10-K Filing

PLEDGE PETROLEUM CORP CIK: 1434110 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-021767`
Period End Date	20111231
Filing Date	20120416
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	prop-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 26 Cash Flow Statement 74 Stockholders Equity 13

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`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.91M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.91M	shares	Point-in-time
Cash	`Cash`	$56.64K	USD	Point-in-time
Cash	`Cash`	$5.24K	USD	Point-in-time
Cash	`Cash`	$95.48K	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$4.59K	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$718.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.05K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$27.27K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$591.00	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$1.36K	USD	Point-in-time
Inventory	`InventoryNet`	-	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
Assets from discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	-	USD	Point-in-time
Assets from discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$69.66K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$35.67K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.77K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.58K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$2.40K	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`	$41.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$290.68K	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`	$80.19K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$138.88K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$340.76K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$203.00K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$415.19K	USD	Point-in-time
Convertible notes payable, net of debt discount	`ConvertibleDebtCurrent`	$1.07M	USD	Point-in-time
Convertible notes payable, net of debt discount	`ConvertibleDebtCurrent`	$1.38M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$57.92K	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`	$3.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.85M	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 25,911,539 and 22,757,575 shares issued and outstanding	`CommonStockValue`	$25.91K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 25,911,539 and 22,757,575 shares issued and outstanding	`CommonStockValue`	$22.76K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.16M	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`	$-5.93M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$41.65K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$75.43K	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`SalesRevenueNet`	$100.35K	USD	Annual
Net Revenues	`SalesRevenueNet`	$204.80K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$71.88K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$138.87K	USD	Annual
Gross Profit (Loss)	`GrossProfit`	$28.48K	USD	Annual
Gross Profit (Loss)	`GrossProfit`	$65.92K	USD	Annual
Operating Expenses	`OperatingExpenses`	$1.60M	USD	Annual
Operating Expenses	`OperatingExpenses`	$1.47M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-1.58M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-1.41M	USD	Annual
Other Income	`NonoperatingIncomeExpense`	$34.07K	USD	Annual
Other Income	`NonoperatingIncomeExpense`	$15.00	USD	Annual
Loss from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.37M	USD	Annual
Loss from Continuing Operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.58M	USD	Annual
Loss from Discontinued Operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	$-94.31K	USD	Annual
Loss from Discontinued Operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	-	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsAndDiscontinuedOperationsBeforeIncomeTaxes`	$-1.37M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsAndDiscontinuedOperationsBeforeIncomeTaxes`	$-1.67M	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.37M	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	24.09M	shares	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	22.66M	shares	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss for the year	`NetIncomeLoss`	$-1.37M	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-1.67M	USD	Annual
Depreciation expense	`Depreciation`	$2.37K	USD	Annual
Depreciation expense	`Depreciation`	$2.03K	USD	Annual
Amortization expense	`AmortizationOfIntangibleAssets`	$1.60K	USD	Annual
Amortization expense	`AmortizationOfIntangibleAssets`	$101.84K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$43.72K	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$-34.07K	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$4.49K	USD	Annual
Stock options issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$92.78K	USD	Annual
Stock options issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$23.72K	USD	Annual
Common stock expensed for services	`ShareBasedCompensation`	$180.86K	USD	Annual
Common stock expensed for services	`ShareBasedCompensation`	$44.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.30K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$613.00	USD	Annual
Due from others	`IncreaseDecreaseInOtherReceivables`	$241.00	USD	Annual
Due from others	`IncreaseDecreaseInOtherReceivables`	$-769.00	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-521.00	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$521.00	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-3.43K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$466.00	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$61.46K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$104.92K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$46.07K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$33.25K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$210.16K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$125.92K	USD	Annual
Cash Used in Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-878.45K	USD	Annual
Cash Used in Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-717.40K	USD	Annual
Cash Provided by (Used in) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-22.81K	USD	Annual
Cash Provided by (Used in) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	-	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-901.26K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-717.40K	USD	Annual
Website development	`PaymentsToDevelopSoftware`	-	USD	Annual
Website development	`PaymentsToDevelopSoftware`	-	USD	Annual
Security deposits	`PaymentsToAcquireHeldToMaturitySecurities`	$350.00	USD	Annual
Security deposits	`PaymentsToAcquireHeldToMaturitySecurities`	-	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$584.00	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.84K	USD	Annual
Net Cash Used In Investing Activities from Continuing Operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.19K	USD	Annual
Net Cash Used In Investing Activities from Continuing Operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-584.00	USD	Annual
Net Cash Used In Investing Activities from Discontinued Operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	-	USD	Annual
Net Cash Used In Investing Activities from Discontinued Operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.19K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-584.00	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from convertible note - related parties	`ProceedsFromConvertibleDebt`	$308.00K	USD	Annual
Proceeds from convertible note - related parties	`ProceedsFromConvertibleDebt`	$660.00K	USD	Annual
Proceeds from notes payable and advances - related party	`ProceedsFromIssuanceOfDebt`	$362.19K	USD	Annual
Proceeds from notes payable and advances - related party	`ProceedsFromIssuanceOfDebt`	$203.00K	USD	Annual
Cash Provided By Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$670.19K	USD	Annual
Cash Provided By Financing Activities from Continuing Operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$863.00K	USD	Annual
Cash Provided By (Used in) Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	Annual
Cash Provided By (Used in) Financing Activities from Discontinued Operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	-	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$863.00K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$670.19K	USD	Annual
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-51.40K	USD	Annual
NET DECREASE IN CASH	`CashPeriodIncreaseDecrease`	$-38.84K	USD	Annual
CASH AT BEGINNING OF YEAR	`Cash`	$56.64K	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`Cash`	$5.24K	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`Cash`	$95.48K	USD	Point-in-time
CASH AT YEAR END	`Cash`	$56.64K	USD	Point-in-time
CASH AT YEAR END	`Cash`	$5.24K	USD	Point-in-time
CASH AT YEAR END	`Cash`	$95.48K	USD	Point-in-time
Convertible notes and interest converted into common stock	`ConversionOfConvertibleNotesToCommonStock`	-	USD	Annual
Convertible notes and interest converted into common stock	`ConversionOfConvertibleNotesToCommonStock`	$100.55K	USD	Annual
Common stock issued for services and classified as prepaid expense at December 31, 2011	`StockIssued1`	-	USD	Annual
Common stock issued for services and classified as prepaid expense at December 31, 2011	`StockIssued1`	$25.64K	USD	Annual
Notes payable amended or assigned and reclassified as convertible notes payable	`NotesIssued1`	$150.00K	USD	Annual
Notes payable amended or assigned and reclassified as convertible notes payable	`NotesIssued1`	-	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-2.77M	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`	$206.50K	USD	Annual
Shares issued in connection with conversion from debt to equity	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$100.55K	USD	Annual
Recognition of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$92.78K	USD	Annual
Recognition of stock based compensation in connection with stock option grants	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$23.72K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Ending Balance	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-2.77M	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.