10-K Filing

SEBRING SOFTWARE, INC. CIK: 1452476 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-018726`
Period End Date	20111231
Filing Date	20120330
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	smxi-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 40 Cash Flow Statement 94 Stockholders Equity 17

Balance Sheet 55 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`	$12.22K	USD	Point-in-time
Cash	`Cash`	$6.36K	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`	37.66M	shares	Point-in-time
Cash	`Cash`	$35.51K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.59K	USD	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	37.66M	shares	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	34.98M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.95K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$59.19K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$1.43K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$1.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$101.00K	USD	Point-in-time
Total assets	`Assets`	$192.41K	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`	$321.66K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$460.63K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$327.58K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$988.62K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$417.03K	USD	Point-in-time
Current portion of notes and convertible notes payable, net of debt discount	`NotesPayableCurrent`	$3.62M	USD	Point-in-time
Current portion of notes and convertible notes payable, net of debt discount	`NotesPayableCurrent`	$2.61M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$89.08K	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`	$5.76M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$33.44K	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$346.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.48M	USD	Point-in-time
Commitments and contingencies (Notes 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 37,662,577 and 34,980,515 shares issued or to be issued and outstanding, at December 31, 2011 and 2010, respectively	`CommonStockValue`	$3.50K	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 37,662,577 and 34,980,515 shares issued or to be issued and outstanding, at December 31, 2011 and 2010, respectively	`CommonStockValue`	$3.77K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.23M	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`	$6.84M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.92M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-350.08K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.63K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.57M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$192.41K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$16.38K	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Employee compensation and benefits	`LaborAndRelatedExpense`	$387.88K	USD	Annual
Employee compensation and benefits	`LaborAndRelatedExpense`	$336.09K	USD	Annual
Employee compensation and benefits	`LaborAndRelatedExpense`	$1.79M	USD	21 Qtrs
Impairment expense	`AssetImpairmentCharges`	$452.29K	USD	21 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$576.83K	USD	Annual
General & administrative expenses	`GeneralAndAdministrativeExpense`	$448.27K	USD	Annual
General & administrative expenses	`GeneralAndAdministrativeExpense`	$1.95M	USD	21 Qtrs
Total operating expenses	`OperatingExpenses`	$912.92K	USD	Annual
Total operating expenses	`OperatingExpenses`	$836.16K	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.19M	USD	21 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-836.16K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-912.92K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.19M	USD	21 Qtrs
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	Annual
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$19.04K	USD	Annual
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	21 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$889.06K	USD	21 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$889.06K	USD	Annual
Gain on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$25.98K	USD	21 Qtrs
Gain on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$5.10K	USD	Annual
Gain on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.98K	USD	Annual
Interest expense	`InterestExpense`	$1.84M	USD	21 Qtrs
Interest expense	`InterestExpense`	$354.12K	USD	Annual
Interest expense	`InterestExpense`	$1.00M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-2.64M	USD	21 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.87M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-303.07K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.35M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.70M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.84M	USD	21 Qtrs
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-10.63K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-339.45K	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	21 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	Annual
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	31.33M	shares	21 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	36.19M	shares	Annual
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	30.97M	shares	Annual

Cash Flow Statement 94 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.35M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.70M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.84M	USD	21 Qtrs
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-10.63K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-339.45K	USD	Annual
Depreciation	`Depreciation`	$27.49K	USD	Annual
Depreciation	`Depreciation`	$712.00	USD	Annual
Depreciation	`Depreciation`	$28.79K	USD	21 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$37.50K	USD	Annual
Common stock issued for services	`IssuanceOfStockForServices`	$75.00K	USD	21 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$37.50K	USD	Annual
Common stock to be issued for loan penalty	`IssuanceOfCommonStockValueForFutureServices`	$-889.06K	USD	21 Qtrs
Common stock to be issued for loan penalty	`IssuanceOfCommonStockValueForFutureServices`	$-889.06K	USD	Annual
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$39.07K	USD	Annual
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$19.04K	USD	Annual
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	21 Qtrs
Impairment expense	`AdjustmentAssetImpairmentCharges`	$452.29K	USD	21 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$140.00K	USD	21 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$121.05K	USD	21 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$23.16K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$97.90K	USD	Annual
Issuance of warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$262.02K	USD	Annual
Issuance of warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$262.02K	USD	21 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$7.59K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$20.00K	USD	21 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$12.41K	USD	Annual
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$1.00K	USD	21 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$107.17K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$34.35K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$519.23K	USD	21 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$133.05K	USD	Annual
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$164.92K	USD	Annual
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$460.63K	USD	21 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$330.97K	USD	Annual
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$1.30M	USD	21 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$571.59K	USD	Annual
Net cash used in operating actives	`NetCashProvidedByUsedInOperatingActivities`	$-2.67M	USD	21 Qtrs
Net cash used in operating actives	`NetCashProvidedByUsedInOperatingActivities`	$-681.69K	USD	Annual
Net cash used in operating actives	`NetCashProvidedByUsedInOperatingActivities`	$-598.22K	USD	Annual
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	Annual
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	21 Qtrs
Software development costs	`PaymentsToDevelopSoftware`	$452.29K	USD	21 Qtrs
Stock purchase agreement	`PaymentsForOtherInvestingActivities`	$100.00K	USD	Annual
Stock purchase agreement	`PaymentsForOtherInvestingActivities`	$100.00K	USD	21 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.73K	USD	21 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$855.00	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-287.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-841.16K	USD	21 Qtrs
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	21 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$376.00K	USD	21 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$376.00K	USD	Annual
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$992.00K	USD	Annual
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.46M	USD	21 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$440.00K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$28.45K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$35.92K	USD	Annual
Repayment of notes payable	`RepaymentsOfNotesPayable`	$79.36K	USD	21 Qtrs
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	21 Qtrs
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	Annual
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$787.55K	USD	Annual
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.52M	USD	21 Qtrs
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$856.08K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-29.15K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$5.86K	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$12.22K	USD	21 Qtrs
Cash, beginning of period	`Cash`	$12.22K	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.36K	USD	Point-in-time
Cash, beginning of period	`Cash`	$35.51K	USD	Point-in-time
Cash, end of period	`Cash`	$12.22K	USD	Point-in-time
Cash, end of period	`Cash`	$6.36K	USD	Point-in-time
Cash, end of period	`Cash`	$35.51K	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	21 Qtrs
Interest paid	`InterestPaid`	-	USD	Annual
Interest paid	`InterestPaid`	-	USD	Annual
Taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Taxes paid	`IncomeTaxesPaid`	-	USD	21 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	Annual
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	Annual
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	21 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	21 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	Annual
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	Annual
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	21 Qtrs
Stock based lender fees recorded as debt discount pursuant to settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	21 Qtrs
Stock based lender fees recorded as debt discount pursuant to settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	Annual
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	21 Qtrs
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	Annual
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	Annual
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	21 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	21 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Sale of common stock	`SaleOfCommonStock`	$376.00K	USD	Annual
Issuance of warrants on notes payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$262.02K	USD	Annual
Redemption of ownership interest	`RedemptionOfEquityInterest`	$100.00K	USD	Annual
Recapitalization	`AdjustmentsToAdditionalPaidInCapitalOther`	$-286.15K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.35M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.70M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.84M	USD	21 Qtrs
Net loss	`NetIncomeLoss`	$-1.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-10.63K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-339.45K	USD	Annual
Ending Balance	`StockholdersEquity`	$-2.92M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-350.08K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-10.63K	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-4.46M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.57M	USD	Point-in-time

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