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EXCEL - IDEA: XBRL DOCUMENT - VERAMARK TECHNOLOGIES INCFinancial_Report.xls
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v2.4.0.6
Condensed Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 604,451 $ 679,405
Investments 118,332 161,949
Accounts receivable, trade (net of allowance for doubtful accounts of $45,200 and $35,000 , respectively) 1,982,470 1,711,171
Prepaid expenses 491,293 434,357
Other current assets 685,491 873,975
Total Current Assets 3,882,037 3,860,857
PROPERTY AND EQUIPMENT    
Cost 2,437,950 2,601,535
Less accumulated depreciation (1,901,394) (2,033,766)
Property and Equipment (net) 536,556 567,769
OTHER ASSETS:    
Software development costs (net of accumulated amortization of $2,004,706 and $1,892,938) 2,614,901 2,736,572
Pension assets 3,341,324 3,320,073
Intangibles, net 415,250 563,000
Goodwill 336,219 336,219
Deposits and other assets 1,162,612 1,121,738
Total Other Assets 7,870,306 8,077,602
TOTAL ASSETS 12,288,899 12,506,228
CURRENT LIABILITIES:    
Accounts payable 229,064 300,878
Accrued compensation 888,907 740,947
Deferred revenue 4,257,968 4,276,071
Current portion of pension obligation 558,660 538,159
Contingent liability 0 140,828
Short term debt 66,667 316,667
Other accrued liabilities 809,142 992,052
Total Current Liabilities 6,810,408 7,305,602
Long-Term debt 5,555 55,555
Long-Term portion of pension obligation 5,295,535 5,534,531
Other long-term liabilities 98,946 103,237
Total Liabilities 12,210,444 12,998,925
STOCKHOLDERS' EQUITY:    
Common Stock, par value $.10; shares authorized, 40,000,000; 10,744,334 and 10,696,996 shares issued 1,074,433 1,069,699
Additional paid-in capital 23,001,930 22,906,932
Accumulated deficit (23,616,298) (24,091,174)
Treasury stock (80,225 shares, at cost) (385,757) (385,757)
Accumulated other comprehensive income 4,147 7,603
Total Stockholders' Equity 78,455 (492,697)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 12,288,899 $ 12,506,228