10-K Filing

DIGITALTOWN, INC. CIK: 1065598 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001056520-14-000115`
Period End Date	20140228
Filing Date	20140716
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	dgtw-20140228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 32 Cash Flow Statement 77 Stockholders Equity 30

Balance Sheet 46 line items

Line Item	Tag	Value	Unit	Period
Common Stock, $0.01 par value, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$50.59K	USD	Point-in-time
Cash	`Cash`	$36.01K	USD	Point-in-time
Common Stock, $0.01 par value, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$6.78K	USD	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Common Stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	29.16M	shares	Point-in-time
Current portion of prepaid domain name renewal fees	`IndefiniteLivedTradeNames`	$47.57K	USD	Point-in-time
Current portion of prepaid domain name renewal fees	`IndefiniteLivedTradeNames`	$47.66K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.16K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$96.12K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.25K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.94K	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	$1.00M	USD	Point-in-time
Intangible assets, net	`OtherIntangibleAssetsNet`	-	USD	Point-in-time
Total assets	`Assets`	$1.12M	USD	Point-in-time
Total assets	`Assets`	$108.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$130.21K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$152.04K	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	$80.46K	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	$28.56K	USD	Point-in-time
Loan from director/stockholder	`OtherLoansPayableCurrent`	$49.00K	USD	Point-in-time
Loan from director/stockholder	`OtherLoansPayableCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$9.11K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$12.54K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$233.19K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$152.31K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$392.46K	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, 30,428,622 and 29,160,599 shares issued and outstanding at February 28, 2014 and February 28, 2013, respectively	`CommonStockParOrStatedValuePerShare`	$291.60K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 30,428,622 and 29,160,599 shares issued and outstanding at February 28, 2014 and February 28, 2013, respectively	`CommonStockParOrStatedValuePerShare`	$304.28K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$26.83M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.25M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-641.39K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-978.85K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.20M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-25.48M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$660.78K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-284.36K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.12M	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$108.10K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$49.56K	USD	Annual
Revenues	`Revenues`	$10.33K	USD	Annual
Cost of revenues	`CostOfRevenue`	$291.97K	USD	Annual
Cost of revenues	`CostOfRevenue`	$462.90K	USD	Annual
Gross profit (loss)	`ProfitLoss`	$-413.34K	USD	Annual
Gross profit (loss)	`ProfitLoss`	$-281.64K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.29M	USD	Annual
Impairment expense	`AssetImpairmentCharges`	-	USD	Annual
Impairment expense	`AssetImpairmentCharges`	$919.32K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.21M	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.16M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.49M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.58M	USD	Annual
Interest expense	`InterestExpense`	$-59.94K	USD	Annual
Interest expense	`InterestExpense`	$-1.92K	USD	Annual
Loss on conversion	`GainLossOnDerivativeInstrumentsNetPretax`	$-164.32K	USD	Annual
Loss on conversion	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	Annual
Other income	`OtherIncome`	$275.00	USD	Annual
Other income	`OtherIncome`	$174.43K	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-223.99K	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$172.51K	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.72M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.40M	USD	Annual
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	Annual
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-2.72M	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`	$-0.09	USD	Annual
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.15M	shares	Annual
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.22M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-1.40M	USD	Annual
Net loss	`OperatingIncomeLoss`	$-2.72M	USD	Annual
Depreciation	`Depreciation`	$12.94K	USD	Annual
Depreciation	`Depreciation`	$7.31K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$111.94K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$87.55K	USD	Annual
Interest paid with warrants	`PaidInKindInterest`	-	USD	Annual
Interest paid with warrants	`PaidInKindInterest`	$37.01K	USD	Annual
Stock based compensation expense	`AllocatedShareBasedCompensationExpense`	$179.34K	USD	Annual
Stock based compensation expense	`AllocatedShareBasedCompensationExpense`	$703.65K	USD	Annual
Non-cash stock issued for director fees and executive compensation	`ShareBasedCompensation`	$18.16K	USD	Annual
Non-cash stock issued for director fees and executive compensation	`ShareBasedCompensation`	$17.61K	USD	Annual
Loss on conversion	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	-	USD	Annual
Loss on conversion	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$164.26K	USD	Annual
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	$-174.30K	USD	Annual
Gain from sale of domain name	`GainLossOnDispositionOfIntangibleAssets`	-	USD	Annual
Impairment expense	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$919.32K	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.44K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.78K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$118.17K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$83.00	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$5.67K	USD	Annual
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$1.30K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$198.11K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.57K	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$47.40K	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$7.45K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.07K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$23.02K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-991.00	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$180.88K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$152.31K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$3.08K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-9.11K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-517.04K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-764.87K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	-	USD	Annual
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$-4.53K	USD	Annual
Purchase of intangible asset website development	`PaymentsToAcquireIntangibleAssets`	$-3.49K	USD	Annual
Purchase of intangible asset website development	`PaymentsToAcquireIntangibleAssets`	$-11.22K	USD	Annual
Purchase of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-25.08K	USD	Annual
Purchase of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-513.00	USD	Annual
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	-	USD	Annual
Proceeds from sale of domain name	`ProceedsFromSaleOfIntangibleAssets`	$175.00K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$134.17K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	Annual
Proceeds from notes payable third party	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from notes payable third party	`ProceedsFromNotesPayable`	$150.00K	USD	Annual
Proceeds from loan director/stockholder	`ProceedsFromRepaymentsOfNotesPayable`	$49.00K	USD	Annual
Proceeds from loan director/stockholder	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	Annual
Payments on loan director/stockholder	`RepaymentsOfNotesPayable`	-	USD	Annual
Payments on loan director/stockholder	`RepaymentsOfNotesPayable`	$-1.83K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromOtherEquity`	$320.80K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromOtherEquity`	$337.46K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$75.00K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$50.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$444.80K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$535.63K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$14.58K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-185.90K	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$221.90K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	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`	$221.90K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Accrued salaries contribution	`IncreaseDecreaseInAccruedSalaries`	$100.00K	USD	Annual
Accrued salaries contribution	`IncreaseDecreaseInAccruedSalaries`	-	USD	Annual
Conversion of Accounts Payable to Common Shares	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	-	USD	Annual
Conversion of Accounts Payable to Common Shares	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$203.35K	USD	Annual
Conversion of Notes Payable to Common Shares	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Conversion of Notes Payable to Common Shares	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$302.23K	USD	Annual
Debt discount on Notes Payable	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Debt discount on Notes Payable	`AmortizationOfDebtDiscountPremium`	$20.25K	USD	Annual

