10-Q/A Filing

SEBRING SOFTWARE, INC. CIK: 1452476 Q2 2011

Filing Information

Form Type	10-Q/A
Accession Number	`0001144204-11-050032`
Period End Date	20110630
Filing Date	20110826
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	smxi-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 55 Cash Flow Statement 73 Stockholders Equity 10

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Common stock issued or to be issued, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock issued or to be issued, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock issued or to be issued, shares authorized	`CommonStockSharesAuthorized`	1.10B	shares	Point-in-time
Common stock issued or to be issued, shares authorized	`CommonStockSharesAuthorized`	1.10B	shares	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	34.98M	shares	Point-in-time
Cash	`Cash`	$35.51K	USD	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	36.64M	shares	Point-in-time
Cash	`Cash`	$53.81K	USD	Point-in-time
Cash	`Cash`	$212.13K	USD	Point-in-time
Cash	`Cash`	$6.36K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$35.27K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.59K	USD	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	34.98M	shares	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	36.64M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$247.40K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.95K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$1.43K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$73.67K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$1.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$1.00K	USD	Point-in-time
Total assets	`Assets`	$322.07K	USD	Point-in-time
Total assets	`Assets`	$16.38K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$306.36K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$321.93K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$416.14K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$327.58K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$649.91K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$417.03K	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$2.61M	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$3.31M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$189.08K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$189.08K	USD	Point-in-time
Notes payable, related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$275.64K	USD	Point-in-time
Notes payable, related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$275.64K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.16M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$57.65K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$346.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.22M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 36,643,917 and 34,980,515 shares issued or to be issued and outstanding, at June 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.66K	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 36,643,917 and 34,980,515 shares issued or to be issued and outstanding, at June 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.50K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$-331.09K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$824.35K	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$5.72M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$4.13M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-4.90M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$322.07K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$16.38K	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Employee compensation and benefits	`LaborAndRelatedExpense`	$203.73K	USD	2 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$101.23K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$77.86K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$1.60M	USD	19 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$139.55K	USD	2 Qtrs
Impairment expense	`AssetImpairmentCharges`	$452.29K	USD	19 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$101.95K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$129.49K	USD	2 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$207.91K	USD	2 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$78.17K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$1.71M	USD	19 Qtrs
Total operating expenses	`OperatingExpenses`	$203.18K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$156.03K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.77M	USD	19 Qtrs
Total operating expenses	`OperatingExpenses`	$269.03K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$411.65K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-203.18K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-269.03K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-156.03K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.77M	USD	19 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-411.65K	USD	2 Qtrs
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	19 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$723.82K	USD	19 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$723.82K	USD	2 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$304.06K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$15.71K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-12.68K	USD	2 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-3.60K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$26.25K	USD	2 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$8.20K	USD	19 Qtrs
Interest expense	`InterestExpense`	$1.28M	USD	19 Qtrs
Interest expense	`InterestExpense`	$308.29K	USD	1 Quarter
Interest expense	`InterestExpense`	$442.55K	USD	2 Qtrs
Interest expense	`InterestExpense`	$80.80K	USD	1 Quarter
Interest expense	`InterestExpense`	$155.56K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-129.31K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-65.09K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.18M	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-615.95K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.96M	USD	19 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-221.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-398.34K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.72M	USD	19 Qtrs
Net loss	`NetIncomeLoss`	$-819.12K	USD	1 Quarter
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
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	19 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.74M	shares	19 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.97M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.97M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	35.66M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	35.44M	shares	2 Qtrs

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.59M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-221.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-398.34K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.72M	USD	19 Qtrs
Net loss	`NetIncomeLoss`	$-819.12K	USD	1 Quarter
Depreciation	`Depreciation`	$13.01K	USD	2 Qtrs
Depreciation	`Depreciation`	$312.00	USD	2 Qtrs
Depreciation	`Depreciation`	$14.31K	USD	19 Qtrs
Common stock issued for legal services	`IssuanceOfStockForServices`	$37.50K	USD	19 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$723.82K	USD	19 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$723.82K	USD	2 Qtrs
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	19 Qtrs
Impairment expense	`AdjustmentAssetImpairmentCharges`	$452.29K	USD	19 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$140.00K	USD	19 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$47.87K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$71.03K	USD	19 Qtrs
Warrant expense of notes payable	`OtherNoncashExpense`	$106.79K	USD	2 Qtrs
Warrant expense of notes payable	`OtherNoncashExpense`	$106.79K	USD	19 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$27.68K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$35.27K	USD	19 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$1.00K	USD	19 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.57K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$500.46K	USD	19 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-49.28K	USD	2 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$88.56K	USD	2 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$416.14K	USD	19 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$23.30K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$232.88K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$962.62K	USD	19 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$142.31K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-281.69K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.37M	USD	19 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-389.87K	USD	2 Qtrs
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	19 Qtrs
Software development costs	`PaymentsToDevelopSoftware`	$452.29K	USD	19 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.73K	USD	19 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-741.16K	USD	19 Qtrs
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	19 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$325.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$325.00K	USD	19 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.30M	USD	19 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$300.00K	USD	2 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$280.00K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$9.36K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$60.28K	USD	19 Qtrs
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	19 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$595.64K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$300.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.33M	USD	19 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$18.31K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$205.77K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$212.13K	USD	19 Qtrs
Cash, beginning of period	`Cash`	$35.51K	USD	Point-in-time
Cash, beginning of period	`Cash`	$53.81K	USD	Point-in-time
Cash, beginning of period	`Cash`	$212.13K	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.36K	USD	Point-in-time
Cash, end of period	`Cash`	$35.51K	USD	Point-in-time
Cash, end of period	`Cash`	$53.81K	USD	Point-in-time
Cash, end of period	`Cash`	$212.13K	USD	Point-in-time
Cash, end of period	`Cash`	$6.36K	USD	Point-in-time
Interest paid	`InterestPaid`	$272.00	USD	19 Qtrs
Interest paid	`InterestPaid`	$272.00	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	19 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	19 Qtrs
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	19 Qtrs
Stock based lender fees recorded as debt discount from settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	19 Qtrs
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	19 Qtrs
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	19 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	19 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	19 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-4.90M	USD	Point-in-time
Warrants to be issued on notes payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$106.79K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-221.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-398.34K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.72M	USD	19 Qtrs
Net loss	`NetIncomeLoss`	$-819.12K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-4.90M	USD	Point-in-time

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