29,499,000 and 29,439,000 shares issued and outstanding at March 31, 2005 and December 31, 2004, respectively)			—			—
Additional paid-in capital			71,150			70,888
Deferred compensation			(300	)		(325	)
Accumulated other comprehensive loss			(1,234	)		(873	)
Accumulated deficit			(66,248	)		(68,510	)
Total stockholders' equity			3,368			1,180
Total liabilities and stockholders' equity		$	16,197		$	18,393