10-Q Filing

PLEDGE PETROLEUM CORP CIK: 1434110 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-045989`
Period End Date	20130630
Filing Date	20130814
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	prop-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 68 Cash Flow Statement 75

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Discount on convertible notes payable current	`DiscountOnConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Discount on convertible notes payable current	`DiscountOnConvertibleNotesPayableCurrent`	$18.00K	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	$1.31M	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	-	USD	Point-in-time
Cash	`Cash`	$21.16K	USD	Point-in-time
Cash	`Cash`	$70.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$862.00	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, shares authorized	`PreferredStockSharesAuthorized`	4.31M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	4.31M	shares	Point-in-time
Prepaid expenses,	`PrepaidExpense`	-	USD	Point-in-time
Prepaid expenses,	`PrepaidExpense`	$11.65K	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.68K	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$70.00	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$32.63K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	-	USD	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	$345.00K	USD	Point-in-time
Deposits,	`Deposits`	-	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
Deposits,	`Deposits`	$2.20K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Assets	`Assets`	$70.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total Assets	`Assets`	$68.51K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	134.92M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	100.00M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	134.92M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	100.00M	shares	Point-in-time
Accounts payable,	`AccountsPayable`	$124.16K	USD	Point-in-time
Accounts payable,	`AccountsPayable`	-	USD	Point-in-time
Accrued liabilities,	`AccruedLiabilities`	$83.59K	USD	Point-in-time
Accrued liabilities,	`AccruedLiabilities`	$100.00	USD	Point-in-time
Accrued interest,	`InterestPayableCurrent`	$18.53K	USD	Point-in-time
Accrued interest,	`InterestPayableCurrent`	-	USD	Point-in-time
Notes payable,	`NotesPayableCurrent`	$411.50K	USD	Point-in-time
Notes payable,	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	$3.00K	USD	Point-in-time
Convertible notes payable related parties, net of discount of $18000	`ConvertibleNotesPayableCurrent`	$47.00K	USD	Point-in-time
Convertible notes payable related parties, net of discount of $18000	`ConvertibleNotesPayableCurrent`	-	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`	$100.00	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.91M	USD	Point-in-time
Notes Payable;	`LongTermNotesPayable`	$500.00K	USD	Point-in-time
Notes Payable;	`LongTermNotesPayable`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,311783 and 0 respectively	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,311783 and 0 respectively	`NotesPayableRelatedPartiesNoncurrent`	$178.47K	USD	Point-in-time
Accured interest,	`InterestPayableCurrentAndNoncurrent`	$68.32K	USD	Point-in-time
Accured interest,	`InterestPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Total long term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total long term Liabilities	`LiabilitiesNoncurrent`	$746.78K	USD	Point-in-time
Total Liabilities	`Liabilities`	$100.00	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.66M	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 4,312,500 and 0 shares issued and outstanding, respectively. (liquidation preference $345,000 and $0, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 4,312,500 and 0 shares issued and outstanding, respectively. (liquidation preference $345,000 and $0, respectively)	`PreferredStockValue`	$4.31K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 134,920,371 and 100,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$100.00K	USD	Point-in-time
Common stock, $0.001 par value; 500,000,000 shares authorized, 134,920,371 and 100,000,000 shares issued and outstanding, respectively	`CommonStockValue`	$134.92K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$705.85K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.03K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-2.59M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-30.00	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$68.51K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$70.00	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`Revenues`	-	USD	Point-in-time
