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
Mar. 31, 2012
Mar. 31, 2011
Revenues $ 16,107,708 $ 12,440,471
Cost of revenues, exclusive of amortization of intangibles 11,819,066 8,888,261
Research and development expenses 591,153 407,997
Selling and marketing expenses 1,284,894 1,180,332
General and administrative expenses 3,000,606 2,434,161
Amortization of intangible assets and capitalized software 301,371 476,306
Total operating costs and expenses 16,997,090 13,387,057
Operating loss (889,382) (946,586)
Other income 192 19,073
Financial income (expense), net (36,836) 109,166
Total other income (expense) (36,644) 128,239
Loss from continuing operations before income tax expense (926,026) (818,347)
Income tax expense 197,577 140,624
Loss from continuing operations (1,123,603) (958,971)
Income (loss) from discontinued operations, net of income tax 64,160 (1,684,174)
Net loss (1,059,443) (2,643,145)
Other comprehensive income, net of income tax    
Foreign currency translation adjustment 167,075 135,908
Comprehensive loss $ (892,368) $ (2,507,237)
Basic and diluted net loss per share – continuing operations (in Dollars per share) $ (0.08) $ (0.07)
Basic and diluted net income (loss) per share – discontinued operations (in Dollars per share) $ 0.01 $ (0.12)
Basic and diluted net loss per share (in Dollars per share) $ (0.07) $ (0.19)
Weighted average number of shares used in computing basic and diluted net income (loss) per share (in Shares) 14,654,803 13,689,149