10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-063195`
Period End Date	20110930
Filing Date	20111114
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	prop-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 36 Cash Flow Statement 70 Stockholders Equity 23

Balance Sheet 58 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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$67.26K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	22.76M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	25.43M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$6.26K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$95.48K	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$13.56K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	22.76M	shares	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$4.59K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	25.43M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.05K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$104.81K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$1.36K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$3.06K	USD	Point-in-time
Inventory	`InventoryNet`	$2.39K	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`	$131.93K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.77K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$999.00	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$2.80K	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$4.00K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$2.80K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$4.00K	USD	Point-in-time
Total Assets	`Assets`	$75.43K	USD	Point-in-time
Total Assets	`Assets`	$135.72K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$283.67K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.76K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$34.12K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$70.23K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$138.88K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$295.22K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$353.00K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$203.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleDebtCurrent`	$1.07M	USD	Point-in-time
Convertible notes payable	`ConvertibleDebtCurrent`	$1.31M	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`	$3.54M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.85M	USD	Point-in-time
Common stock, $0.001 par value; 75,000,000 shares authorized, 25,433,596 issued and outstanding; (22,757,575 issued and outstanding - 2010)	`CommonStockValue`	$22.76K	USD	Point-in-time
Common stock, $0.001 par value; 75,000,000 shares authorized, 25,433,596 issued and outstanding; (22,757,575 issued and outstanding - 2010)	`CommonStockValue`	$25.43K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.57M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.40M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.58M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$135.72K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$75.43K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`SalesRevenueNet`	$15.08K	USD	1 Quarter
Net Revenues	`SalesRevenueNet`	$137.33K	USD	3 Qtrs
Net Revenues	`SalesRevenueNet`	$62.01K	USD	3 Qtrs
Net Revenues	`SalesRevenueNet`	$77.64K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$10.68K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$59.91K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$101.89K	USD	3 Qtrs
Cost of Goods Sold	`CostOfGoodsSold`	$46.91K	USD	3 Qtrs
Gross Profit (Loss)	`GrossProfit`	$17.73K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$4.41K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$35.45K	USD	3 Qtrs
Gross Profit (Loss)	`GrossProfit`	$15.10K	USD	3 Qtrs
Operating Expenses	`OperatingExpenses`	$366.20K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$1.04M	USD	3 Qtrs
Operating Expenses	`OperatingExpenses`	$1.04M	USD	3 Qtrs
Operating Expenses	`OperatingExpenses`	$470.42K	USD	1 Quarter
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-1.01M	USD	3 Qtrs
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-1.02M	USD	3 Qtrs
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-452.69K	USD	1 Quarter
Loss from Continuing Operations	`IncomeLossFromContinuingOperations`	$-361.79K	USD	1 Quarter
Loss from Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-191.00	USD	1 Quarter
Loss from Discontinued Operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-93.30K	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.12M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-361.98K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.01M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-452.69K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.78M	USD	Annual
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	3 Qtrs
Net Loss per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	20.85M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	23.47M	shares	3 Qtrs
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	24.55M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	21.73M	shares	3 Qtrs

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-1.67M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-1.12M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-361.98K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.01M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-452.69K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.78M	USD	Annual
Depreciation	`Depreciation`	$1.16K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.47K	USD	3 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$76.38K	USD	3 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$1.20K	USD	3 Qtrs
Issuance of common stock for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$86.86K	USD	3 Qtrs
Issuance of common stock for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$42.25K	USD	3 Qtrs
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$1.02K	USD	3 Qtrs
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$63.95K	USD	3 Qtrs
Loss on conversion of debt to equity	`GainsLossesOnExtinguishmentOfDebtFromContinuingOperations`	$-43.71K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.17K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.97K	USD	3 Qtrs
Due from others	`IncreaseDecreaseInOtherReceivables`	$1.70K	USD	3 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$350.00	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.61K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-3.27K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$736.00	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.87K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-53.62K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$97.91K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$36.10K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$41.99K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$11.99K	USD	3 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$103.00K	USD	3 Qtrs
Accrued interest - related parties	`IncreaseDecreaseInInterestPayableNet`	$164.62K	USD	3 Qtrs
Accrued interest - related parties	`IncreaseDecreaseInInterestPayableNet`	$88.75K	USD	3 Qtrs
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-696.01K	USD	3 Qtrs
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-525.18K	USD	3 Qtrs
Cash Provided by (Used In) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$77.79K	USD	3 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-525.18K	USD	3 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-618.22K	USD	3 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$700.00	USD	3 Qtrs
Net Cash Provided By (Used In) Investing Activities from Continuing Operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-700.00	USD	3 Qtrs
Net Cash Provided By (Used In) Investing Activities from Discontinued Operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	-	USD	3 Qtrs
Net Cash Provided By (Used In) Investing Activities from Discontinued Operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	-	USD	3 Qtrs
NET CASH USED IN INVESTING OPERATIONS	`NetCashProvidedByUsedInInvestingActivities`	$-700.00	USD	3 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$45.00K	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$250.00K	USD	3 Qtrs
Proceeds from notes payable - related party	`ProceedsFromRelatedPartyDebt`	$100.00K	USD	3 Qtrs
Proceeds from convertible note - related party	`ProceedsFromConvertibleDebt`	$535.00K	USD	3 Qtrs
Proceeds from convertible note - related party	`ProceedsFromConvertibleDebt`	$225.50K	USD	3 Qtrs
Net Cash Provided by Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$590.00K	USD	3 Qtrs
Net Cash Provided by Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$475.50K	USD	3 Qtrs
Net Cash Provided by Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	3 Qtrs
Net Cash Provided by Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$475.50K	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$590.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-50.38K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.22K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$67.26K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.26K	USD	Point-in-time
Cash and cash equivalents at beginning 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`	$67.26K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.26K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.48K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$1.90K	USD	3 Qtrs
Shares issued for services	`ConversionOfStockSharesIssued1`	185,000.00	shares	3 Qtrs
Shares issued for services	`ConversionOfStockSharesIssued1`	0.00	shares	3 Qtrs
Debt and accrued interest converted to equity	`DebtConversionConvertedInstrumentSharesIssued1`	0.00	shares	3 Qtrs
Debt and accrued interest converted to equity	`DebtConversionConvertedInstrumentSharesIssued1`	86,325.00	shares	3 Qtrs

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.40M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.58M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Shares issued in connection with conversion of debt to equity	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$86.33K	USD	3 Qtrs
Shares issued in connection with conversion of debt to equity	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.77M	USD	Annual
Recognition of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$63.95K	USD	3 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`	$43.44K	USD	Annual
Distributions to affiliate	`DividendsToAffiliate`	$122.54K	USD	Annual
Loss on conversion of debt to equity	`AdjustmentsToAdditionalPaidInCapitalResultingFromConversionOfConvertibleDebtIntoEquity`	$43.71K	USD	3 Qtrs
Reclassification of affiliate distributions as a result of change in control	`StockholdersEquityOther`	$-1.06M	USD	Annual
Reclassification of affiliate equity and payables due to change in control	`AdjustmentsToAdditionalPaidInCapitalOther`	$-1.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.12M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-361.98K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.01M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-452.69K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.78M	USD	Annual
Ending Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.40M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.58M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time

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