Net Revenues	`Revenues`	$11.36K	USD	1 Quarter
Net Revenues	`Revenues`	$14.26K	USD	2 Qtrs
Net Revenues	`Revenues`	$14.26K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	-	USD	Point-in-time
Cost of Goods Sold	`CostOfGoodsSold`	$11.15K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$8.27K	USD	1 Quarter
Cost of Goods Sold	`CostOfGoodsSold`	$11.15K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$3.09K	USD	1 Quarter
Gross Profit	`GrossProfit`	-	USD	Point-in-time
Gross Profit	`GrossProfit`	$3.11K	USD	Annual
Gross Profit	`GrossProfit`	$3.11K	USD	2 Qtrs
Research development	`ResearchAndDevelopmentExpense`	$38.15K	USD	Annual
Research development	`ResearchAndDevelopmentExpense`	$38.15K	USD	2 Qtrs
Research development	`ResearchAndDevelopmentExpense`	$20.09K	USD	1 Quarter
Research development	`ResearchAndDevelopmentExpense`	-	USD	Point-in-time
Compensation	`SalariesAndWages`	$661.67K	USD	Annual
Compensation	`SalariesAndWages`	$412.62K	USD	1 Quarter
Compensation	`SalariesAndWages`	-	USD	Point-in-time
Compensation	`SalariesAndWages`	$661.67K	USD	2 Qtrs
Sales and Marketing	`SellingAndMarketingExpense`	-	USD	Point-in-time
Sales and Marketing	`SellingAndMarketingExpense`	$48.84K	USD	2 Qtrs
Sales and Marketing	`SellingAndMarketingExpense`	$48.84K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$1.40K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$265.93K	USD	2 Qtrs
Professional Fees	`ProfessionalFees`	$164.47K	USD	1 Quarter
Professional Fees	`ProfessionalFees`	$265.93K	USD	Annual
Professional Fees	`ProfessionalFees`	-	USD	Point-in-time
General and administrative	`GeneralAndAdministrativeExpense`	$895.00	USD	Point-in-time
General and administrative	`GeneralAndAdministrativeExpense`	$775.66K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$241.02K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$776.58K	USD	Annual
Total Expense	`OperatingExpenses`	$839.61K	USD	1 Quarter
Total Expense	`OperatingExpenses`	$1.79M	USD	Annual
Total Expense	`OperatingExpenses`	$1.79M	USD	2 Qtrs
Total Expense	`OperatingExpenses`	$895.00	USD	Point-in-time
Loss from Operations	`OperatingIncomeLoss`	$-836.51K	USD	1 Quarter
Loss from Operations	`OperatingIncomeLoss`	$-1.79M	USD	2 Qtrs
Loss from Operations	`OperatingIncomeLoss`	$-1.79M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-895.00	USD	Point-in-time
Other Income	`OtherIncome`	-	USD	Point-in-time
Other Income	`OtherIncome`	$3.85K	USD	Annual
Other Income	`OtherIncome`	$3.85K	USD	2 Qtrs
Other Income	`OtherIncome`	$-21.00	USD	1 Quarter
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Point-in-time
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	$1.00K	USD	2 Qtrs
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	$1.00K	USD	Annual
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Interest Expense	`InterestExpense`	$-73.02K	USD	2 Qtrs
Interest Expense	`InterestExpense`	$-37.81K	USD	1 Quarter
Interest Expense	`InterestExpense`	-	USD	Point-in-time
Interest Expense	`InterestExpense`	$-73.02K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-874.35K	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.86M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.86M	USD	2 Qtrs
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-895.00	USD	Point-in-time
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Point-in-time
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-895.00	USD	Point-in-time
Net Loss	`ProfitLoss`	$-874.35K	USD	1 Quarter
Net Loss	`ProfitLoss`	$-1.86M	USD	2 Qtrs
Net Loss	`ProfitLoss`	$-1.86M	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	94.82M	shares	2 Qtrs
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	134.72M	shares	1 Quarter

Cash Flow Statement 75 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-895.00	USD	Point-in-time
Net loss for the period	`NetIncomeLoss`	$-1.86M	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-1.86M	USD	Annual
Depreciation expense	`Depreciation`	$13.17K	USD	Annual
Depreciation expense	`Depreciation`	-	USD	Point-in-time
Depreciation expense	`Depreciation`	$13.17K	USD	2 Qtrs
Amortization expense	`AdjustmentForAmortization`	$400.00	USD	2 Qtrs
Amortization expense	`AdjustmentForAmortization`	-	USD	Point-in-time
