10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001056520-12-000404`
Period End Date	20120831
Filing Date	20121015
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	dgtw-20120831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 46 Cash Flow Statement 51

Balance Sheet 38 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$54.83K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$221.90K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$9.22K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$7.43K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssets`	$155.80K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssets`	$83.33K	USD	Point-in-time
Prepaid expenses	`PrepaidExpense`	$6.97K	USD	Point-in-time
Prepaid expenses	`PrepaidExpense`	$720.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$393.90K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$146.31K	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`	$23.76K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.66K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.05M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.08M	USD	Point-in-time
Total assets	`Assets`	$1.22M	USD	Point-in-time
Total assets	`Assets`	$1.51M	USD	Point-in-time
Accounts payable	`AccountsPayable`	$26.95K	USD	Point-in-time
Accounts payable	`AccountsPayable`	$129.74K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$20.33K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$6.03K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$4.89K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$4.47K	USD	Point-in-time
Deferred officer compensation	`AccruedSalariesCurrent`	$15.87K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$170.82K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.45K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,165,599 and 29,047,638 shares issued and outstanding at August 31, 2012 and February 29, 2012, respectively	`CommonStockParOrStatedValuePerShare`	$291.60K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,165,599 and 29,047,638 shares issued and outstanding at August 31, 2012 and February 29, 2012, respectively	`CommonStockParOrStatedValuePerShare`	$290.47K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.78M	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`	$-1.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.47M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.51M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.22M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$10.53K	USD	2 Qtrs
Revenues	`Revenues`	$21.14K	USD	2 Qtrs
Revenues	`Revenues`	$5.11K	USD	1 Quarter
Revenues	`Revenues`	$13.17K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$255.26K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$135.88K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$130.51K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$64.62K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-122.72K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-59.51K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-234.12K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-119.98K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$720.34K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$286.89K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$271.89K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$518.93K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-346.40K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-394.61K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-954.46K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-638.92K	USD	2 Qtrs
Interest expense	`InterestExpense`	$-1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$-3.63K	USD	2 Qtrs
Other income	`OtherIncome`	$69.00	USD	1 Quarter
Other income	`OtherIncome`	$469.00	USD	1 Quarter
Other income	`OtherIncome`	$174.87K	USD	2 Qtrs
Other income	`OtherIncome`	$76.00	USD	2 Qtrs
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-931.00	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-3.55K	USD	2 Qtrs
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$469.00	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$174.87K	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-642.47K	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-347.33K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-779.59K	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-394.14K	USD	1 Quarter
Net loss	`IncomeLossAttributableToParent`	$-779.59K	USD	2 Qtrs
Net loss	`IncomeLossAttributableToParent`	$-347.33K	USD	1 Quarter
Net loss	`IncomeLossAttributableToParent`	$-394.14K	USD	1 Quarter
Net loss	`IncomeLossAttributableToParent`	$-642.47K	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$29.15M	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$29.13M	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$28.82M	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`EarningsPerShareBasicAndDiluted`	$28.44M	USD	2 Qtrs

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-642.47K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-779.59K	USD	2 Qtrs
Depreciation	`Depreciation`	$4.86K	USD	2 Qtrs
Depreciation	`Depreciation`	$6.42K	USD	2 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$57.26K	USD	2 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$36.62K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$148.57K	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition`	$130.31K	USD	2 Qtrs
Stock issued for director fees	`OtherNoncashExpense`	$14.86K	USD	2 Qtrs
Stock issued for director fees	`OtherNoncashExpense`	$17.11K	USD	2 Qtrs
Stock issued for executive compensation	`AllocatedShareBasedCompensationExpense`	$500.00	USD	2 Qtrs
Account receivable	`IncreaseDecreaseInAccountsReceivable`	$1.79K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-45.09K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$82.50K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$6.25K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$17.51K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$102.79K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-205.96K	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$418.00	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.90K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$-50.29K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$15.87K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$14.30K	USD	2 Qtrs
Gain from sale of domain name	`GainLossOnSaleOfOtherAssets`	$-174.30K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-518.37K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-730.31K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-4.53K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-11.22K	USD	2 Qtrs
Purchase of intangible assets - website development	`BusinessDevelopment`	$-1.87K	USD	2 Qtrs
Purchase of intangible assets - domain names	`FairValueOfAssetsAcquired`	$-214.00	USD	2 Qtrs
Purchase of intangible assets - domain names	`FairValueOfAssetsAcquired`	$-22.31K	USD	2 Qtrs
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	$175.00K	USD	2 Qtrs
Net cash provided (used) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$146.29K	USD	2 Qtrs
Net cash provided (used) from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.43K	USD	2 Qtrs
Payments on loan - director/stockholder	`PaymentsForLoans`	$-10.00K	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromContributedCapital`	$130.00K	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromContributedCapital`	$123.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$75.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$1.43M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$205.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-167.07K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$713.98K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`Cash`	$817.29K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$54.83K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$103.31K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`Cash`	$221.90K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$817.29K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$54.83K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$103.31K	USD	Point-in-time
Cash and cash equivalents, end of period	`Cash`	$221.90K	USD	Point-in-time

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