Stockholders Equity 30 line items

Line Item	Tag	Value	Unit	Period
Issuance of common stock for cash	`StockIssuedDuringPeriodValueIssuedForCash`	$75.00K	USD	Annual
Issuance of common stock for cash	`StockIssuedDuringPeriodValueIssuedForCash`	$50.00K	USD	Annual
Issuance of common stock for cash (in shares)	`StockIssuedDuringPeriodSharesIssuedForCash`	0.00	shares	Annual
Issuance of common stock for cash (in shares)	`StockIssuedDuringPeriodSharesIssuedForCash`	0.00	shares	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$320.80K	USD	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$337.46K	USD	Annual
Stock based compensation	`StockBasedCompensation`	$703.65K	USD	Annual
Stock based compensation	`StockBasedCompensation`	$179.34K	USD	Annual
Forfeited accrued compensation	`RestrictedStockAwardForfeituresDividends`	$100.00K	USD	Annual
Warrants issued for interest expense on notes	`AdjustmentOfWarrantsGrantedForServices`	$37.01K	USD	Annual
Debt Discount on notes payable	`DebtConversionConvertedInstrumentAmount1`	$20.25K	USD	Annual
Common stock issued for conversion of debt	`DebtConversionOriginalDebtAmount1`	$302.23K	USD	Annual
Common stock issued for conversion of debt (in shares)	`DebtConversionConvertedInstrumentSharesIssued1`	0.00	shares	Annual
Common Stock issued for conversion of accounts payable	`StockIssuedDuringPeriodValueOther`	$203.35K	USD	Annual
Common Stock issued for conversion of accounts payable (in shares)	`StockIssuedDuringPeriodSharesOther`	0.00	shares	Annual
Common stock issued for director fees	`StockGrantedDuringPeriodValueSharebasedCompensation`	$10.50K	USD	Annual
Common stock issued for director fees	`StockGrantedDuringPeriodValueSharebasedCompensation`	$17.11K	USD	Annual
Common stock issued for director fees (in shares)	`StockIssuedDuringPeriodSharesShareBasedCompensationGross`	0.00	shares	Annual
Common stock issued for director fees (in shares)	`StockIssuedDuringPeriodSharesShareBasedCompensationGross`	0.00	shares	Annual
Common stock issued for officer fees	`StockIssuedDuringPeriodValueIssuedForServices`	$7.66K	USD	Annual
Common stock issued for officer fees	`StockIssuedDuringPeriodValueIssuedForServices`	$500.00	USD	Annual
Common stock issued for officer fees (in shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	0.00	shares	Annual
Common stock issued for officer fees (in shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	0.00	shares	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-2.72M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-1.40M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.47M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-284.36K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$660.78K	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	0.00	shares	Point-in-time

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