10-K Filing

PLEDGE PETROLEUM CORP CIK: 1434110 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001165527-13-000376`
Period End Date	20121231
Filing Date	20130415
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	prop-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 40 Cash Flow Statement 62

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Discount on convertible notes payable current	`DiscountOnConvertibleNotesPayableCurrent`	$48.28K	USD	Point-in-time
Discount on convertible notes payable current	`DiscountOnConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	$1.96M	USD	Point-in-time
Discount on convertible notes payable non current	`DiscountOnConvertibleNotesPayableNonCurrent`	-	USD	Point-in-time
Cash	`Cash`	$5.24K	USD	Point-in-time
Cash	`Cash`	$2.77K	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$718.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable (net of allowances)	`AccountsReceivableNetCurrent`	$32.00	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	`PrepaidExpenseCurrent`	$1.95K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$27.27K	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	-	USD	Point-in-time
Due from others	`OtherReceivablesNetCurrent`	$591.00	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	5.00M	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	5.00M	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deposits - current	`DepositsAssetsCurrent`	$1.85K	USD	Point-in-time
Deposits - current	`DepositsAssetsCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$35.67K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.75K	USD	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	-	USD	Point-in-time
Preferred Stock, liquidation preference	`PreferredStockLiquidationPreference1`	$400.00K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.58K	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
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$1.54K	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
Website, net	`WebsiteNet`	$2.40K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	518,231.00	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	1.96M	shares	Point-in-time
Website, net	`WebsiteNet`	$800.00	USD	Point-in-time
Total Assets	`Assets`	$7.09K	USD	Point-in-time
Total Assets	`Assets`	$41.65K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	1.96M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	518,231.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$290.68K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.08K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$80.19K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$85.18K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$13.82K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$340.76K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	$415.19K	USD	Point-in-time
Notes payable and advances - related parties	`NotesPayableRelatedPartiesCurrent`	$3.00K	USD	Point-in-time
Convertible notes payable, net of discount of $0 and 48,277 respectively	`ConvertibleNotesPayableCurrent`	$1.38M	USD	Point-in-time
Convertible notes payable, net of discount of $0 and 48,277 respectively	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Convertible notes payable related parties	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Convertible notes payable related parties	`DueToRelatedPartiesCurrent`	$45.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$57.92K	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 Current Liabilities	`LiabilitiesCurrent`	$1.41M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.79M	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,960,093 and $0 respectively	`NotesPayableRelatedPartiesNoncurrent`	$39.91K	USD	Point-in-time
Convertible notes payable related parties, net of discount of $1,960,093 and $0 respectively	`NotesPayableRelatedPartiesNoncurrent`	-	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$39.91K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.45M	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 5,000,000 and 0 shares issued and outstanding, respectively. (liquidation preference $400,000 and $0, respectively)	`PreferredStockValue`	$5.00K	USD	Point-in-time
Prefered stock, $0.001 par value; 5,000,000 shares authorized, 5,000,000 and 0 shares issued and outstanding, respectively. (liquidation preference $400,000 and $0, respectively)	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 1,957,871 and 518,231 shares issued and outstanding, respectively	`CommonStockValue`	$1.96K	USD	Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized, 1,957,871 and 518,231 shares issued and outstanding, respectively	`CommonStockValue`	$518.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.93M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.75M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-1.44M	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$41.65K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$7.09K	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net Revenues	`Revenues`	$204.80K	USD	Annual
Net Revenues	`Revenues`	$59.91K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$46.92K	USD	Annual
Cost of Goods Sold	`CostOfGoodsSold`	$138.87K	USD	Annual
Gross Profit	`GrossProfit`	$13.00K	USD	Annual
Gross Profit	`GrossProfit`	$65.92K	USD	Annual
Compensation	`SalariesAndWages`	$486.56K	USD	Annual
Compensation	`SalariesAndWages`	$108.46K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$102.56K	USD	Annual
Sales and Marketing	`SellingAndMarketingExpense`	$63.67K	USD	Annual
Professional Fees	`ProfessionalFees`	$182.71K	USD	Annual
Professional Fees	`ProfessionalFees`	$166.04K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$446.12K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$208.57K	USD	Annual
Total Expense	`OperatingExpenses`	$546.74K	USD	Annual
Total Expense	`OperatingExpenses`	$1.22M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-1.15M	USD	Annual
Loss from Operations	`OperatingIncomeLoss`	$-533.74K	USD	Annual
Other Income	`OtherIncome`	$235.73K	USD	Annual
