10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001056520-14-000119`
Period End Date	20140531
Filing Date	20140721
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	dgtw-20140531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 Income Statement 26 Cash Flow Statement 55

Balance Sheet 36 line items

Line Item	Tag	Value	Unit	Period
Common stock, $0.01 par value, authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$50.59K	USD	Point-in-time
Cash	`Cash`	$7.13K	USD	Point-in-time
Common stock, $0.01 par value, authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$47.57K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$127.98K	USD	Point-in-time
Common stock, $0.01 par value, issued	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Common stock, $0.01 par value, issued	`CommonStockSharesIssued`	30.44M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$135.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.94K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.80K	USD	Point-in-time
Total assets	`Assets`	$143.92K	USD	Point-in-time
Total assets	`Assets`	$108.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$128.23K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$147.19K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$11.58K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$139.20K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$977.00	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$233.19K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$270.69K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$539.10K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$392.46K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 30,438,622 and 30,428,622 shares issued and outstanding at May 31, 2014 and February 28, 2014, respectively	`CommonStockParOrStatedValuePerShare`	$304.28K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 30,438,622 and 30,428,622 shares issued and outstanding at May 31, 2014 and February 28, 2014, respectively	`CommonStockParOrStatedValuePerShare`	$304.39K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.25M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.31M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-641.39K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-636.39K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.20M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.38M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-284.36K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-395.18K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$143.92K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$108.10K	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$309.00	USD	1 Quarter
Revenues	`Revenues`	$200.00	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$81.20K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$45.62K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-45.42K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-80.89K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$134.87K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$568.18K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-649.07K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-180.29K	USD	1 Quarter
Interest expense	`InterestExpense`	$-15.41K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Other income	`OtherIncome`	$53.00	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-15.41K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$53.00	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-180.24K	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-664.49K	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-664.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-180.24K	USD	1 Quarter
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
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.43M	shares	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.16M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-180.24K	USD	1 Quarter
Net loss	`OperatingIncomeLoss`	$-664.49K	USD	1 Quarter
Depreciation	`Depreciation`	$2.69K	USD	1 Quarter
Depreciation	`Depreciation`	$1.14K	USD	1 Quarter
Amortization of website development costs	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$27.34K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$383.79K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$59.42K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$13.50K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.70K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-80.41K	USD	1 Quarter
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-85.51K	USD	1 Quarter
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$990.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.98K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.09K	USD	1 Quarter
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$6.55K	USD	1 Quarter
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$35.64K	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$477.00	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-9.41K	USD	1 Quarter
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$37.50K	USD	1 Quarter
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$63.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-236.20K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-128.46K	USD	1 Quarter
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-3.33K	USD	1 Quarter
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-403.00	USD	1 Quarter
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.73K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from note payable - third party	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from note payable - third party	`ProceedsFromNotesPayable`	$150.00K	USD	1 Quarter
Payments on loan - director/stockholder	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on loan - director/stockholder	`RepaymentsOfNotesPayable`	$-278.00	USD	1 Quarter
Proceeds from related party payables	`ProceedsFromRelatedPartyDebt`	$75.00K	USD	1 Quarter
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$5.00K	USD	1 Quarter
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$68.00K	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$5.00K	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$85.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$217.72K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-43.45K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-22.21K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.13K	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`	$13.79K	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`	$7.13K	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`	$13.79K	USD	Point-in-time
Debt discount on notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Debt discount on notes payable	`AmortizationOfDebtDiscountPremium`	$20.25K	USD	1 Quarter

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