10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-046355`
Period End Date	20110630
Filing Date	20110815
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	prop-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 35 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	23.38M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.54K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$95.48K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.76M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$103.74K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.76M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	23.38M	shares	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$4.59K	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$6.79K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$46.14K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.05K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$1.36K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$2.51K	USD	Point-in-time
Inventory	`InventoryNet`	$933.00	USD	Point-in-time
Inventory	`InventoryNet`	$521.00	USD	Point-in-time
Deposits - current	`DepositsAssetsCurrent`	$1.50K	USD	Point-in-time
Deposits - current	`DepositsAssetsCurrent`	$1.85K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$69.66K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$61.76K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.77K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$632.00	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$3.20K	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$4.00K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$3.20K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$4.00K	USD	Point-in-time
Total Assets	`Assets`	$65.60K	USD	Point-in-time
Total Assets	`Assets`	$75.43K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$234.31K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.76K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$37.83K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$34.12K	USD	Point-in-time
Accrued interest - related parties	`InterestPayableCurrent`	$138.88K	USD	Point-in-time
Accrued interest - related parties	`InterestPayableCurrent`	$230.61K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$318.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$203.00K	USD	Point-in-time
Convertible notes payable - related party	`ConvertibleDebtCurrent`	$1.25M	USD	Point-in-time
Convertible notes payable - related party	`ConvertibleDebtCurrent`	$1.07M	USD	Point-in-time
Liabilities from Discontinued Operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.22M	USD	Point-in-time
Liabilities from Discontinued Operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.22M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.85M	USD	Point-in-time
Common stock, $0.001 par value; 75,000,000 shares authorized, 23,382,575 issued and outstanding; (22,757,575 issued and outstanding - 2010)	`CommonStockValue`	$23.38K	USD	Point-in-time
Common stock, $0.001 par value; 75,000,000 shares authorized, 23,382,575 issued and outstanding; (22,757,575 issued and outstanding - 2010)	`CommonStockValue`	$22.76K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.56M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.22M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$75.43K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$65.60K	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`SalesRevenueNet`	$59.69K	USD	2 Qtrs
Net Revenues	`SalesRevenueNet`	$35.72K	USD	1 Quarter
Net Revenues	`SalesRevenueNet`	$46.94K	USD	2 Qtrs
Net Revenues	`SalesRevenueNet`	$35.98K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$28.12K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$36.23K	USD	2 Qtrs
Cost of Goods Sold	`CostOfGoodsSold`	$24.86K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$41.98K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$11.11K	USD	1 Quarter
Gross Profit	`GrossProfit`	$7.60K	USD	1 Quarter
Gross Profit	`GrossProfit`	$10.70K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$17.72K	USD	2 Qtrs
Operating Expenses	`OperatingExpenses`	$394.18K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$672.27K	USD	2 Qtrs
Operating Expenses	`OperatingExpenses`	$313.55K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$571.53K	USD	2 Qtrs
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-302.44K	USD	1 Quarter
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-661.57K	USD	2 Qtrs
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-553.81K	USD	2 Qtrs
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-386.58K	USD	1 Quarter
Loss from Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-93.11K	USD	2 Qtrs
Loss from Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-103.28K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net Loss	`NetIncomeLoss`	$-754.67K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-302.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-553.81K	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-489.86K	USD	1 Quarter
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	2 Qtrs
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	23.09M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	22.18M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	22.92M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	21.89M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net loss	`NetIncomeLoss`	$-754.67K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-302.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-553.81K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-489.86K	USD	1 Quarter
Depreciation	`Depreciation`	$1.14K	USD	2 Qtrs
Depreciation	`Depreciation`	$541.00	USD	2 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$800.00	USD	2 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$50.92K	USD	2 Qtrs
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$1.02K	USD	2 Qtrs
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$35.00K	USD	2 Qtrs
Stock issued for services rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$41.25K	USD	2 Qtrs
Stock issued for services rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$20.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.20K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.65K	USD	2 Qtrs
Due from others	`IncreaseDecreaseInOtherReceivables`	$1.15K	USD	2 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$349.00	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-2.80K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.09K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$412.00	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$48.55K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.48K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$640.00	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.70K	USD	2 Qtrs
Accrued interest - related parties	`IncreaseDecreaseInInterestPayableNet`	$50.32K	USD	2 Qtrs
Accrued interest - related parties	`IncreaseDecreaseInInterestPayableNet`	$91.73K	USD	2 Qtrs
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-358.10K	USD	2 Qtrs
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-614.35K	USD	2 Qtrs
Cash Provided by (Used In) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$92.60K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-358.10K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-521.75K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromRelatedPartyDebt`	$140.00K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromRelatedPartyDebt`	$100.00K	USD	2 Qtrs
Proceeds from convertible note - related party	`ProceedsFromConvertibleDebt`	$475.00K	USD	2 Qtrs
Proceeds from convertible note - related party	`ProceedsFromConvertibleDebt`	$165.00K	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$45.00K	USD	2 Qtrs
Results Provided by Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$305.00K	USD	2 Qtrs
Results Provided by Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$530.00K	USD	2 Qtrs
Net Cash Provided by Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	2 Qtrs
Net Cash Provided by Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$305.00K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$530.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-53.10K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.25K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.54K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$95.48K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.74K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.54K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.48K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$103.74K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$1.60K	USD	2 Qtrs
Shares issued for services	`ConversionOfStockSharesIssued1`	60,000.00	shares	2 Qtrs
Shares issued for services	`ConversionOfStockSharesIssued1`	0.00	shares	2 Qtrs
Debt converted to equity	`DebtConversionConvertedInstrumentSharesIssued1`	9,375.00	shares	2 Qtrs
Debt converted to equity	`DebtConversionConvertedInstrumentSharesIssued1`	0.00	shares	2 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.22M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Shares issued in connection with services rendered	`StockIssuedDuringPeriodValueNewIssues`	$44.00K	USD	Annual
Shares issued in connection with services rendered	`StockIssuedDuringPeriodValueNewIssues`	$60.00K	USD	2 Qtrs
Shares issued in connection with conversion of debt to equity	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$9.38K	USD	2 Qtrs
Recognition of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$23.72K	USD	Annual
Recognition of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$35.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net loss	`NetIncomeLoss`	$-754.67K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-302.44K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-553.81K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-489.86K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.22M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time

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