Other Income	`OtherIncome`	$34.07K	USD	Annual
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	$493.61K	USD	Annual
Debt forgivness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Interest Expense	`InterestExpense`	$-256.10K	USD	Annual
Interest Expense	`InterestExpense`	$-470.87K	USD	Annual
Other Expenses	`OtherExpenses`	$-2.95K	USD	Annual
Other Expenses	`OtherExpenses`	-	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.37M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-278.22K	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for Income Taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`ProfitLoss`	$-278.22K	USD	Annual
Net Loss	`ProfitLoss`	$-1.37M	USD	Annual
Preferred dividends	`DividendsPreferredStock`	$409.06K	USD	Annual
Preferred dividends	`DividendsPreferredStock`	-	USD	Annual
Net loss to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.37M	USD	Annual
Net loss to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-687.28K	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-1.02	USD	Annual
Net Loss Per Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-2.85	USD	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted1`	481,715.00	shares	Annual
Weighted Average Number of Shares Outstanding - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted1`	674,111.00	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss for the year	`NetIncomeLoss`	$-278.22K	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-1.37M	USD	Annual
Depreciation expense	`Depreciation`	$2.04K	USD	Annual
Depreciation expense	`Depreciation`	$2.03K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$1.60K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$1.60K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$39.91K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$43.72K	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments`	$-57.92K	USD	Annual
Change in fair value of derivative liability	`IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments`	$-34.07K	USD	Annual
Bad debt expense.	`ProvisionForDoubtfulAccounts`	$4.49K	USD	Annual
Bad debt expense.	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Stock options issued for services	`StockOptionsIssuedForServices`	$92.78K	USD	Annual
Stock options issued for services	`StockOptionsIssuedForServices`	$41.21K	USD	Annual
Stock issued as inducement to convert debt	`StockIssuedAsInducementToConvertDebt`	$180.86K	USD	Annual
Stock issued as inducement to convert debt	`StockIssuedAsInducementToConvertDebt`	$2.95K	USD	Annual
Debt forgivness.	`DebtForgivness`	-	USD	Annual
Debt forgivness.	`DebtForgivness`	$493.61K	USD	Annual
Accounts receivables.	`IncreaseDecreaseInAccountsReceivable`	$-613.00	USD	Annual
Accounts receivables.	`IncreaseDecreaseInAccountsReceivable`	$686.00	USD	Annual
Due from others.	`IncreaseDecreaseInOtherReceivables`	$769.00	USD	Annual
Due from others.	`IncreaseDecreaseInOtherReceivables`	$1.85K	USD	Annual
Inventory.	`IncreaseDecreaseInInventories`	-	USD	Annual
Inventory.	`IncreaseDecreaseInInventories`	$521.00	USD	Annual
Unbilled receivables.	`IncreaseDecreaseInUnbilledReceivables`	-	USD	Annual
Unbilled receivables.	`IncreaseDecreaseInUnbilledReceivables`	$591.00	USD	Annual
Prepaid expenses.	`IncreaseDecreaseInPrepaidExpense`	$3.43K	USD	Annual
Prepaid expenses.	`IncreaseDecreaseInPrepaidExpense`	$25.32K	USD	Annual
Accounts payables.	`IncreaseDecreaseInAccountsPayable`	$-331.32K	USD	Annual
Accounts payables.	`IncreaseDecreaseInAccountsPayable`	$104.92K	USD	Annual
Accrued expenses.	`IncreaseDecreaseInAccruedLiabilities`	$46.07K	USD	Annual
Accrued expenses.	`IncreaseDecreaseInAccruedLiabilities`	$4.67K	USD	Annual
Accrued interest.	`IncreaseDecreaseInInterestPayableNet`	$-326.94K	USD	Annual
Accrued interest.	`IncreaseDecreaseInInterestPayableNet`	$210.16K	USD	Annual
CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-379.97K	USD	Annual
CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-717.40K	USD	Annual
Security deposits	`IncreaseDecreaseInSecurityDeposits`	-	USD	Annual
Security deposits	`IncreaseDecreaseInSecurityDeposits`	$-350.00	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-3.84K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.19K	USD	Annual
Cost of issuance of redeemable preferred	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Cost of issuance of redeemable preferred	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$230.00K	USD	Annual
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	$308.00K	USD	Annual
Proceeds from convertible note	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$362.19K	USD	Annual
Proceeds from notes payable and advances	`ProceedsFromNotesPayable`	$147.50K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$670.19K	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$377.50K	USD	Annual
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.47K	USD	Annual
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-51.40K	USD	Annual
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.77K	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.24K	USD	Point-in-time
CASH AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
CASH AT YEAR END	`CashAndCashEquivalentsAtCarryingValue`	$2.77K	USD	Point-in-time
CASH AT YEAR END	`CashAndCashEquivalentsAtCarryingValue`	$5.24K	USD	Point-in-time
CASH AT YEAR END	`CashAndCashEquivalentsAtCarryingValue`	$56.64K	USD	Point-in-time
Convertible notes and interest converted into common stock	`ConvertibleNotesAndInterestConvertedIntoCommonStock`	$100.55K	USD	Annual
Convertible notes and interest converted into common stock	`ConvertibleNotesAndInterestConvertedIntoCommonStock`	$203.63K	USD	Annual
Common stock issued for services and classified as prepaid expense at December 31, 2011	`CommonStockIssuedForServicesAndClassifiedAsPrepaidExpenseAtDecember312011`	-	USD	Annual
Common stock issued for services and classified as prepaid expense at December 31, 2011	`CommonStockIssuedForServicesAndClassifiedAsPrepaidExpenseAtDecember312011`	$25.64K	USD	Annual

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