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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents (Note 2) $ 20,535,644 $ 44,865,191
Marketable securities (Note 2) 20,182,450 20,895,238
Accounts receivable, net of allowance for doubtful accounts of $140,027 as of June 30, 2012 and $158,870 as of December 31, 2011 4,732,132 6,225,424
Other receivables, net 824,280 356,219
Prepaid expenses and other current assets 1,791,938 1,421,955
Restricted cash 660,370 660,370
Total current assets 48,726,814 74,424,397
Property and equipment, net of accumulated depreciation and amortization of $15,036,740 as of June 30, 2012 and $13,466,365 as of December 31, 2011 6,666,870 8,494,648
Marketable securities (Note 2) 26,644,072 7,894,365
Other assets 125,312 172,055
Goodwill 24,057,616 24,057,616
Other intangibles, net of accumulated amortization of $5,852,290 as of June 30, 2012 and $5,529,730 as of December 31, 2011 4,509,575 5,370,135
Restricted cash (Note 2) 1,000,000 1,000,000
Total assets 111,730,259 121,413,216
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 2,403,355 2,305,589
Accrued expenses 5,489,694 7,970,802
Deferred revenue 18,306,929 17,625,666
Other current liabilities 537,723 509,214
Total current liabilities 26,737,701 28,411,271
Deferred tax liability 288,000 288,000
Other liabilities 3,922,943 4,569,497
Total liabilities 30,948,644 33,268,768
Stockholders’ Equity    
Preferred stock; $0.01 par value; 10,000,000 shares authorized; 5,500 issued and outstanding as of June 30, 2012 and December 31, 2011; the aggregate liquidation preference totals $55,000,000 as of June 30, 2012 and December 31, 2011 55 55
Common stock; $0.01 par value; 100,000,000 shares authorized; 39,441,933 shares issued and 32,755,904 shares outstanding as of June 30, 2012, and 38,461,595 shares issued and 32,131,188 shares outstanding as of December 31, 2011 394,419 384,616
Additional paid-in capital 269,809,193 270,230,246
Accumulated other comprehensive income (293,820) (394,600)
Treasury stock at cost; 6,686,029 shares as of June 30, 2012 and 6,330,407 shares as of December 31, 2011 (11,750,434) (11,010,149)
Accumulated deficit (177,377,798) (171,065,720)
Total stockholders’ equity 80,781,615 88,144,448
Total liabilities and stockholders’ equity $ 111,730,259 $ 121,413,216