10-Q Filing

KONATEL, INC. CIK: 845819 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001515971-14-000385`
Period End Date	20140630
Filing Date	20140818
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	wspd-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 27 Income Statement 20 Cash Flow Statement 22 Stockholders Equity 12

Balance Sheet 27 line items

Line Item	Tag	Value	Unit	Period
Series A preferred convertible stock, par value per share in dollars	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Series A preferred convertible stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
Series A preferred convertible stock, shares issued	`PreferredStockSharesIssued`	2,025.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.53M	USD	Point-in-time
Oil and natural gas properties, at cost, using the full cost method of accounting	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.90M	USD	Point-in-time
Series A preferred convertible stock, shares outstanding	`PreferredStockSharesOutstanding`	2,025.00	shares	Point-in-time
Series A preferred convertible stock, dividend rate	`SeriesPreferredConvertibleStockDividendRate`	0.06	pure	Point-in-time
TOTAL ASSETS	`Assets`	$3.43M	USD	Point-in-time
Common stock, par value in dollars	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.50M	shares	Point-in-time
Due to related parties	`AccountsPayableRelatedPartiesCurrent`	$4.29K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.50M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.77K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$817.81K	USD	Point-in-time
Total liabilities	`Liabilities`	$838.58K	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A preferred convertible stock	`PreferredStockValue`	$1.31M	USD	Point-in-time
Common Stock	`CommonStockValue`	$12.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-339.76K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	-	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.28M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$3.43M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$282.81K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$260.15K	USD	1 Quarter
Impairment of oil and natural gas properties	`ResultsOfOperationsDryHoleCosts`	$43.94K	USD	2 Qtrs
Impairment of oil and natural gas properties	`ResultsOfOperationsDryHoleCosts`	$43.94K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$304.09K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$326.74K	USD	2 Qtrs
Net loss from operations	`OperatingIncomeLoss`	$-304.09K	USD	1 Quarter
Net loss from operations	`OperatingIncomeLoss`	$-326.74K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-326.74K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-304.09K	USD	1 Quarter
Dividends on preferred stock	`Dividends`	$13.02K	USD	1 Quarter
Dividends on preferred stock	`Dividends`	$13.02K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-339.76K	USD	2 Qtrs
Net loss attributable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-317.11K	USD	1 Quarter
Basic and diluted loss per share	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Basic and diluted loss per share	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	2 Qtrs
Weighted average number of shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.30M	shares	1 Quarter
Weighted average number of shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.94M	shares	2 Qtrs

Cash Flow Statement 22 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-326.74K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-304.09K	USD	1 Quarter
Impairment of oil and natural gas properties	`ImpairmentOfOilAndGasProperties`	$43.94K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$11.09K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$16.48K	USD	2 Qtrs
Due to related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$4.29K	USD	2 Qtrs
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-250.95K	USD	2 Qtrs
Payment of net liabilites from Westcott in Reverse Merger	`RepaymentsOfAssumedDebt`	$151.04K	USD	2 Qtrs
Cash paid for oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$43.94K	USD	2 Qtrs
CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-194.98K	USD	2 Qtrs
Proceeds from issuance of convertible preferred stock, net of offering costs	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$1.99M	USD	2 Qtrs
Payment of dividends on preferred stock	`DividendsPreferredStock`	$-13.02K	USD	2 Qtrs
CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.98M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.53M	USD	2 Qtrs
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.53M	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Issuance of common stock for oil and natural gas properties	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$1.90M	USD	2 Qtrs
Derivative liabilities related to preferred stock and warrants	`IncreaseDecreaseInDerivativeLiabilities`	$817.81K	USD	2 Qtrs

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	-	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.28M	USD	Point-in-time
Contributed assets in exchange for common stock, value	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$1.90M	USD	2 Qtrs
Recapitalization from Reverse Merger, value	`StockIssuedDuringPeriodValueNewIssues`	$-151.04K	USD	2 Qtrs
Derivatives related to preferred stock and warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$-106.76K	USD	2 Qtrs
Offering costs related to issuance of preferred stock	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-35.00K	USD	2 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$11.09K	USD	2 Qtrs
Dividends on preferred stock	`DividendsPreferredStock`	$-13.02K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-326.74K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-304.09K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	-	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.28M	USD	Point-in-time

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