Quarterly report pursuant to sections 13 or 15(d)

Balance Sheet Information

v2.3.0.11
Balance Sheet Information
6 Months Ended
Mar. 31, 2012
Balance Sheet Information

Note 2: Balance Sheet Information

 

Balance sheet information is as follows:

 

    March 31,     September 30,  
    2012     2011  
    (unaudited)        
             
Receivables, current, net:                
Accounts receivable, current   $ 2,030,132     $ 2,080,747  
Less: Allowance for doubtful accounts     (1,517,831 )     (1,425,891 )
    $ 512,301     $ 654,856  
Receivables, long term, net:                
Accounts receivable, long term   $ 498,832     $ 569,178  
Less: Allowance for doubtful accounts     (134,741 )     (197,740 )
    $ 364,091     $ 371,438  
Total receivables, net:                
Gross receivables   $ 2,528,964     $ 2,649,925  
Less: Allowance for doubtful accounts     (1,652,572 )     (1,623,631 )
    $ 876,392     $ 1,026,294  

 

Our accounts receivable consist primarily of amounts due from customers of our directory services business.

 

During the quarter ended March 31, 2012, the Company discovered it was incorrectly netting certain allowance accounts against gross receivables. From this review and for the quarter ended March 31, 2012, the Company concluded that it should gross up its receivables by approximately $350,000 with an equal offset and increase to its allowance for doubtful accounts from the methodology formerly used by the Company. The net accounts receivable balances were not impacted for this period or any prior period.

 

Components of allowance for doubtful accounts are as follows:

 

    March 31,     September 30,  
    2012     2011  
     (unaudited)        
             
Allowance for dilution and fees on amounts due from billing aggregators   $ 1,638,870     $ 1,477,769  
Allowance for customer refunds     13,702       145,862  
    $ 1,652,572     $ 1,623,631  

 

    March 31,     September 30,  
    2012     2011  
    (unaudited)        
Property and equipment, net:                
Leasehold improvements   $ 201,476     $ 201,476  
Furnishings and fixtures     233,577       233,577  
Office, computer equipment and other     426,931       426,931  
      861,984       861,984  
  Less: Accumulated depreciation     (770,381 )     (690,783 )
    $ 91,603     $ 171,201  

 

    March 31,     September 30,  
    2012     2011  
    (unaudited)        
Intangible assets, net:                
Domain name and marketing related intangibles   $ 1,517,769     $ 1,509,600  
Website and technology related intangibles     351,941       351,941  
      1,869,710       1,861,541  
Less: Accumulated amortization     (696,279 )     (639,207 )
    $ 1,173,431     $ 1,222,334  

 

 

    March 31,     September 30,  
    2012     2011  
    (unaudited)        
             
Accrued liabilities:                
Deferred revenue   $ 3,016     $ 14,553  
Accrued payroll and bonuses     39,421       63,043  
Accruals under revenue sharing agreements     77,756       86,550  
Accrued expenses - other     215,824       260,449  
    $ 336,017     $ 424,595