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Note 4: Balance Sheet Information | 12 Months Ended
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Sep. 30, 2012
Note 4 Balance Sheet Information |
Note 4: Balance Sheet Information | Balance sheet information is as follows:
|  | September 30, |
|  | 2012 |  |  | 2011 |
Receivables, current, net: |  |  |  |  |  |  |  |
Accounts receivable, current |  | $ | 1,863,067 |  |  | $ | 2,080,747 |
Less: Allowance for doubtful accounts |  |  | (1,423,219 | ) |  |  | (1,425,891 | )
|  | $ | 439,848 |  |  | $ | 654,856 |
Receivables, long term, net: |  |  |  |  |  |  |  |
Accounts receivable, long term |  | $ | 510,587 |  |  | $ | 569,178 |
Less: Allowance for doubtful accounts |  |  | (136,017 | ) |  |  | (197,740 | )
|  | $ | 374,570 |  |  | $ | 371,438 |
Total receivables, net: |  |  |  |  |  |  |  |
Gross receivables |  | $ | 2,373,654 |  |  | $ | 2,649,925 |
Less: Allowance for doubtful accounts |  |  | (1,559,236 | ) |  |  | (1,623,631 | )
|  | $ | 814,418 |  |  | $ | 1,026,294 |
Long term receivables consist of reserves held by LEC processors that are not expected to be settled within 12 months. Approximately 93% of the Company’s allowance for doubtful accounts is an allowance against accounts receivable balances and reserves held by a LEC that is in bankruptcy and an allowance against an outstanding receivable balance that is in dispute. After excluding these reserves from the related accounts receivable balances, the allowance for doubtful accounts as a percentage of gross accounts receivable decreases to 12.6%. See note 12 for Concentration of Credit Risk. Components of allowance for doubtful accounts are as follows:
|  | September 30, |
|  | 2012 |  |  | 2011 |
Allowance for dilution and fees on amounts due from billing aggregators |  | $ | 1,525,126 |  |  | $ | 1,477,769 |
Allowance for customer refunds |  |  | 34,111 |  |  |  | 145,862 |
|  | $ | 1,559,237 |  |  | $ | 1,623,631 |
|  | September 30, |
|  | 2012 |  |  | 2011 |
Property and equipment, net: |  |  |  |  |  |  |  |
Leasehold improvements |  | $ | – |  |  | $ | 201,476 |
Furnishings and fixtures |  |  | 94,511 |  |  |  | 233,577 |
Office, computer equipment and other |  |  | 361,685 |  |  |  | 426,931 |
|  |  | 456,196 |  |  |  | 861,984 |
Less: Accumulated depreciation |  |  | (405,670 | ) |  |  | (690,783 | )
|  | $ | 50,526 |  |  | $ | 171,201 |
|  | September 30, |
|  | 2012 |  |  | 2011 |
Intangible assets, net: |  |  |  |  |  |  |  |
Domain name and marketing related intangibles |  | $ | 1,511,650 |  |  | $ | 1,509,600 |
Website and technology related intangibles |  |  | 1,252,304 |  |  |  | 351,941 |
|  |  | 2,763,954 |  |  |  | 1,861,541 |
Less: Accumulated amortization |  |  | (766,283 | ) |  |  | (639,207 | )
|  | $ | 1,997,671 |  |  | $ | 1,222,334 |
The change in intangibles is attributable to $420,000 of intangibles acquired in the LiveOpenly acquisition and $482,413 of website development costs.
|  | September 30, |
|  | 2012 |  |  | 2011 |
Accrued liabilities: |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 2,310 |  |  | $ | 14,553 |
Accrued payroll and bonuses |  |  | 28,968 |  |  |  | 63,043 |
Accruals under revenue sharing agreements |  |  | 67,601 |  |  |  | 86,550 |
Accrued expenses - other |  |  | 311,225 |  |  |  | 260,449 |
|  | $ | 410,104 |  |  | $ | 424,595 |

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