Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues $ 20,373,130 $ 10,591,716 $ 36,480,838 $ 23,032,187
Cost of revenues, exclusive of amortization of intangibles 17,013,427 7,135,965 28,832,494 16,024,226
Research and development expenses 455,808 446,952 1,046,961 854,949
Selling and marketing expenses 1,328,301 1,221,901 2,613,194 2,402,233
General and administrative expenses 2,000,779 2,529,688 5,001,385 4,963,849
Amortization of intangible assets and capitalized software 299,934 478,317 601,305 954,623
Total operating costs and expenses 21,098,249 11,812,823 38,095,339 25,199,880
Operating loss (725,119) (1,221,107) (1,614,501) (2,167,693)
Other income 561 13,426 753 32,499
Financial expenses, net (342,164) (119,271) (379,000) (10,105)
Total other income (expense) (341,603) (105,845) (378,247) 22,394
Loss from continuing operations before income tax expense (1,066,722) (1,326,952) (1,992,748) (2,145,299)
Income tax expense 199,577 140,622 397,154 281,246
Loss from continuing operations (1,266,299) (1,467,574) (2,389,902) (2,426,545)
Loss from discontinued operations, net of income tax (1,635,361) (603,865) (1,571,201) (2,288,039)
Net loss (2,901,660) (2,071,439) (3,961,103) (4,714,584)
Other comprehensive income, net of income tax        
Foreign currency translation adjustment (338,586) 186,049 (171,511) 321,947
Comprehensive loss $ (3,240,246) $ (1,885,390) $ (4,132,614) $ (4,392,637)
Basic and diluted net loss per share – continuing operations (in Dollars per share) $ (0.09) $ (0.11) $ (0.16) $ (0.17)
Basic and diluted loss per share – discontinued operations (in Dollars per share) $ (0.11) $ (0.04) $ (0.11) $ (0.17)
Basic and diluted net loss per share (in Dollars per share) $ (0.20) $ (0.15) $ (0.27) $ (0.34)
Weighted average number of shares used in computing basic and diluted net loss per share (in Shares) 14,728,352 13,855,164 14,691,577 13,796,680