CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 25, 2011	Dec. 26, 2010
ASSETS
Cash and cash equivalents	$ 15,653	$ 1,669,868
Short-term investments	12,305	12,305
Accounts receivable (net of allowances of $24,320 and $26,120 for 2011 and 2010, respectively)	5,336,701	4,376,929
Unbilled contract receivables	237,575	370,887
Due from related party	42,858	42,858
Supply inventory	70,785	60,271
Prepaid expenses	210,009	97,450
Other receivables	37,714	58,464
Income tax receivable	0	161,356
Deferred tax asset	484,167	474,235
Assets held for sale	1,047,367	1,045,367
Total current assets	7,495,134	8,369,990
Property, plant and equipment, net	1,510,165	1,557,088
Other assets
Restricted cash	451,000	450,000
Deposits	53,065	53,065
Deferred financing costs	87,346	104,499
Goodwill	2,740,913	2,740,913
Total other assets	3,332,324	3,348,477
TOTAL ASSETS	12,337,623	13,275,555
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,181,159	653,130
Deferred revenue	426,835	0
Accrued expenses	296,229	363,327
Accrued employee-related costs	1,724,150	1,972,581
Accrued interest, related party	5,254	48,750
Line of credit payable	696,570	0
Term note payable, current portion	142,857	0
Notes payable, current portion	52,578	13,978
Due to related party	22,286	8,002
Capital lease obligations, current portion	11,612	10,752
Income taxes payable	351,979	18,130
Total current liabilities	4,911,509	3,088,650
Long-term liabilities
Convertible debentures due to related parties	0	4,875,000
Term note payable, net of current portion	857,143	0
Notes payable, net of current portion	36,998	13,634
Capital lease obligations, net of current portion	29,707	38,527
Deferred tax liability	394,599	427,198
Other long-term liabilities	27,025	134,552
Total liabilities	6,256,981	8,577,561
Stockholders' equity
Common stock ($0.01 par value; 10,000,000 shares authorized; 3,117,647 shares issued and outstanding at September 25, 2011 and December 26, 2010)	31,176	31,176
Additional paid-in-capital	8,001,338	7,972,098
Accumulated deficit	(1,951,872)	(3,305,280)
Total stockholders' equity	6,080,642	4,697,994
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 12,337,623	$ 13,275,555

GlenRose Instruments Inc. 10-Q