10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001640334-16-001423`
Period End Date	20160531
Filing Date	20160720
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	dgtw-20160531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 26 Cash Flow Statement 54

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$134.47K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	41.46M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	41.46M	shares	Point-in-time
Cash	`Cash`	$440.95K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$10.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	41.46M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	41.46M	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$21.20K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$15.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$465.95K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.23K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.34K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$32.80K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$34.70K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Total assets	`Assets`	$534.79K	USD	Point-in-time
Total assets	`Assets`	$157.90K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.37K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$83.66K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$4.27K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$4.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$70.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Accrued expense	`AccruedLiabilitiesCurrent`	$95.80K	USD	Point-in-time
Accrued expense	`AccruedLiabilitiesCurrent`	$95.80K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$173.43K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$253.72K	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 41,461,543 shares issued and outstanding at May 31, 2016 and February 29, 2016	`CommonStockValue`	$414.62K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 41,461,543 shares issued and outstanding at May 31, 2016 and February 29, 2016	`CommonStockValue`	$414.62K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$30.97M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$31.28M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$632.25K	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$37.50K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$5.00K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$12.15K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.04M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-281.07K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-15.53K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$534.79K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$157.90K	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$583.00	USD	1 Quarter
Revenues	`Revenues`	$30.00	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$104.68K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$39.53K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-38.95K	USD	1 Quarter
Gross profit (loss)	`ProfitLoss`	$-104.65K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$510.42K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$434.65K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-473.61K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-615.07K	USD	1 Quarter
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	-	USD	1 Quarter
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	$26.90K	USD	1 Quarter
Loss on conversion of deferred officer compensation into equity	`GainLossOnDerivativeInstrumentsNetPretax`	$-293.63K	USD	1 Quarter
Loss on conversion of deferred officer compensation into equity	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-266.73K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-615.07K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-740.34K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-740.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-615.07K	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.66M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.46M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-740.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-615.07K	USD	1 Quarter
Depreciation	`Depreciation`	$933.00	USD	1 Quarter
Depreciation	`Depreciation`	$885.00	USD	1 Quarter
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	$-26.90K	USD	1 Quarter
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	-	USD	1 Quarter
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$293.63K	USD	1 Quarter
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$312.17K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$351.37K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$64.00	USD	1 Quarter
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$-87.02K	USD	1 Quarter
Prepaid domain name renewal fees	`IncreaseDecreaseInPrepaidExpensesOther`	$6.20K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-50.06K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.29K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-59.56K	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInAccruedLiabilities`	$14.99K	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$70.00K	USD	1 Quarter
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	$-20.44K	USD	1 Quarter
Deferred officer compensation	`IncreaseDecreaseInDeferredCompensation`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-225.52K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-323.33K	USD	1 Quarter
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	$7.50K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.50K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from notes payable - related party	`ProceedsFromRepaymentsOfNotesPayable`	$15.00K	USD	1 Quarter
Proceeds from notes payable - related party	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$90.00K	USD	1 Quarter
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from cash received for stock payable	`ProceedsFromOtherEquity`	$539.50K	USD	1 Quarter
Proceeds from cash received for stock payable	`ProceedsFromOtherEquity`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$616.75K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$541.75K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$539.50K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$218.42K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$306.48K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$440.95K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$233.08K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$440.95K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$233.08K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Issuance of common stock for stock payable	`ProceedsFromStockPlans`	-	USD	1 Quarter
Issuance of common stock for stock payable	`ProceedsFromStockPlans`	$11.50K	USD	1 Quarter
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	-	USD	1 Quarter
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	$331.85K	USD	1 Quarter

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