10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-028464`
Period End Date	20120331
Filing Date	20120514
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	prop-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 19 Cash Flow Statement 54 Stockholders Equity 18

Balance Sheet 54 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, issued	`CommonStockSharesIssued`	25.91M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	28.04M	shares	Point-in-time
Cash	`Cash`	$3.77K	USD	Point-in-time
Cash	`Cash`	$5.24K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	28.04M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	25.91M	shares	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$742.00	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$718.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$27.27K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.14K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$591.00	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$1.20K	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`	$35.67K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.35K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.58K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.03K	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$2.40K	USD	Point-in-time
Website URL, net	`IntangibleAssetsNetExcludingGoodwill`	$2.00K	USD	Point-in-time
Total Assets	`Assets`	$41.65K	USD	Point-in-time
Total Assets	`Assets`	$13.38K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$301.86K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$290.68K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$80.19K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$145.63K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$340.76K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$397.18K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$415.19K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$435.19K	USD	Point-in-time
Convertible notes payable - related party	`ConvertibleDebtCurrent`	$1.39M	USD	Point-in-time
Convertible notes payable - related party	`ConvertibleDebtCurrent`	$1.38M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$57.92K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$109.31K	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`	$4.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.79M	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 28,042,906 issued and outstanding; (25,911,539 issued and outstanding - 2011)	`CommonStockValue`	$25.91K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 28,042,906 issued and outstanding; (25,911,539 issued and outstanding - 2011)	`CommonStockValue`	$28.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$2.16M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.21M	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 Stockholders' Deficit	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.99M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$41.65K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$13.38K	USD	Point-in-time

Income Statement 19 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`SalesRevenueNet`	$23.71K	USD	1 Quarter
Net Revenues	`SalesRevenueNet`	$19.21K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$17.11K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$17.41K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$1.81K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$6.60K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$280.02K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$257.98K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-251.37K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-278.21K	USD	1 Quarter
Other Income	`NonoperatingIncomeExpense`	$-2.75K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-275.46K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.37M	USD	Annual
Net Loss	`NetIncomeLoss`	$-251.37K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	22.76M	shares	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	26.91M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-275.46K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.37M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-251.37K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.67M	USD	Annual
Depreciation expense	`Depreciation`	$623.00	USD	1 Quarter
Depreciation expense	`Depreciation`	$553.00	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$400.00	USD	1 Quarter
Amortization expense	`AmortizationOfIntangibleAssets`	$400.00	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$-905.00	USD	1 Quarter
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$2.52K	USD	1 Quarter
Issuance of stock options in connection with employment services	`ShareBasedCompensation`	$11.17K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$24.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-210.00	USD	1 Quarter
Due from others	`IncreaseDecreaseInOtherReceivables`	$605.00	USD	1 Quarter
Due from others	`IncreaseDecreaseInOtherReceivables`	$577.00	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$349.00	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$-350.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-780.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-26.13K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$403.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$48.38K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.18K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$65.44K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$310.00	USD	1 Quarter
Derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$51.39K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$39.74K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$56.42K	USD	1 Quarter
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-159.73K	USD	1 Quarter
Cash Used In Operating Activities from Continuing Operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-53.97K	USD	1 Quarter
Cash Provided by (Used In) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	-	USD	1 Quarter
Cash Provided by (Used In) Operating Activities from Discontinued Operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	-	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-53.97K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-159.73K	USD	1 Quarter
Proceeds from notes payable - related party	`ProceedsFromIssuanceOfDebt`	$100.00K	USD	1 Quarter
Proceeds from notes payable - related party	`ProceedsFromIssuanceOfDebt`	$20.00K	USD	1 Quarter
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	$25.00K	USD	1 Quarter
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	$32.50K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$52.50K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$125.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.47K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-34.73K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.77K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.24K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.91K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.77K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.24K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.91K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$1.60K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$800.00	USD	1 Quarter
Convertible notes and interest converted into common stock	`DebtConversionConvertedInstrumentAmount1`	$22.39K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-3.99M	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`	$22.39K	USD	1 Quarter
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`	$-275.46K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-251.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.67M	USD	Annual
Ending Balance	`StockholdersEquity`	$-2.77M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-1.17M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-3.99M	USD	Point-in-time

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