10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001056520-16-000317`
Period End Date	20160831
Filing Date	20161017
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	dgtw-20160831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 52 Cash Flow Statement 56

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`	$65.11K	USD	Point-in-time
Cash	`Cash`	$134.47K	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
Common stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	45.21M	shares	Point-in-time
Common stock, $0.01 par value, shares issued and outstanding	`CommonStockSharesIssued`	41.46M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$110.00K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$21.20K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$44.70K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$219.82K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$459.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.23K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$66.80K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$135.78K	USD	Point-in-time
Total assets	`Assets`	$422.86K	USD	Point-in-time
Total assets	`Assets`	$157.90K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.37K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$79.88K	USD	Point-in-time
Accounts payable related parties	`AccountsPayableRelatedPartiesCurrent`	$15.13K	USD	Point-in-time
Accounts payable related parties	`AccountsPayableRelatedPartiesCurrent`	$4.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$180.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$95.80K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$95.80K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	-	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$23.27K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$394.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$173.43K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 45,211,250 and 41,461,543 shares issued and outstanding at August 31, 2016 and February 29, 2016, respectively	`CommonStockParOrStatedValuePerShare`	$452.11K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 45,211,250 and 41,461,543 shares issued and outstanding at August 31, 2016 and February 29, 2016, respectively	`CommonStockParOrStatedValuePerShare`	$414.62K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$32.27M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$30.97M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$385.81K	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$37.50K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$12.15K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.42M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$28.78K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-15.53K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$422.86K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$157.90K	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$2.40K	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	$2.99K	USD	2 Qtrs
Revenues	`Revenues`	$30.00	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$205.61K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$47.55K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$87.08K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$100.93K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-205.58K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-100.93K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-45.14K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-84.09K	USD	2 Qtrs
Selling, general and administrative expenses (income)	`SellingGeneralAndAdministrativeExpense`	$1.46M	USD	2 Qtrs
Selling, general and administrative expenses (income)	`SellingGeneralAndAdministrativeExpense`	$945.17K	USD	1 Quarter
Selling, general and administrative expenses (income)	`SellingGeneralAndAdministrativeExpense`	$650.23K	USD	2 Qtrs
Selling, general and administrative expenses (income)	`SellingGeneralAndAdministrativeExpense`	$215.58K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.05M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-734.33K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-260.72K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.66M	USD	2 Qtrs
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	$28.02K	USD	2 Qtrs
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	-	USD	1 Quarter
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	-	USD	2 Qtrs
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	$1.12K	USD	1 Quarter
Loss on conversion of deferred officer compensation	`BenefitsLossesAndExpenses`	$293.63K	USD	2 Qtrs
Loss on conversion of deferred officer compensation	`BenefitsLossesAndExpenses`	-	USD	1 Quarter
Loss on conversion of deferred officer compensation	`BenefitsLossesAndExpenses`	-	USD	1 Quarter
Loss on conversion of deferred officer compensation	`BenefitsLossesAndExpenses`	-	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-265.61K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	-	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	-	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$1.12K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-999.94K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.66M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-259.60K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.05M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-999.94K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-259.60K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.05M	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`	$-0.03	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`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.54M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.64M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.65M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.50M	shares	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`OperatingIncomeLoss`	$-999.94K	USD	2 Qtrs
Net loss	`OperatingIncomeLoss`	$-1.66M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.94K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.82K	USD	2 Qtrs
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	-	USD	2 Qtrs
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	$-28.02K	USD	2 Qtrs
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$293.63K	USD	2 Qtrs
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	-	USD	2 Qtrs
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$351.37K	USD	2 Qtrs
Stock-based compensation expense	`EmployeeBenefitsAndShareBasedCompensation`	$977.23K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.02K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.00K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-39.98K	USD	2 Qtrs
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-23.50K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-55.20K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.51K	USD	2 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$10.87K	USD	2 Qtrs
Accounts payable related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-61.28K	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$23.27K	USD	2 Qtrs
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$10.45K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$180.00K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$-20.44K	USD	2 Qtrs
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-549.62K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-594.85K	USD	2 Qtrs
Purchase of domain names	`PaymentsToAcquireProductiveAssets`	$26.50K	USD	2 Qtrs
Purchase of domain names	`PaymentsToAcquireProductiveAssets`	-	USD	2 Qtrs
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	$7.50K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00K	USD	2 Qtrs
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	2 Qtrs
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	$15.00K	USD	2 Qtrs
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$90.00K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$559.50K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$616.75K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$559.50K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$541.75K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-69.35K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.87K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$65.11K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.79K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$65.11K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.79K	USD	Point-in-time
Issuance of common stock for stock payable	`ProceedsFromStockPlans`	-	USD	2 Qtrs
Issuance of common stock for stock payable	`ProceedsFromStockPlans`	$11.50K	USD	2 Qtrs
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	-	USD	2 Qtrs
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	$108.75K	USD	2 Qtrs
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	$331.85K	USD	2 Qtrs
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	-	USD	2 Qtrs

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