10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001056520-14-000183`
Period End Date	20140831
Filing Date	20141015
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	dgtw-20140831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 36 Income Statement 52 Cash Flow Statement 64

Balance Sheet 36 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$50.59K	USD	Point-in-time
Cash	`Cash`	$1.54K	USD	Point-in-time
Common Stock, $0.01 par value, authorized	`CommonStockSharesAuthorized`	2.00B	shares	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
Common Stock, $0.01 par value, issued	`CommonStockSharesIssued`	30.48M	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$82.84K	USD	Point-in-time
Common Stock, $0.01 par value, issued	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$98.16K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$84.38K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.72K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.94K	USD	Point-in-time
Total assets	`Assets`	$108.10K	USD	Point-in-time
Total assets	`Assets`	$92.10K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$147.19K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$132.43K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$11.58K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$143.68K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$436.00	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$233.19K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$305.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$581.73K	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, 30,481,480 and 30,428,622 shares issued and outstanding at August 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, 30,481,480 and 30,428,622 shares issued and outstanding at August 31, 2014 and February 28, 2014, respectively	`CommonStockParOrStatedValuePerShare`	$304.81K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.38M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.25M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-628.20K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-641.39K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.55M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.20M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-284.36K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-489.63K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$92.10K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$108.10K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$117.00	USD	1 Quarter
Revenues	`Revenues`	$317.00	USD	2 Qtrs
Revenues	`Revenues`	$253.00	USD	1 Quarter
Revenues	`Revenues`	$562.00	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$159.63K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$46.95K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$92.58K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$78.44K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-92.26K	USD	2 Qtrs
Gross profit (loss)	`ProfitLoss`	$-46.84K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-159.07K	USD	2 Qtrs
Gross profit (loss)	`ProfitLoss`	$-78.18K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$934.30K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$120.37K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$255.24K	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$366.11K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-167.21K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-444.30K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-347.50K	USD	2 Qtrs
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`	$-4.36K	USD	2 Qtrs
Interest expense	`InterestExpense`	$-4.36K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$275.00	USD	1 Quarter
Other income	`OtherIncome`	$275.00	USD	2 Qtrs
Other income	`OtherIncome`	$52.00	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-25.34K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-4.30K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-9.93K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-4.36K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-171.56K	USD	1 Quarter
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-351.80K	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.12M	USD	2 Qtrs
Net loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-454.22K	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxCreditsAndAdjustments`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-454.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.12M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-171.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-351.80K	USD	2 Qtrs
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	2 Qtrs
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
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.44M	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`	29.16M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.45M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-351.80K	USD	2 Qtrs
Net loss	`OperatingIncomeLoss`	$-1.12M	USD	2 Qtrs
Depreciation	`Depreciation`	$2.22K	USD	2 Qtrs
Depreciation	`Depreciation`	$4.28K	USD	2 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$54.69K	USD	2 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	-	USD	2 Qtrs
Interest paid with Warrants	`PaidInKindInterest`	$4.41K	USD	2 Qtrs
Interest paid with Warrants	`PaidInKindInterest`	-	USD	2 Qtrs
Imputed interest	`AmortizationOfFinancingCosts`	$4.36K	USD	2 Qtrs
Imputed interest	`AmortizationOfFinancingCosts`	-	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$108.98K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$560.96K	USD	2 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$13.65K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.78K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-35.27K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-41.12K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$4.32K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.40K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.76K	USD	2 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$52.10K	USD	2 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$12.29K	USD	2 Qtrs
Accrued interest	`DebtInstrumentIncreaseAccruedInterest`	$109.00	USD	2 Qtrs
Accrued interest	`DebtInstrumentIncreaseAccruedInterest`	-	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-64.00	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-11.16K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$72.00K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$150.83K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-162.25K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-331.01K	USD	2 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-3.49K	USD	2 Qtrs
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	-	USD	2 Qtrs
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-488.00	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.97K	USD	2 Qtrs
Proceeds from notes payable third party	`ProceedsFromRelatedPartyDebt`	$150.00K	USD	2 Qtrs
Proceeds from notes payable third party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$80.00K	USD	2 Qtrs
Payments on notes payable related party	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Payments on notes payable related party	`RepaymentsOfRelatedPartyDebt`	$-1.35K	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$13.20K	USD	2 Qtrs
Payments received on stockholder subscription receivables	`ProceedsFromOtherEquity`	$157.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$20.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$113.20K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$305.65K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-29.34K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-49.05K	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`	$1.54K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	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`	$1.54K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	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.