10-K Filing

DIGITALTOWN, INC. CIK: 1065598 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001056520-13-000142`
Period End Date	20130228
Filing Date	20130612
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	dgtw-20130228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 26 Cash Flow Statement 58 Stockholders Equity 30

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value $0.01, authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, par value $0.01, authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$221.90K	USD	Point-in-time
Common stock, par value $0.01, issued and outstanding	`CommonStockSharesIssued`	29.05M	shares	Point-in-time
Cash	`Cash`	$36.01K	USD	Point-in-time
Common stock, par value $0.01, issued and outstanding	`CommonStockSharesIssued`	29.17M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$9.22K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.78K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssetsCurrent`	$47.66K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`PrepaidExpenseAndOtherAssetsCurrent`	$155.80K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.97K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$393.90K	USD	Point-in-time
Prepaid domain name renewal fees, net of current portion	`PrepaidExpenseAndOtherAssetsNoncurrent`	-	USD	Point-in-time
Prepaid domain name renewal fees, net of current portion	`PrepaidExpenseAndOtherAssetsNoncurrent`	$10.03K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.66K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.08M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.00M	USD	Point-in-time
Total assets	`Assets`	$1.51M	USD	Point-in-time
Total assets	`Assets`	$1.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.95K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$225.05K	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	$7.45K	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Loan from director/stockholder	`OtherLoansPayableCurrent`	-	USD	Point-in-time
Loan from director/stockholder	`OtherLoansPayableCurrent`	$49.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$6.03K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$9.11K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$4.47K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$12.54K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationLiabilityCurrent`	-	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationLiabilityCurrent`	$152.31K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.45K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$455.46K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,160,599 and 29,047,638 shares issued and outstanding at February 28, 2013 and February 29, 2012, respectively	`CommonStockValueOutstanding`	$290.47K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,160,599 and 29,047,638 shares issued and outstanding at February 28, 2013 and February 29, 2012, respectively	`CommonStockValueOutstanding`	$291.60K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.56M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.83M	USD	Point-in-time
Subscriptions receivable	`CommonStockSharesSubscriptions`	$-1.30M	USD	Point-in-time
Subscriptions receivable	`CommonStockSharesSubscriptions`	$-978.85K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$660.78K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.47M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.12M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.51M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$25.34K	USD	Annual
Revenues	`Revenues`	$49.56K	USD	Annual
Cost of revenues	`CostOfRevenue`	$462.90K	USD	Annual
Cost of revenues	`CostOfRevenue`	$281.55K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-413.34K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-256.22K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.98M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.58M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-4.24M	USD	Annual
Interest expense	`InterestExpense`	$-1.92K	USD	Annual
Interest expense	`InterestExpense`	$-3.63K	USD	Annual
Other income	`OtherIncome`	$372.00	USD	Annual
Other income	`OtherIncome`	$174.43K	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$172.51K	USD	Annual
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-3.26K	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-4.24M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-1.40M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-4.24M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.40M	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.15	USD	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	28.73M	shares	Annual
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	29.15M	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.40M	USD	Annual
Net loss	`ProfitLoss`	$-4.24M	USD	Annual
Depreciation	`Depreciation`	$10.83K	USD	Annual
Depreciation	`Depreciation`	$12.94K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$73.23K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$111.94K	USD	Annual
Stock based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$179.34K	USD	Annual
Stock based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$3.27M	USD	Annual
Non-cash stock issued for director fees	`OtherNoncashExpense`	$17.61K	USD	Annual
Non-cash stock issued for director fees	`OtherNoncashExpense`	$29.86K	USD	Annual
Gain from sale of domain name	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition`	-	USD	Annual
Gain from sale of domain name	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition`	$-174.30K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.22K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.44K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$118.17K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-127.90K	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$1.30K	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$23.45K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-259.80K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$198.11K	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$7.45K	USD	Annual
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.07K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.89K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$152.31K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$-50.29K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.03K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$3.08K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInContinuingOperations`	$-764.87K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInContinuingOperations`	$-1.29M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-4.53K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-16.18K	USD	Annual
Purchase of intangible asset website development	`IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod`	$-11.22K	USD	Annual
Purchase of intangible asset website development	`IndefiniteLivedIntangibleAssetsAcquiredDuringPeriod`	$-30.00K	USD	Annual
Purchase of intangible assets domain names	`FairValueOfAssetsAcquired`	$-25.08K	USD	Annual
Purchase of intangible assets domain names	`FairValueOfAssetsAcquired`	$-4.14K	USD	Annual
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	$175.00K	USD	Annual
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	-	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.33K	USD	Annual
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$134.17K	USD	Annual
Proceeds from loan director/stockholder	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from loan director/stockholder	`ProceedsFromRelatedPartyDebt`	$49.00K	USD	Annual
Payments on loan director/stockholder	`PaymentsForLoans`	-	USD	Annual
Payments on loan director/stockholder	`PaymentsForLoans`	$-137.09K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromContributedCapital`	$320.80K	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`	$75.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$444.80K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$118.59K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-185.90K	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.31K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$221.90K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$103.31K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$221.90K	USD	Point-in-time

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Beginning Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Beginning Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-823.80K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$683.28K	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.47M	USD	Point-in-time
Issuance of Common Stock for Cash, shares	`StockIssuedDuringPeriodSharesIssuedForCash`	-	shares	Annual
Issuance of Common Stock for Cash, amount	`StockIssuedDuringPeriodValueIssuedForCash`	$1.47M	USD	Annual
Issuance of Common Stock, shares	`StockIssuedDuringPeriodSharesNewIssues`	-	shares	Annual
Issuance of Common Stock, amount	`StockIssuedDuringPeriodValueNewIssues`	$2.11K	USD	Annual
Stock Issuance, shares	`StockIssuedDuringPeriodSharesOther`	-	shares	Annual
Stock issuance, amount	`StockIssuedDuringPeriodValueOther`	$75.00K	USD	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$320.80K	USD	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$123.00K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$179.34K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$3.27M	USD	Annual
Common stock issued for director fees, shares	`StockIssuedDuringPeriodSharesShareBasedCompensationGross`	-	shares	Annual
Common stock issued for director fees, shares	`StockIssuedDuringPeriodSharesShareBasedCompensationGross`	-	shares	Annual
Common stock issued for director fees, amount	`StockGrantedDuringPeriodValueSharebasedCompensation`	$29.86K	USD	Annual
Common stock issued for director fees, amount	`StockGrantedDuringPeriodValueSharebasedCompensation`	$17.11K	USD	Annual
Common stock issued for officers fees, shares	`StockIssuedDuringPeriodSharesShareBasedCompensation`	-	shares	Annual
Common stock issued for officers fees, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$500.00	USD	Annual
Net Loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-4.24M	USD	Annual
Net Loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-1.38M	USD	Annual
Ending Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Ending Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Ending Balance, Shares	`CommonStockSharesOutstanding`	-	shares	Point-in-time
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-823.80K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$683.28K	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.47M	USD	Point-in-time

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