10-K Filing

DIGITALTOWN, INC. CIK: 1065598 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001056520-12-000254`
Period End Date	20120229
Filing Date	20120530
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	dgtw-20120229.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 39 Income Statement 24 Cash Flow Statement 45 Stockholders Equity 2

Balance Sheet 39 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$103.31K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$221.90K	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.22K	USD	Annual
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssets`	$37.93K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssets`	$155.80K	USD	Point-in-time
Prepaid expenses	`PrepaidExpense`	$30.43K	USD	Point-in-time
Prepaid expenses	`PrepaidExpense`	$6.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$171.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$393.90K	USD	Point-in-time
Prepaid domain name renewal fees, net of current portion	`PrepaidExpenseCurrent`	$10.03K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.66K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.31K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.08M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.12M	USD	Point-in-time
Total assets	`Assets`	$1.31M	USD	Point-in-time
Total assets	`Assets`	$1.51M	USD	Point-in-time
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.54K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$286.75K	USD	Annual
Loan from director/stockholder	`DueToRelatedParties`	$137.09K	USD	Point-in-time
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.03K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$9.79K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$12.36K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$28.57K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$50.29K	USD	Annual
Total current liabilities	`LiabilitiesCurrent`	$486.48K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.45K	USD	Point-in-time
Common stock, $.01 par value, 2,000,000,000 shares authorized, 29,047,638 and 28,034,993 shares issued and outstanding at February 29, 2012 and February 28, 2011, respectively	`CommonStockParOrStatedValuePerShare`	$280.35K	USD	Point-in-time
Common stock, $.01 par value, 2,000,000,000 shares authorized, 29,047,638 and 28,034,993 shares issued and outstanding at February 29, 2012 and February 28, 2011, respectively	`CommonStockParOrStatedValuePerShare`	$290.47K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$21.80M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.56M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-1.30M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-1.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$823.80K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.51M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.31M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$18.10K	USD	Annual
Revenues	`Revenues`	$25.34K	USD	Annual
Cost of revenues	`CostOfRevenue`	$281.55K	USD	Annual
Cost of revenues	`CostOfRevenue`	$235.30K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-256.22K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-217.20K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.05M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.98M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-4.24M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.27M	USD	Annual
Interest expense	`InterestExpense`	$-3.63K	USD	Annual
Interest expense	`InterestExpense`	$-9.37K	USD	Annual
Other income	`OtherIncome`	$372.00	USD	Annual
Other income	`OtherIncome`	$12.66K	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$3.29K	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-3.26K	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-1.26M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-4.24M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.26M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.24M	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.15	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	Annual
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$27.81M	USD	Annual
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$28.73M	USD	Annual

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.26M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.24M	USD	Annual
Depreciation	`Depreciation`	$10.83K	USD	Annual
Depreciation	`Depreciation`	$6.86K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$73.23K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$29.60K	USD	Annual
Stock based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$3.27M	USD	Annual
Stock based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$428.73K	USD	Annual
Non-cash stock issued for director fees	`OtherNoncashExpense`	$29.00K	USD	Annual
Non-cash stock issued for director fees	`OtherNoncashExpense`	$29.86K	USD	Annual
Non-cash stock issued for deferred compensation	`DeferredCompensationArrangementWithIndividualCompensationExpense`	$28.20K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.22K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$16.89K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-127.90K	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-10.43K	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$23.45K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.54K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$286.75K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$9.79K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$12.36K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$28.57K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$50.29K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-15.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.03K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-727.09K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.29M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-25.45K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-16.18K	USD	Annual
Purchase of intangible asset - website development	`IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod`	$-30.00K	USD	Annual
Purchase of intangible asset - website development	`IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod`	$-52.23K	USD	Annual
Purchase of intangible assets - domain names	`FairValueOfAssetsAcquired`	$-4.14K	USD	Annual
Purchase of intangible assets - domain names	`FairValueOfAssetsAcquired`	$-19.63K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.33K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-97.31K	USD	Annual
Proceeds from loan - director/stockholder	`ProceedsFromRelatedPartyDebt`	$50.00K	USD	Annual
Payments on loan - director/stockholder	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-50.28K	USD	Annual
Payments on loan - director/stockholder	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-137.09K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromContributedCapital`	$771.81K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromContributedCapital`	$123.00K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.47M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$122.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$893.53K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$118.59K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$69.13K	USD	Annual

Stockholders Equity 2 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.26M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.24M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.