10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001056520-13-000230`
Period End Date	20130831
Filing Date	20131015
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	dgtw-20130831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 52 Cash Flow Statement 68

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Common Stock, $0.01 par value, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common Stock, $0.01 par value, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	29.16M	shares	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	29.18M	shares	Point-in-time
Cash	`Cash`	$6.67K	USD	Point-in-time
Cash	`Cash`	$3.61K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.78K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`IndefiniteLivedTradeNames`	$88.78K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`IndefiniteLivedTradeNames`	$47.66K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.35K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.80K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.12K	USD	Point-in-time
Prepaid domain name renewal fees, net of current portion	`PrepaidExpenseOtherNoncurrent`	-	USD	Point-in-time
Prepaid domain name renewal fees, net of current portion	`PrepaidExpenseOtherNoncurrent`	-	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.96K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.00M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$952.16K	USD	Point-in-time
Total assets	`Assets`	$1.12M	USD	Point-in-time
Total assets	`Assets`	$1.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$232.70K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$225.05K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$19.50K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$7.45K	USD	Point-in-time
Notes payable - third party (in default)	`DebtDefaultLongtermDebtAmount`	-	USD	Point-in-time
Notes payable - third party (in default)	`DebtDefaultLongtermDebtAmount`	$150.00K	USD	Point-in-time
Notes payable - related party	`DueToRelatedPartiesCurrent`	$47.65K	USD	Point-in-time
Notes payable - related party	`DueToRelatedPartiesCurrent`	$49.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$9.11K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$9.11K	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesCurrent`	$991.00	USD	Point-in-time
Accrued interest	`AccountsPayableAndAccruedLiabilitiesCurrent`	$109.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$11.55K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$1.37K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$152.31K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$303.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$455.46K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$763.58K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,182,275 and 29,160,599 shares issued and outstanding at August 31, 2013 and February 28, 2013, respectively	`CommonStockParOrStatedValuePerShare`	$291.60K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,182,275 and 29,160,599 shares issued and outstanding at August 31, 2013 and February 28, 2013, respectively	`CommonStockParOrStatedValuePerShare`	$291.82K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$27.43M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.83M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-978.85K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-821.85K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-25.48M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-26.60M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$660.78K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$298.35K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.06M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.12M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$13.17K	USD	1 Quarter
Revenues	`Revenues`	$562.00	USD	2 Qtrs
Revenues	`Revenues`	$253.00	USD	1 Quarter
Revenues	`Revenues`	$21.14K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$135.88K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$159.63K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$78.44K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$255.26K	USD	2 Qtrs
Gross profit (loss)	`ProfitLoss`	$-78.18K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-234.12K	USD	2 Qtrs
Gross profit (loss)	`ProfitLoss`	$-122.72K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-159.07K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$271.89K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$366.11K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$934.30K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$720.34K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-954.46K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-394.61K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-444.30K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.09M	USD	2 Qtrs
Interest expense	`InterestExpense`	$-10.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$-25.61K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Other income	`OtherIncome`	$174.87K	USD	2 Qtrs
Other income	`OtherIncome`	$275.00	USD	1 Quarter
Other income	`OtherIncome`	$275.00	USD	2 Qtrs
Other income	`OtherIncome`	$469.00	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$174.87K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$469.00	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-25.34K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-9.93K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-454.22K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-394.14K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.12M	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-779.59K	USD	2 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-779.59K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.12M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-454.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-394.14K	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	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`	$-0.04	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.13M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.16M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.16M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.15M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-779.59K	USD	2 Qtrs
Net loss	`OperatingIncomeLoss`	$-1.12M	USD	2 Qtrs
Depreciation	`Depreciation`	$4.28K	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`	$54.69K	USD	2 Qtrs
Interest paid with Warrants	`PaidInKindInterest`	$4.41K	USD	2 Qtrs
Interest paid with Warrants	`PaidInKindInterest`	-	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$560.96K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$130.31K	USD	2 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$13.65K	USD	2 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$17.61K	USD	2 Qtrs
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	-	USD	2 Qtrs
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	$-174.30K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.79K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.78K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$82.50K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-41.12K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$4.32K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$6.25K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$102.79K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.40K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$12.29K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$109.00	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$418.00	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-11.16K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$150.83K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$15.87K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$14.30K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-518.37K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-331.01K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	-	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	$-4.53K	USD	2 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-1.87K	USD	2 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-3.49K	USD	2 Qtrs
Purchases of intangible assets domain names	`FinitelivedIntangibleAssetsAcquired1`	$-488.00	USD	2 Qtrs
Purchases of intangible assets domain names	`FinitelivedIntangibleAssetsAcquired1`	$-22.31K	USD	2 Qtrs
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	-	USD	2 Qtrs
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	$175.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.97K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$146.29K	USD	2 Qtrs
Proceeds from notes payable - third party	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from notes payable - third party	`ProceedsFromNotesPayable`	$150.00K	USD	2 Qtrs
Payments on notes payable - related party	`RepaymentsOfNotesPayable`	$-1.35K	USD	2 Qtrs
Payments on notes payable - related party	`RepaymentsOfNotesPayable`	-	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$157.00K	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$130.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$75.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$205.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$305.65K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-167.07K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-29.34K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.67K	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, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$54.83K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.67K	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
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$54.83K	USD	Point-in-time
Debt discount on notes payable - third party	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Debt discount on notes payable - third party	`AmortizationOfDebtDiscountPremium`	$20.25K	USD	2 Qtrs

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