10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001056520-15-000006`
Period End Date	20141130
Filing Date	20150114
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	dgtw-20141130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 38 Income Statement 52 Cash Flow Statement 68

Balance Sheet 38 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
Common stock, $0.01 par value, authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$1.10K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$285.00	USD	Point-in-time
Common stock, $0.01 par value, issued and outstanding	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Common stock, $0.01 par value, issued and outstanding	`CommonStockSharesIssued`	30.78M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$47.57K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$75.45K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$76.83K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.75K	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`	$83.58K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$147.19K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$147.50K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$11.58K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$121.97K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$1.02K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$331.39K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$233.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$601.89K	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, 30,873,422 and 30,428,622 shares issued and outstanding at November 30, 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, 30,873,422 and 30,428,622 shares issued and outstanding at November 30, 2014 and February 28, 2014, respectively	`CommonStockParOrStatedValuePerShare`	$308.73K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.43M	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`	$-627.13K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.63M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.20M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-518.31K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-284.36K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$108.10K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$83.58K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$451.00	USD	1 Quarter
Revenues	`Revenues`	$618.00	USD	1 Quarter
Revenues	`Revenues`	$935.00	USD	3 Qtrs
Revenues	`Revenues`	$1.01K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$135.11K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$231.62K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$42.54K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$71.99K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-71.54K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-230.61K	USD	3 Qtrs
Gross profit (loss)	`ProfitLoss`	$-134.18K	USD	3 Qtrs
Gross profit (loss)	`ProfitLoss`	$-41.92K	USD	1 Quarter
Selling, general and administrative expenses (income)	`OtherSellingGeneralAndAdministrativeExpense`	$41.14K	USD	1 Quarter
Selling, general and administrative expenses (income)	`OtherSellingGeneralAndAdministrativeExpense`	$296.38K	USD	3 Qtrs
Selling, general and administrative expenses (income)	`OtherSellingGeneralAndAdministrativeExpense`	$893.04K	USD	3 Qtrs
Selling, general and administrative expenses (income)	`OtherSellingGeneralAndAdministrativeExpense`	$-41.26K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-83.06K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.12M	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-430.56K	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-30.28K	USD	1 Quarter
Interest expense	`InterestExpense`	$-6.56K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-31.27K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-5.66K	USD	1 Quarter
Interest expense	`InterestExpense`	$-2.20K	USD	1 Quarter
Other income	`OtherIncome`	$275.00	USD	3 Qtrs
Other income	`OtherIncome`	$750.00	USD	1 Quarter
Other income	`OtherIncome`	$803.00	USD	3 Qtrs
Other income	`OtherIncome`	-	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-31.00K	USD	3 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-1.45K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-5.66K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-5.75K	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-35.94K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-436.31K	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.15M	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-84.51K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-84.51K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.15M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-35.94K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-436.31K	USD	3 Qtrs
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	3 Qtrs
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	3 Qtrs
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.17M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.70M	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`	30.53M	shares	3 Qtrs

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-1.15M	USD	3 Qtrs
Net loss	`OperatingIncomeLoss`	$-436.31K	USD	3 Qtrs
Depreciation	`Depreciation`	$3.19K	USD	3 Qtrs
Depreciation	`Depreciation`	$5.87K	USD	3 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	$76.57K	USD	3 Qtrs
Amortization of website development costs	`AmortizationOfIntangibleAssets`	-	USD	3 Qtrs
Interest paid with warrants	`PaidInKindInterest`	$9.16K	USD	3 Qtrs
Interest paid with warrants	`PaidInKindInterest`	-	USD	3 Qtrs
Imputed interest	`AmortizationOfFinancingCosts`	-	USD	3 Qtrs
Imputed interest	`AmortizationOfFinancingCosts`	$6.56K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$370.59K	USD	3 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$67.85K	USD	3 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	-	USD	3 Qtrs
Stock issued for director fees and executive compensation	`ShareBasedCompensation`	$18.16K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-285.00	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.43K	USD	3 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-42.06K	USD	3 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-27.87K	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	-	USD	3 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$5.33K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$20.88K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$17.30K	USD	3 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$40.11K	USD	3 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$20.55K	USD	3 Qtrs
Accrued interest	`DebtInstrumentIncreaseAccruedInterest`	-	USD	3 Qtrs
Accrued interest	`DebtInstrumentIncreaseAccruedInterest`	$22.00	USD	3 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-6.90K	USD	3 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$522.00	USD	3 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$98.20K	USD	3 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$178.34K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-230.75K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-471.45K	USD	3 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	-	USD	3 Qtrs
Purchase of intangible asset - website development	`PaymentsToAcquireIntangibleAssets`	$-3.49K	USD	3 Qtrs
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-505.00	USD	3 Qtrs
Purchases of intangible assets domain names	`IndefinitelivedIntangibleAssetsAcquired`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.99K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Proceeds from notes payable third party	`ProceedsFromRelatedPartyDebt`	$150.00K	USD	3 Qtrs
Proceeds from notes payable third party	`ProceedsFromRelatedPartyDebt`	-	USD	3 Qtrs
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$80.00K	USD	3 Qtrs
Payments on notes payable related party	`RepaymentsOfRelatedPartyDebt`	$-1.83K	USD	3 Qtrs
Payments on notes payable related party	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Payments received on stockholder subscriptions receivable	`ProceedsFromOtherEquity`	$14.26K	USD	3 Qtrs
Payments received on stockholder subscriptions receivable	`ProceedsFromOtherEquity`	$299.50K	USD	3 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$87.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$181.26K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$447.67K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-49.49K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.78K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.10K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.23K	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`	$36.01K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.10K	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`	$50.59K	USD	Point-in-time
Stock issued for accounts payable related party	`StockIssuedDuringPeriodValueIssuedForServices`	$26.70K	USD	3 Qtrs
Stock issued for accounts payable related party	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	3 Qtrs
Accrued compensation capital contribution	`IncreaseDecreaseInOtherAccruedLiabilities`	-	USD	3 Qtrs
Accrued compensation capital contribution	`IncreaseDecreaseInOtherAccruedLiabilities`	$100.00K	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.