10-K Filing

DIGITALTOWN, INC. CIK: 1065598 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001056520-15-000088`
Period End Date	20150228
Filing Date	20150615
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	dgtw-20150228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 32 Cash Flow Statement 78 Stockholders Equity 20

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$50.59K	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
Cash	`Cash`	$14.66K	USD	Point-in-time
Common Stock, $0.01 par value, issued and outstanding	`CommonStockSharesIssued`	31.14M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common Stock, $0.01 par value, issued and outstanding	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$447.00	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$47.57K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$59.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$74.74K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.16K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.82K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.94K	USD	Point-in-time
Total assets	`Assets`	$80.55K	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`	$152.65K	USD	Point-in-time
Accounts payable related parties	`AccountsPayableRelatedPartiesCurrent`	$61.28K	USD	Point-in-time
Accounts payable related parties	`AccountsPayableRelatedPartiesCurrent`	$28.56K	USD	Point-in-time
Notes payable-related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Notes payable-related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$75.00K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$500.00	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$549.00	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$352.29K	USD	Point-in-time
Deferred officer compensation	`DeferredCompensationArrangementWithIndividualRecordedLiability`	$233.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$641.77K	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, 31,138,422 and 30,428,622 shares issued and outstanding at February 28, 2015 and 2014, respectively	`CommonStockParOrStatedValuePerShare`	$304.28K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 31,138,422 and 30,428,622 shares issued and outstanding at February 28, 2015 and 2014, respectively	`CommonStockParOrStatedValuePerShare`	$311.38K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.25M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$28.61M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$11.50K	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-625.48K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$-641.39K	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.87M	USD	Point-in-time
Accumulated deficit	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$-28.20M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-561.22K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-284.36K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$108.10K	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$80.55K	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$10.33K	USD	Annual
Revenues	`Revenues`	$1.60K	USD	Annual
Cost of revenues	`CostOfRevenue`	$178.74K	USD	Annual
Cost of revenues	`CostOfRevenue`	$291.97K	USD	Annual
Gross profit (loss)	`ProfitLoss`	$-281.64K	USD	Annual
Gross profit (loss)	`ProfitLoss`	$-177.14K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$498.57K	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`	$498.57K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.21M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-675.71K	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.49M	USD	Annual
Interest expense	`InterestExpense`	$-59.94K	USD	Annual
Interest expense	`InterestExpense`	$-2.32K	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`	-	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-2.32K	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-223.99K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.72M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-678.03K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-678.03K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.72M	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	Annual
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.09	USD	Annual
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.63M	shares	Annual
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.22M	shares	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-678.03K	USD	Annual
Net loss	`OperatingIncomeLoss`	$-2.72M	USD	Annual
Depreciation	`Depreciation`	$7.31K	USD	Annual
Depreciation	`Depreciation`	$4.12K	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	-	USD	Annual
Amortization of website development cost	`AmortizationOfIntangibleAssets`	$87.55K	USD	Annual
Interest paid with warrants	`PaidInKindInterest`	$37.01K	USD	Annual
Interest paid with warrants	`PaidInKindInterest`	-	USD	Annual
Imputed interest	`AmortizationOfFinancingCosts`	$2.32K	USD	Annual
Imputed interest	`AmortizationOfFinancingCosts`	-	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$190.25K	USD	Annual
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$703.65K	USD	Annual
Stock issued for directors fees and executive compensation	`ShareBasedCompensation`	-	USD	Annual
Stock issued for directors fees and executive compensation	`ShareBasedCompensation`	$18.16K	USD	Annual
Loss on conversion	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$164.26K	USD	Annual
Loss on conversion	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	-	USD	Annual
Impairment expense	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$919.32K	USD	Annual
Impairment expense	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	-	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$20.25K	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-447.00	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.78K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-12.06K	USD	Annual
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$83.00	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$5.67K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$22.44K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.02K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$47.40K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$58.22K	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$49.00	USD	Annual
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-11.05K	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-991.00	USD	Annual
Accrued interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	-	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$180.88K	USD	Annual
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$119.10K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	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`	$-294.04K	USD	Annual
Purchase of intangible assets - website development	`FinitelivedIntangibleAssetsAcquired1`	-	USD	Annual
Purchase of intangible assets - website development	`FinitelivedIntangibleAssetsAcquired1`	$-3.49K	USD	Annual
Purchase of intangible assets - domain names	`IndefinitelivedIntangibleAssetsAcquired`	-	USD	Annual
Purchase of intangible assets - domain names	`IndefinitelivedIntangibleAssetsAcquired`	$-513.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from notes payable - third party	`ProceedsFromNotesPayable`	$150.00K	USD	Annual
Proceeds from notes payable - third party	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$85.00K	USD	Annual
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$-10.00K	USD	Annual
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$1.20K	USD	Annual
Proceeds from related parties payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	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`	$15.91K	USD	Annual
Payments received on stockholder subscriptions receivable	`ProceedsFromOtherEquity`	$337.46K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$166.00K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$50.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$258.11K	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`	$-35.93K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$50.59K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$36.01K	USD	Point-in-time
Forfeited deferred officer compensation	`DeferredCompensationArrangementWithIndividualCompensationExpense`	-	USD	Annual
Forfeited deferred officer compensation	`DeferredCompensationArrangementWithIndividualCompensationExpense`	$100.00K	USD	Annual
Conversion of accounts payable to common shares	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$26.70K	USD	Annual
Conversion of accounts payable to common shares	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$203.35K	USD	Annual
Conversion of notes payable to common shares	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$302.23K	USD	Annual
Conversion of notes payable to common shares	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Debt discount on notes payable	`AmortizationOfDebtDiscountPremium`	$20.25K	USD	Annual
Debt discount on notes payable	`AmortizationOfDebtDiscountPremium`	-	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Issuance of common stock for cash	`StockIssuedDuringPeriodValueIssuedForCash`	$166.00K	USD	Annual
Issuance of common stock for cash	`StockIssuedDuringPeriodValueIssuedForCash`	$50.00K	USD	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$337.46K	USD	Annual
Payments received on subscription agreements	`ProceedsFromIssuanceOrSaleOfEquity`	$15.91K	USD	Annual
Stock based compensation	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$190.25K	USD	Annual
Stock based compensation	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$703.65K	USD	Annual
Forfeited deferred officer compensation	`StockGrantedDuringPeriodValueSharebasedCompensationForfeited`	$100.00K	USD	Annual
Warrants issued for interest expense on note	`ProceedsFromIssuanceOfWarrants`	$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 accounts payable	`StockIssuedDuringPeriodValueOther`	$26.70K	USD	Annual
Common stock issued for conversion of accounts payable	`StockIssuedDuringPeriodValueOther`	$203.35K	USD	Annual
Common stock issued for directors fees	`StockIssuedDuringPeriodValueIssuedForNoncashConsiderations`	$10.50K	USD	Annual
Common stock issued for officer fees	`StockIssuedDuringPeriodValueIssuedForServices`	$7.66K	USD	Annual
Imputed interest on accounts payable - related party	`InterestAndDebtExpense`	$2.32K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-678.03K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-2.72M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.22K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-284.36K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$660.78K	USD	Point-in-time

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