10-Q/A Filing

SEBRING SOFTWARE, INC. CIK: 1452476 Q2 2012

Filing Information

Form Type	10-Q/A
Accession Number	`0001144204-12-050596`
Period End Date	20120630
Filing Date	20120911
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	smxi-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 56 Cash Flow Statement 88 Stockholders Equity 15

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
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	37.66M	shares	Point-in-time
Cash	`Cash`	$6.36K	USD	Point-in-time
Cash	`Cash`	$12.22K	USD	Point-in-time
Common stock issued or to be issued, shares issued or to be issued	`CommonStockSharesIssued`	42.21M	shares	Point-in-time
Cash	`Cash`	$212.13K	USD	Point-in-time
Cash	`Cash`	$19.03K	USD	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	37.66M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$25.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$20.00K	USD	Point-in-time
Common stock issued or to be issued, shares outstanding	`CommonStockSharesOutstanding`	42.21M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.03K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$44.71K	USD	Point-in-time
Furniture, equipment and vehicles, net	`PropertyPlantAndEquipmentNet`	$59.19K	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`	$89.74K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$331.66K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$321.66K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$569.77K	USD	Point-in-time
Accrued payroll related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$460.63K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$988.62K	USD	Point-in-time
Accrued interest payable	`InterestPayableCurrent`	$1.25M	USD	Point-in-time
Current portion of notes payable, net of debt discount and put premium	`NotesPayableCurrent`	$3.62M	USD	Point-in-time
Current portion of notes payable, net of debt discount and put premium	`NotesPayableCurrent`	$3.75M	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`	$6.26M	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`	$19.22K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.28M	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, 42,209,203 and 37,662,577 shares issued or to be issued and outstanding, at June 30, 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, 42,209,203 and 37,662,577 shares issued or to be issued and outstanding, at June 30, 2012 and December 31, 2011, respectively.	`CommonStockValue`	$4.22K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.23M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$1.67M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.84M	USD	Point-in-time
Deficit accumulated during the development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$7.87M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-6.19M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$89.74K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$192.41K	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Employee compensation and benefits	`LaborAndRelatedExpense`	$101.23K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$203.73K	USD	2 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$2.07M	USD	23 Qtrs
Employee compensation and benefits	`LaborAndRelatedExpense`	$96.53K	USD	1 Quarter
Employee compensation and benefits	`LaborAndRelatedExpense`	$188.55K	USD	2 Qtrs
Impairment expense	`AssetImpairmentCharges`	$452.29K	USD	23 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$207.91K	USD	2 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$101.95K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$213.23K	USD	1 Quarter
General & administrative expenses	`GeneralAndAdministrativeExpense`	$2.45M	USD	23 Qtrs
General & administrative expenses	`GeneralAndAdministrativeExpense`	$353.93K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$542.47K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$411.65K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$309.76K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.97M	USD	23 Qtrs
Total operating expenses	`OperatingExpenses`	$203.18K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.97M	USD	23 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-309.76K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-542.47K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-411.65K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-203.18K	USD	1 Quarter
Gain on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	23 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$304.06K	USD	1 Quarter
Loan penalty	`OtherNonoperatingExpense`	$1.24M	USD	23 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$723.82K	USD	2 Qtrs
Loan penalty	`OtherNonoperatingExpense`	$173.25K	USD	2 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$9.47K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-12.68K	USD	2 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$-3.60K	USD	1 Quarter
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$4.59K	USD	2 Qtrs
Gain (loss) on foreign currency transactions	`ForeignCurrencyTransactionGainLossBeforeTax`	$25.69K	USD	23 Qtrs
Interest expense	`InterestExpense`	$442.55K	USD	2 Qtrs
Interest expense	`InterestExpense`	$308.29K	USD	1 Quarter
Interest expense	`InterestExpense`	$322.35K	USD	2 Qtrs
Interest expense	`InterestExpense`	$171.19K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.31M	USD	23 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-3.46M	USD	23 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-491.01K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-161.72K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-615.95K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-1.18M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-471.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.03M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-8.43M	USD	23 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-819.12K	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 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	2 Qtrs
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.26	USD	23 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	39.31M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.27M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.44M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.02M	shares	23 Qtrs
Weighted average shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.66M	shares	1 Quarter