Amortization expense	`AdjustmentForAmortization`	$400.00	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$153.19K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$153.19K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Point-in-time
Stock options issued for services	`StockOptionsIssuedForServices`	-	USD	Point-in-time
Stock options issued for services	`StockOptionsIssuedForServices`	$661.67K	USD	Annual
Stock options issued for services	`StockOptionsIssuedForServices`	$661.67K	USD	2 Qtrs
Stock issued for services	`StockIssuedForServices`	$4.00K	USD	2 Qtrs
Stock issued for services	`StockIssuedForServices`	$4.00K	USD	Annual
Stock issued for services	`StockIssuedForServices`	-	USD	Point-in-time
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-862.00	USD	Annual
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$-862.00	USD	2 Qtrs
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	Point-in-time
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-5.88K	USD	2 Qtrs
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	-	USD	Point-in-time
Prepaid expense	`IncreaseDecreaseInPrepaidExpense`	$-5.88K	USD	Annual
Accounts Payables	`IncreaseDecreaseInAccountsPayable`	$72.28K	USD	2 Qtrs
Accounts Payables	`IncreaseDecreaseInAccountsPayable`	$72.38K	USD	Annual
Accounts Payables	`IncreaseDecreaseInAccountsPayable`	$100.00	USD	Point-in-time
Accured interest,,	`IncreaseDecreaseInInterestPayableNet`	$73.05K	USD	Annual
Accured interest,,	`IncreaseDecreaseInInterestPayableNet`	-	USD	Point-in-time
Accured interest,,	`IncreaseDecreaseInInterestPayableNet`	$73.05K	USD	2 Qtrs
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-885.11K	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-795.00	USD	Point-in-time
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-884.29K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-6.12K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Point-in-time
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-6.12K	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-6.12K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-6.12K	USD	2 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Point-in-time
Contributed Capital	`ProceedsFromContributedCapital`	-	USD	2 Qtrs
Contributed Capital	`ProceedsFromContributedCapital`	$895.00	USD	Annual
Contributed Capital	`ProceedsFromContributedCapital`	$895.00	USD	Point-in-time
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	-	USD	Point-in-time
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$911.50K	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$911.50K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$895.00	USD	Point-in-time
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$912.39K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$911.50K	USD	2 Qtrs
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$21.16K	USD	Annual
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$100.00	USD	Point-in-time
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$21.09K	USD	2 Qtrs
CASH AT BEGINNING OF YEAR	`CASHATBEGINNINGOFYEAR`	$70.00	USD	2 Qtrs
CASH AT BEGINNING OF YEAR	`CASHATBEGINNINGOFYEAR`	-	USD	Annual
CASH AT BEGINNING OF YEAR	`CASHATBEGINNINGOFYEAR`	-	USD	Point-in-time
CASH AT YEAR END	`CASHATYEAREND`	$21.16K	USD	Annual
CASH AT YEAR END	`CASHATYEAREND`	$100.00	USD	Point-in-time
CASH AT YEAR END	`CASHATYEAREND`	$21.16K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.50K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.50K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	Annual
Assets acquired in reverse merger	`AssetsAcquiredInReverseMerger`	-	USD	Point-in-time
Assets acquired in reverse merger	`AssetsAcquiredInReverseMerger`	-	USD	Annual
Assets acquired in reverse merger	`AssetsAcquiredInReverseMerger`	$2.66K	USD	2 Qtrs
Liabilities acquired in reverse merger	`LiabilitiesAcquiredInReverseMerger`	-	USD	Point-in-time
Liabilities acquired in reverse merger	`LiabilitiesAcquiredInReverseMerger`	-	USD	Annual
Liabilities acquired in reverse merger	`LiabilitiesAcquiredInReverseMerger`	$1.45M	USD	2 Qtrs
Contributed assets	`ContributedAssets`	$37.30K	USD	2 Qtrs
Contributed assets	`ContributedAssets`	$37.30K	USD	Annual
Contributed assets	`ContributedAssets`	-	USD	Point-in-time
Conversion of debt to equity	`ConversionOfDebtToEquity`	-	USD	Point-in-time
Conversion of debt to equity	`ConversionOfDebtToEquity`	$9.75K	USD	Annual
Conversion of debt to equity	`ConversionOfDebtToEquity`	$9.75K	USD	2 Qtrs

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