10-Q Filing

SEBRING SOFTWARE, INC. CIK: 1452476 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-066231`
Period End Date	20110930
Filing Date	20111121
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	smxi-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 55 Cash Flow Statement 85 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
Cash	`Cash`	$5.55K	USD	Point-in-time
Cash	`Cash`	$35.51K	USD	Point-in-time
Cash	`Cash`	$37.19K	USD	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	34.98M	shares	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	37.09M	shares	Point-in-time
Cash	`Cash`	$6.36K	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`	37.09M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$27.73K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.59K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.95K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$64.92K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$1.43K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$66.34K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$101.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$1.00K	USD	Point-in-time
Total assets	`Assets`	$232.26K	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`	$282.59K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$327.58K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$441.96K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$417.03K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$774.63K	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$3.33M	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$2.61M	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`	$5.30M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$160.55K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$346.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.48M	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, 37,086,106 and 34,980,515 shares issued or to be issued and outstanding, at September 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.71K	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 37,086,106 and 34,980,515 shares issued or to be issued and outstanding, at September 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$3.50K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.12M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$-331.09K	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$4.13M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.35M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-5.22M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$232.26K	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`	$1.70M	USD	20 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$125.08K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$96.09K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$299.82K	USD	3 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$264.62K	USD	3 Qtrs
Impairment expense	`AssetImpairmentCharges`	$452.29K	USD	20 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$169.91K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$349.69K	USD	3 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$299.40K	USD	3 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$141.77K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$1.85M	USD	20 Qtrs
Total operating expenses	`OperatingExpenses`	$4.01M	USD	20 Qtrs
Total operating expenses	`OperatingExpenses`	$237.86K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$564.02K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$294.99K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$649.51K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-294.99K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.01M	USD	20 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-649.51K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-237.86K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-564.02K	USD	3 Qtrs
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$38.53K	USD	3 Qtrs
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	20 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$889.06K	USD	20 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$165.24K	USD	1 Quarter
Loan penalty	`OtherNonoperatingExpense`	$889.06K	USD	3 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$9.78K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.90K	USD	3 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$17.98K	USD	20 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-26.25K	USD	1 Quarter
Interest expense	`InterestExpense`	$231.01K	USD	1 Quarter
Interest expense	`InterestExpense`	$251.23K	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.51M	USD	20 Qtrs
Interest expense	`InterestExpense`	$673.55K	USD	3 Qtrs
Interest expense	`InterestExpense`	$95.67K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-386.46K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-2.34M	USD	20 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-251.23K	USD	3 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-121.92K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.57M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-624.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-815.25K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.22M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.35M	USD	20 Qtrs
Net loss	`NetIncomeLoss`	$-416.91K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	20 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	3 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	35.87M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	31.04M	shares	20 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	36.70M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.97M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	29.97M	shares	3 Qtrs

Cash Flow Statement 85 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-624.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-815.25K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.22M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.35M	USD	20 Qtrs
Net loss	`NetIncomeLoss`	$-416.91K	USD	1 Quarter
Depreciation	`Depreciation`	$20.34K	USD	3 Qtrs
Depreciation	`Depreciation`	$484.00	USD	3 Qtrs
Depreciation	`Depreciation`	$21.64K	USD	20 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$37.50K	USD	3 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$75.00K	USD	20 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$889.06K	USD	20 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$889.06K	USD	3 Qtrs
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$38.53K	USD	3 Qtrs
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	20 Qtrs
Impairment expense	`AdjustmentAssetImpairmentCharges`	$452.29K	USD	20 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$140.00K	USD	20 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$72.61K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$95.77K	USD	20 Qtrs
Warrant expense of notes payable	`OtherNoncashExpense`	$199.67K	USD	3 Qtrs
Warrant expense of notes payable	`OtherNoncashExpense`	$199.67K	USD	20 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$6.00K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$27.73K	USD	20 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$20.14K	USD	3 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$1.00K	USD	20 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$147.34K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$461.12K	USD	20 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-23.77K	USD	3 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$114.38K	USD	3 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$441.96K	USD	20 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$211.83K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$357.60K	USD	3 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$1.09M	USD	20 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$251.23K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-567.77K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.55M	USD	20 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-248.91K	USD	3 Qtrs
Loans to officers and shareholders	`PaymentsToFundLongtermLoansToRelatedParties`	$87.19K	USD	3 Qtrs
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$350.00K	USD	3 Qtrs
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	20 Qtrs
Software development costs	`PaymentsToDevelopSoftware`	$452.29K	USD	20 Qtrs
Stock Purchase Agreement Deposit	`PaymentsToAcquireRestrictedCertificatesOfDeposit`	$100.00K	USD	3 Qtrs
Stock Purchase Agreement Deposit	`PaymentsToAcquireRestrictedCertificatesOfDeposit`	$100.00K	USD	20 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.73K	USD	20 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$854.00	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-841.16K	USD	20 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-438.05K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.00K	USD	3 Qtrs
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	20 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$325.00K	USD	20 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$325.00K	USD	3 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.41M	USD	20 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$657.00K	USD	3 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$390.00K	USD	3 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$67.31K	USD	20 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$16.39K	USD	3 Qtrs
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	20 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$657.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.43M	USD	20 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$698.61K	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$30.83K	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$37.19K	USD	20 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$-29.96K	USD	3 Qtrs
Cash, beginning of period	`Cash`	$5.55K	USD	Point-in-time
Cash, beginning of period	`Cash`	$35.51K	USD	Point-in-time
Cash, beginning of period	`Cash`	$37.19K	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.36K	USD	Point-in-time
Cash, end of period	`Cash`	$5.55K	USD	Point-in-time
Cash, end of period	`Cash`	$35.51K	USD	Point-in-time
Cash, end of period	`Cash`	$37.19K	USD	Point-in-time
Cash, end of period	`Cash`	$6.36K	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	-	USD	20 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	20 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	3 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	20 Qtrs
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	20 Qtrs
Stock based lender fees recorded as debt discount from settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	20 Qtrs
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	20 Qtrs
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	20 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	20 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	20 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	3 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-5.22M	USD	Point-in-time
Warrants to be issued on notes payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$199.67K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-624.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-815.25K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.22M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.35M	USD	20 Qtrs
Net loss	`NetIncomeLoss`	$-416.91K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-5.22M	USD	Point-in-time

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