10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001056520-14-000008`
Period End Date	20131130
Filing Date	20140116
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	dgtw-20131130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 52 Cash Flow Statement 74

Balance Sheet 50 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
Cash	`Cash`	$36.01K	USD	Point-in-time
Cash	`Cash`	$8.23K	USD	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	29.16M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.78K	USD	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	29.19M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$351.00	USD	Point-in-time
Prepaid domain name renewal fees	`PrepaidExpenseOtherNoncurrent`	$89.71K	USD	Point-in-time
Prepaid domain name renewal fees	`PrepaidExpenseOtherNoncurrent`	$47.66K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.67K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$339.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.63K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.37K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.00M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$930.29K	USD	Point-in-time
Total assets	`Assets`	$1.04M	USD	Point-in-time
Total assets	`Assets`	$1.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$246.17K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$225.05K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$27.75K	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`	$49.00K	USD	Point-in-time
Notes payable related party	`DueToRelatedPartiesCurrent`	$47.17K	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`	$98.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$11.55K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$4.65K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$231.56K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$152.31K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$455.46K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$716.50K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 29,191,098 and 29,160,599 shares issued and outstanding at November 30, 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, 29,191,098 and 29,160,599 shares issued and outstanding at November 30, 2013 and February 28, 2013, respectively	`CommonStockParOrStatedValuePerShare`	$291.91K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.83M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$27.34M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-978.85K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-679.35K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-25.48M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-26.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$660.78K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$323.80K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.04M	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`	$1.01K	USD	3 Qtrs
Revenues	`Revenues`	$37.19K	USD	3 Qtrs
Revenues	`Revenues`	$16.05K	USD	1 Quarter
Revenues	`Revenues`	$451.00	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$71.99K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$368.87K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$231.62K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$113.14K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-97.09K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-230.61K	USD	3 Qtrs
Gross profit (loss)	`ProfitLoss`	$-71.54K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-331.68K	USD	3 Qtrs
Selling, General and Adminstrative expense (income)	`SellingGeneralAndAdministrativeExpense`	$893.04K	USD	3 Qtrs
Selling, General and Adminstrative expense (income)	`SellingGeneralAndAdministrativeExpense`	$162.85K	USD	1 Quarter
Selling, General and Adminstrative expense (income)	`SellingGeneralAndAdministrativeExpense`	$-41.26K	USD	1 Quarter
Selling, General and Adminstrative expense (income)	`SellingGeneralAndAdministrativeExpense`	$883.19K	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-30.28K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.21M	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-260.41K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.12M	USD	3 Qtrs
Interest expense	`InterestExpense`	$-5.66K	USD	1 Quarter
Interest expense	`InterestExpense`	$-255.00	USD	1 Quarter
Interest expense	`InterestExpense`	$-31.27K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-255.00	USD	3 Qtrs
Other income	`OtherIncome`	$174.92K	USD	3 Qtrs
Other income	`OtherIncome`	$275.00	USD	3 Qtrs
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$51.00	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-31.00K	USD	3 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$174.66K	USD	3 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-5.66K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-204.00	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.04M	USD	3 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.15M	USD	3 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-35.94K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-260.61K	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	3 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	3 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.04M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-35.94K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-260.61K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.15M	USD	3 Qtrs
Net income (loss) per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Net income (loss) per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net income (loss) per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	3 Qtrs
Net income (loss) per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	3 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.14M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.17M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.17M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.17M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-1.15M	USD	3 Qtrs
Net loss	`OperatingIncomeLoss`	$-1.04M	USD	3 Qtrs
Depreciation	`Depreciation`	$9.68K	USD	3 Qtrs
Depreciation	`Depreciation`	$5.87K	USD	3 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$84.60K	USD	3 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$76.57K	USD	3 Qtrs
Interest paid with warrants	`PaidInKindInterest`	$9.16K	USD	3 Qtrs
Interest paid with warrants	`PaidInKindInterest`	-	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$120.81K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$370.59K	USD	3 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$17.61K	USD	3 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$18.16K	USD	3 Qtrs
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	-	USD	3 Qtrs
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	$-174.30K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.43K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.91K	USD	3 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-42.06K	USD	3 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$81.16K	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$5.33K	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$2.65K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$20.88K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$119.03K	USD	3 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$7.95K	USD	3 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$20.55K	USD	3 Qtrs
Advance from director/stockholder	`IncreaseDecreaseInDueToOfficersAndStockholders`	$23.50K	USD	3 Qtrs
Advance from director/stockholder	`IncreaseDecreaseInDueToOfficersAndStockholders`	-	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$22.00	USD	3 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-6.90K	USD	3 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.15K	USD	3 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$178.34K	USD	3 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$84.62K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$9.95K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-641.88K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-471.45K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	-	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquireProductiveAssets`	$-4.53K	USD	3 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-9.02K	USD	3 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-3.49K	USD	3 Qtrs
Purchases of intangible assets domain names	`FinitelivedIntangibleAssetsAcquired1`	$-23.52K	USD	3 Qtrs
Purchases of intangible assets domain names	`FinitelivedIntangibleAssetsAcquired1`	$-505.00	USD	3 Qtrs
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	-	USD	3 Qtrs
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	$175.00K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.99K	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$137.93K	USD	3 Qtrs
Proceeds from notes payable third party	`ProceedsFromNotesPayable`	$150.00K	USD	3 Qtrs
Proceeds from notes payable third party	`ProceedsFromNotesPayable`	-	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRepaymentsOfNotesPayable`	$25.00K	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	3 Qtrs
Payments on notes payable related party	`RepaymentsOfNotesPayable`	-	USD	3 Qtrs
Payments on notes payable related party	`RepaymentsOfNotesPayable`	$-1.83K	USD	3 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$299.50K	USD	3 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$200.50K	USD	3 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$75.00K	USD	3 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$300.50K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$447.67K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.78K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-203.45K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.23K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.45K	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`	$36.01K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.23K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.45K	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`	$36.01K	USD	Point-in-time
Accrued compensation capital contribution	`IncreaseDecreaseInAccruedSalaries`	$100.00K	USD	3 Qtrs
Accrued compensation capital contribution	`IncreaseDecreaseInAccruedSalaries`	-	USD	3 Qtrs
Debt discount on notes payable third party	`AmortizationOfDebtDiscountPremium`	$20.25K	USD	3 Qtrs
Debt discount on notes payable third party	`AmortizationOfDebtDiscountPremium`	-	USD	3 Qtrs

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