Cash Flow Statement 88 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.59M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-7.87M	USD	23 Qtrs
Net loss	`ProfitLoss`	$-1.03M	USD	2 Qtrs
Depreciation	`Depreciation`	$14.48K	USD	2 Qtrs
Depreciation	`Depreciation`	$43.27K	USD	23 Qtrs
Depreciation	`Depreciation`	$13.01K	USD	2 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$15.00K	USD	2 Qtrs
Common stock issued for services	`IssuanceOfStockForServices`	$90.00K	USD	23 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$723.82K	USD	2 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$173.25K	USD	2 Qtrs
Common shares to be issued for loan penalty	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$1.06M	USD	23 Qtrs
Gain on debt settlements	`GainsLossesOnExtinguishmentOfDebt`	$58.11K	USD	23 Qtrs
Impairment expense	`AdjustmentAssetImpairmentCharges`	$452.29K	USD	23 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$140.00K	USD	23 Qtrs
Amortization of put premium	`InvestmentIncomeAmortizationOfPremium`	$16.67K	USD	23 Qtrs
Amortization of put premium	`InvestmentIncomeAmortizationOfPremium`	$16.67K	USD	2 Qtrs
Amortization of put premium	`InvestmentIncomeAmortizationOfPremium`	$16.67K	USD	Point-in-time
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$27.86K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$148.92K	USD	23 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$47.87K	USD	2 Qtrs
Issuance of penalty warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$11.19K	USD	2 Qtrs
Issuance of penalty warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$106.79K	USD	2 Qtrs
Issuance of penalty warrants in conjunction with notes	`IssuanceOfWarrantsWithNotePayable`	$273.21K	USD	23 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$5.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$25.00K	USD	23 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$27.68K	USD	2 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$-99.00K	USD	23 Qtrs
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$-100.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$519.66K	USD	23 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$428.00	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.57K	USD	2 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$569.77K	USD	23 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$109.14K	USD	2 Qtrs
Accrued payroll related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$88.56K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$232.88K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$266.35K	USD	2 Qtrs
Accrued interest payable	`IncreaseDecreaseInInterestPayableNet`	$1.57M	USD	23 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-389.87K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-304.11K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.97M	USD	23 Qtrs
Investment pursuant to recapitalization	`PaymentsToAcquireOtherInvestments`	$286.15K	USD	23 Qtrs
Software development costs	`PaymentsToDevelopSoftware`	$452.29K	USD	23 Qtrs
Stock purchase deposit	`PaymentsToAcquireRestrictedCertificatesOfDeposit`	$100.00K	USD	23 Qtrs
Purchase of furniture and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.73K	USD	23 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-841.16K	USD	23 Qtrs
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00K	USD	Point-in-time
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	23 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$325.00K	USD	2 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$569.50K	USD	23 Qtrs
Proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$193.50K	USD	2 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$280.00K	USD	2 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.61M	USD	23 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$100.00K	USD	Point-in-time
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$150.00K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$9.36K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$32.58K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$111.95K	USD	23 Qtrs
Repayment of notes issued for redemption of equity interest	`RepaymentsOfOtherDebt`	$100.00K	USD	23 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$310.92K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$595.64K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.83M	USD	23 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$19.03K	USD	23 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$205.77K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$6.81K	USD	2 Qtrs
Cash, beginning of period	`Cash`	$6.36K	USD	Point-in-time
Cash, beginning of period	`Cash`	$12.22K	USD	Point-in-time
Cash, beginning of period	`Cash`	$212.13K	USD	Point-in-time
Cash, beginning of period	`Cash`	$19.03K	USD	Point-in-time
Cash, end of period	`Cash`	$6.36K	USD	Point-in-time
Cash, end of period	`Cash`	$12.22K	USD	Point-in-time
Cash, end of period	`Cash`	$212.13K	USD	Point-in-time
Cash, end of period	`Cash`	$19.03K	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	23 Qtrs
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	23 Qtrs
Taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Accounts payable settled with note payable	`ConversionOfAccountsPayableToNotePayable`	$178.53K	USD	23 Qtrs
Note payable principal and interest refinanced	`DebtConversionOriginalDebtAmount1`	$1.06M	USD	23 Qtrs
Stock based lender fees recorded as debt discount from settlement	`DiscountOnConvertibleNotesRelatedToStockAttachedToNotes`	$21.05K	USD	23 Qtrs
Lender fee recorded as discount pursuant to settlement	`SupplementalDiscountOnNotePayable`	$108.55K	USD	23 Qtrs
Note issued for redemption of equity	`NotesIssued1`	$100.00K	USD	23 Qtrs
Deemed issuance of common stock pursuant to recapitalization	`StockIssued1`	$1.62K	USD	23 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	23 Qtrs
Purchase vehicles with notes payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.25K	USD	2 Qtrs
Relative fair value of warrants issued with convertible notes	`SupplementalNoncashTransactions`	$45.44K	USD	2 Qtrs
Relative fair value of warrants issued with convertible notes	`SupplementalNoncashTransactions`	$45.44K	USD	23 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-6.19M	USD	Point-in-time
Shares to be issued for loan penalty	`StockIssuedDuringPeriodValueOther`	$173.25K	USD	2 Qtrs
Sale of common stock (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	3.87M	shares	2 Qtrs
Sale of common stock	`StockIssuedDuringPeriodValueNewIssues`	$193.50K	USD	2 Qtrs
Issuance of penalty warrants on note payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$11.19K	USD	2 Qtrs
Relative fair value of warrants issued with convertible notes	`AdjustmentsToAdditionalPaidInCapitalWarrantIssuedAndBeneficialConversionFeature`	$45.44K	USD	2 Qtrs
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$15.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-471.47K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.03M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-8.43M	USD	23 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-819.12K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-5.60M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-6.19M	USD	Point-in-time

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