10-Q Filing

SEBRING SOFTWARE, INC. CIK: 1452476 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-030880`
Period End Date	20120331
Filing Date	20120521
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	smxi-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 35 Cash Flow Statement 78 Stockholders Equity 11

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`	$28.09K	USD	Point-in-time
Cash	`Cash`	$12.22K	USD	Point-in-time
Cash	`Cash`	$80.01K	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`	39.04M	shares	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	37.66M	shares	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`	39.04M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$48.09K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$59.19K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$51.95K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$101.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$101.00K	USD	Point-in-time
Total assets	`Assets`	$192.41K	USD	Point-in-time
Total assets	`Assets`	$201.04K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$337.26K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$321.66K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$500.96K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$460.63K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$1.12M	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$988.62K	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$3.74M	USD	Point-in-time
Current portion of notes payable, net of debt discount	`NotesPayableCurrent`	$3.62M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$89.08K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$79.08K	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`	$6.06M	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`	$26.30K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.79M	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, 39,039,203 and 37,662,577 shares issued or to be issued and outstanding, at March 31, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.77K	USD	Point-in-time
Common stock issued or to be issued- $0.0001 par value, 1,100,000,000 shares authorized, 39,039,203 and 37,662,577 shares issued or to be issued and outstanding, at March 31, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$3.90K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.51M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.23M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.84M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$7.40M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-5.88M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$201.04K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$192.41K	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Employee compensation and benefits	`LaborAndRelatedExpense`	$1.88M	USD	22 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$102.51K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$92.02K	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	$452.29K	USD	22 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$140.70K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$105.96K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$2.09M	USD	22 Qtrs
Total operating expenses	`OperatingExpenses`	$4.42M	USD	22 Qtrs
Total operating expenses	`OperatingExpenses`	$208.47K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$232.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-208.47K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.42M	USD	22 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-232.72K	USD	1 Quarter
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	22 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$1.06M	USD	22 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$173.25K	USD	1 Quarter
Loan penalty	`OtherNonoperatingExpense`	$419.77K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$21.10K	USD	22 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-9.08K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.88K	USD	1 Quarter
Interest expense	`InterestExpense`	$151.16K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.99M	USD	22 Qtrs
Interest expense	`InterestExpense`	$134.26K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-563.10K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-2.97M	USD	22 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-329.29K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.40M	USD	22 Qtrs
Net loss	`NetIncomeLoss`	$-562.01K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.57K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	22 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	35.22M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	31.65M	shares	22 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberBasicDilutedSharesOutstanding`	38.35M	shares	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.40M	USD	22 Qtrs
Net loss	`NetIncomeLoss`	$-562.01K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.57K	USD	1 Quarter
Depreciation	`Depreciation`	$7.24K	USD	1 Quarter
Depreciation	`Depreciation`	$5.68K	USD	1 Quarter
Depreciation	`Depreciation`	$36.03K	USD	22 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$75.00K	USD	22 Qtrs
Common stock to be issued for loan penalty	`IssuanceOfCommonStockValueForFutureServices`	$-419.77K	USD	1 Quarter
Common stock to be issued for loan penalty	`IssuanceOfCommonStockValueForFutureServices`	$-1.06M	USD	22 Qtrs
Common stock to be issued for loan penalty	`IssuanceOfCommonStockValueForFutureServices`	$-173.25K	USD	1 Quarter
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	22 Qtrs
Impairment expense	`AdjustmentAssetImpairmentCharges`	$452.29K	USD	22 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$140.00K	USD	22 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$136.79K	USD	22 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$15.74K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$23.67K	USD	1 Quarter
Issuance of warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$264.92K	USD	22 Qtrs
Issuance of warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$2.89K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$20.00K	USD	22 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-7.50K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$1.00K	USD	22 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$534.83K	USD	22 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$34.25K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.60K	USD	1 Quarter
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$46.18K	USD	1 Quarter
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$500.96K	USD	22 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$40.33K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$110.52K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$132.39K	USD	1 Quarter
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$1.43M	USD	22 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-174.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-124.01K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.84M	USD	22 Qtrs
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	22 Qtrs
Software development costs	`PaymentsToDevelopSoftware`	$452.29K	USD	22 Qtrs
Stock purchase agreement	`PaymentsForOtherInvestingActivities`	$100.00K	USD	22 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.73K	USD	22 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-841.16K	USD	22 Qtrs
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	22 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$50.00K	USD	1 Quarter
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$426.00K	USD	22 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$200.00K	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.63M	USD	22 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$162.50K	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	$101.43K	USD	22 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$22.07K	USD	1 Quarter
Repayment of notes payable	`RepaymentsOfNotesPayable`	$2.34K	USD	1 Quarter
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	22 Qtrs
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$190.43K	USD	1 Quarter
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.71M	USD	22 Qtrs
Proceeds provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$197.66K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$28.09K	USD	22 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$15.87K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$73.66K	USD	1 Quarter
Cash, beginning of period	`Cash`	$28.09K	USD	Point-in-time
Cash, beginning of period	`Cash`	$12.22K	USD	Point-in-time
Cash, beginning of period	`Cash`	$80.01K	USD	Point-in-time
Cash, beginning of period	`Cash`	$6.36K	USD	Point-in-time
Cash, end of period	`Cash`	$28.09K	USD	Point-in-time
Cash, end of period	`Cash`	$12.22K	USD	Point-in-time
Cash, end of period	`Cash`	$80.01K	USD	Point-in-time
Cash, end of period	`Cash`	$6.36K	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	22 Qtrs
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	-	USD	22 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	22 Qtrs
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	22 Qtrs
Stock based lender fees recorded as debt discount from settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	22 Qtrs
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	22 Qtrs
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	22 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	22 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	22 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	1 Quarter
Relative fair value of warrants issued with convertible notes	`WarrantIssuedInConnectionWithConvertibleNotes`	$51.12K	USD	1 Quarter
Relative fair value of warrants issued with convertible notes	`WarrantIssuedInConnectionWithConvertibleNotes`	$51.12K	USD	22 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-5.88M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Shares to be issued for loan penalty	`StockIssuedDuringPeriodValueOther`	$173.25K	USD	1 Quarter
Issuance of warrants on notes payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$2.89K	USD	1 Quarter
Relative fair value of warrants issued with convertible notes	`AdjustmentsToAdditionalPaidInCapitalWarrantIssuedAndBeneficialConversionFeature`	$51.12K	USD	1 Quarter
Sale of common stock	`SaleOfCommonStock`	$50.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.40M	USD	22 Qtrs
Net loss	`NetIncomeLoss`	$-562.01K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-771.57K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-5.88M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-5.60M	USD	Point-in-time

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