10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-030517`
Period End Date	20130331
Filing Date	20130520
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	prop-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 33 Cash Flow Statement 43

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Discount on convertible notes payable current	`DiscountOnConvertibleNotesPayableCurrent`	$19.00K	USD	Point-in-time
Cash	`Cash`	$21.74K	USD	Point-in-time
Cash	`Cash`	$70.00	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	-	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	$1.40M	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$42.00	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses;	`PrepaidExpense`	-	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid expenses;	`PrepaidExpense`	$7.08K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$70.00	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	4.31M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$28.86K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$40.50K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	4.31M	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	$400.00K	USD	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	-	USD	Point-in-time
Deposits	`Deposits`	$2.20K	USD	Point-in-time
Deposits	`Deposits`	-	USD	Point-in-time
Website, net	`WebsiteNet`	$400.00	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Website, net	`WebsiteNet`	-	USD	Point-in-time
Total Assets	`Assets`	$71.97K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Total Assets	`Assets`	$70.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	134.43M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	100.00M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	134.43M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$116.77K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	100.00M	shares	Point-in-time
Accrued liabilities;	`AccruedLiabilities`	$100.00	USD	Point-in-time
Accrued liabilities;	`AccruedLiabilities`	$99.35K	USD	Point-in-time
Accrued interest;	`InterestPayableCurrent`	-	USD	Point-in-time
Accrued interest;	`InterestPayableCurrent`	$1.32K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	$3.00K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount of $19,000	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount of $19,000	`ConvertibleNotesPayableCurrent`	$46.00K	USD	Point-in-time
Liabilities from discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.22M	USD	Point-in-time
Liabilities from discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.49M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$100.00	USD	Point-in-time
Notes Payable	`NotesPayable`	-	USD	Point-in-time
Notes Payable	`NotesPayable`	$622.00K	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,395,070 and $0 respectively	`NotesPayableRelatedPartiesNoncurrent`	$104.93K	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,395,070 and $0 respectively	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Accrued Interest	`InterestPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Accrued Interest	`InterestPayableCurrentAndNoncurrent`	$46.71K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$773.64K	USD	Point-in-time
Total Liabilities	`Liabilities`	$100.00	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.26M	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 4,312,500 and 0 ares issued and outstanding, respectively. (liquidation preference $400,000 and $0, respectively)	`PreferredStockValue`	$4.31K	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 4,312,500 and 0 ares issued and outstanding, respectively. (liquidation preference $400,000 and $0, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 134,432,871 and 100,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, $0.001 par value; 1,000,000,000 shares authorized, 134,432,871 and 100,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$134.43K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$229.93K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.03K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.56M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-30.00	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.19M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$71.97K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$70.00	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`Revenues`	$2.90K	USD	1 Quarter
Net Revenues	`Revenues`	$2.90K	USD	3 Qtrs
Cost of Goods Sold	`CostOfGoodsSold`	$2.88K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$2.88K	USD	3 Qtrs
Gross Profit	`GrossProfit`	$17.00	USD	1 Quarter
Gross Profit	`GrossProfit`	$17.00	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$18.05K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$18.05K	USD	3 Qtrs
Compensation	`SalariesAndWages`	$249.04K	USD	1 Quarter
Compensation	`SalariesAndWages`	$249.04K	USD	3 Qtrs
Sales and Marketing	`SellingAndMarketingExpense`	$47.44K	USD	1 Quarter
Sales and Marketing	`SellingAndMarketingExpense`	$47.44K	USD	3 Qtrs
Professional Fees	`ProfessionalFees`	$101.46K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$101.46K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$534.64K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$535.57K	USD	3 Qtrs
Total Expense	`OperatingExpenses`	$950.64K	USD	1 Quarter
Total Expense	`OperatingExpenses`	$951.56K	USD	3 Qtrs
Loss from Operations	`OperatingIncomeLoss`	$-950.62K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-951.55K	USD	3 Qtrs
Other Income	`OtherIncome`	$3.87K	USD	1 Quarter
Other Income	`OtherIncome`	$3.87K	USD	3 Qtrs
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	$1.00K	USD	1 Quarter
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	$1.00K	USD	3 Qtrs
Interest Expense	`InterestExpense`	$-35.21K	USD	3 Qtrs
Interest Expense	`InterestExpense`	$-35.21K	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-981.89K	USD	3 Qtrs
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-980.96K	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`ProfitLoss`	$-980.96K	USD	1 Quarter
Net Loss	`ProfitLoss`	$-981.89K	USD	3 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net loss for the year	`NetIncomeLoss`	$-980.96K	USD	1 Quarter
Net loss for the year	`NetIncomeLoss`	$-981.89K	USD	3 Qtrs
Depreciation expense	`Depreciation`	$5.30K	USD	1 Quarter
Depreciation expense	`Depreciation`	$5.30K	USD	3 Qtrs
Amortization expense	`AdjustmentForAmortization`	$400.00	USD	1 Quarter
Amortization expense	`AdjustmentForAmortization`	$400.00	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$68.90K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$68.90K	USD	1 Quarter
Stock options issued for services	`StockOptionsIssuedForServices`	$195.01K	USD	1 Quarter
Stock options issued for services	`StockOptionsIssuedForServices`	$195.01K	USD	3 Qtrs
Stock issued for services	`StockIssuedForServices`	$4.00K	USD	1 Quarter
Stock issued for services	`StockIssuedForServices`	$4.00K	USD	3 Qtrs
Accounts receivables.	`IncreaseDecreaseInAccountsReceivable`	$-10.00	USD	1 Quarter
Accounts receivables.	`IncreaseDecreaseInAccountsReceivable`	$-10.00	USD	3 Qtrs
Prepaid expenses.	`IncreaseDecreaseInPrepaidExpense`	$-18.00	USD	3 Qtrs
Prepaid expenses.	`IncreaseDecreaseInPrepaidExpense`	$-18.00	USD	1 Quarter
Accounts payables.	`IncreaseDecreaseInAccountsPayable`	$64.89K	USD	1 Quarter
Accounts payables.	`IncreaseDecreaseInAccountsPayable`	$64.89K	USD	3 Qtrs
Accrued expenses.	`IncreaseDecreaseInAccruedLiabilities`	$14.07K	USD	1 Quarter
Accrued expenses.	`IncreaseDecreaseInAccruedLiabilities`	$14.17K	USD	3 Qtrs
Accrued interest.	`IncreaseDecreaseInInterestPayableNet`	$34.20K	USD	3 Qtrs
Accrued interest.	`IncreaseDecreaseInInterestPayableNet`	$34.20K	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-594.21K	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-595.04K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-6.12K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-6.12K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-6.12K	USD	3 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-6.12K	USD	1 Quarter
Contributed Capital..	`ProceedsFromContributedCapital`	$895.00	USD	3 Qtrs
Contributed Capital..	`ProceedsFromContributedCapital`	-	USD	1 Quarter
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$622.00K	USD	3 Qtrs
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$622.00K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$622.00K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$622.89K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.50K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.50K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid for interest	`InterestPaid`	-	USD	3 Qtrs
Assets acquired in reverse merger	`AssetsAcquiredInReverseMerger`	-	USD	3 Qtrs
Assets acquired in reverse merger	`AssetsAcquiredInReverseMerger`	$2.66K	USD	1 Quarter
Liabilities acquired in reverse merger	`LiabilitiesAcquiredInReverseMerger`	$1.45M	USD	1 Quarter
Contributed assets	`ContributedAssets`	$37.30K	USD	3 Qtrs
Contributed assets	`ContributedAssets`	$37.30K	USD	1 Quarter

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