10-K Filing

DIGITALTOWN, INC. CIK: 1065598 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001640334-17-001222`
Period End Date	20170228
Filing Date	20170613
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	dgtw-20170228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 30 Cash Flow Statement 67 Stockholders Equity 22

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$539.24K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$134.47K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	41.46M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$25.61K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	41.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	52.61M	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$105.78K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	-	USD	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$21.20K	USD	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$21.20K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$155.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$691.83K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.81K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.23K	USD	Point-in-time
Total assets	`Assets`	$693.64K	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`	$166.85K	USD	Point-in-time
Accounts payable - related parties (Note 8)	`AccountsPayableRelatedPartiesCurrent`	$10.61K	USD	Point-in-time
Accounts payable - related parties (Note 8)	`AccountsPayableRelatedPartiesCurrent`	$4.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$190.00K	USD	Point-in-time
Accrued expenses (Notes 5,15)	`OtherAccruedLiabilitiesNoncurrent`	$280.90K	USD	Point-in-time
Accrued expenses (Notes 5,15)	`OtherAccruedLiabilitiesNoncurrent`	$95.80K	USD	Point-in-time
Convertible note payable - related party (Note 8, 14)	`ConvertibleNotesPayableCurrent`	$400.00K	USD	Point-in-time
Convertible note payable - related party (Note 8, 14)	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$173.43K	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, 52,606,000 and 41,461,543 shares issued and outstanding at February 28, 2017 and February 29, 2016, respectively	`CommonStockValue`	$414.62K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 52,606,000 and 41,461,543 shares issued and outstanding at February 28, 2017 and February 29, 2016, respectively	`CommonStockValue`	$526.06K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$30.97M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$34.33M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$3.43M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$37.50K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$12.15K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.87K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.42M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-15.53K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-354.72K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$157.90K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$693.64K	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$165.99K	USD	Annual
Revenues	`Revenues`	$839.00	USD	Annual
Cost of revenues	`CostOfRevenue`	$255.93K	USD	Annual
Cost of revenues	`CostOfRevenue`	$473.06K	USD	Annual
Gross loss	`GrossProfit`	$-307.06K	USD	Annual
Gross loss	`GrossProfit`	$-255.09K	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.03M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.17M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.28M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.48M	USD	Annual
Impairment expense	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	Annual
Impairment expense	`ExplorationAbandonmentAndImpairmentExpense`	$1.73M	USD	Annual
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	$28.02K	USD	Annual
Gain on settlement of accounts payable	`GainLossOnNonRecourseDebt`	-	USD	Annual
Loss on conversion of accrued salary to common shares	`BenefitsLossesAndExpenses`	$293.63K	USD	Annual
Loss on conversion of accrued salary to common shares	`BenefitsLossesAndExpenses`	-	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$19.04K	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$1.74M	USD	Annual
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$265.61K	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-7.22M	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.55M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-7.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.55M	USD	Annual
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.16	USD	Annual
Net loss per common share basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.07	USD	Annual
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.16M	shares	Annual
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	44.84M	shares	Annual

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.22M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.55M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$14.80K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.59K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$114.83K	USD	Annual
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Gain on settlement of accounts payable	`DebtInstrumentDecreaseForgiveness`	$-28.02K	USD	Annual
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$293.63K	USD	Annual
Loss on settlement of deferred officer compensation	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	-	USD	Annual
Loss on acquisition of Appointment.com	`LossOnAcquisitionOfAppointment.com`	$853.96K	USD	Annual
Loss on acquisition of Appointment.com	`LossOnAcquisitionOfAppointment.com`	-	USD	Annual
Impairment expense	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	Annual
Impairment expense	`ExplorationAbandonmentAndImpairmentExpense`	$1.73M	USD	Annual
Imputed interest	`ImputedInterest`	-	USD	Annual
Imputed interest	`ImputedInterest`	$19.04K	USD	Annual
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$1.45M	USD	Annual
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$2.46M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$447.00	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-102.01K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-104.19K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$38.43K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-51.26K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$91.33K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-57.01K	USD	Annual
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-131.84K	USD	Annual
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$158.56K	USD	Annual
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$95.25K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$190.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-700.44K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.93M	USD	Annual
Cash paid for domain names	`PaymentsToAcquireProductiveAssets`	$69.50K	USD	Annual
Cash paid for domain names	`PaymentsToAcquireProductiveAssets`	-	USD	Annual
Cash received from Reserve	`CashReceivedFromReserve`	$-34.26K	USD	Annual
Cash received from Reserve	`CashReceivedFromReserve`	-	USD	Annual
Cash received from Appointment.com	`CashReceivedFromAppointment.com`	-	USD	Annual
Cash received from Appointment.com	`CashReceivedFromAppointment.com`	$-2.24K	USD	Annual
Cash paid for Cloud.Market	`CashPaidForCloud.market`	$7.50K	USD	Annual
Cash paid for Cloud.Market	`CashPaidForCloud.market`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.50K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	$15.00K	USD	Annual
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$90.00K	USD	Annual
Payments on notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$895.25K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.38M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$820.25K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.38M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$119.81K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$404.77K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$539.24K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$539.24K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$14.66K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	-	USD	Annual
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	$11.50K	USD	Annual
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	-	USD	Annual
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	$154.74K	USD	Annual
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	$331.85K	USD	Annual
Settlement of deferred officer accrued compensation with stock receivable	`IncreaseDecreaseDueFromOfficersAndStockholders`	-	USD	Annual
Common stock issued into escrow	`CommonStockIssuedIntoEscrow`	-	USD	Annual
Common stock issued into escrow	`CommonStockIssuedIntoEscrow`	$7.50K	USD	Annual
Conversion of accrued salary into common shares - related party	`ConversionOfAccruedSalaryIntoCommonSharesRelatedParty`	-	USD	Annual
Conversion of accrued salary into common shares - related party	`ConversionOfAccruedSalaryIntoCommonSharesRelatedParty`	$129.23K	USD	Annual

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-15.53K	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-561.22K	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-354.72K	USD	Point-in-time
Common stock issued for cash, Amount	`StockIssuedDuringPeriodValueOther`	$895.25K	USD	Annual
Common stock issued for cash, Amount	`StockIssuedDuringPeriodValueOther`	$2.38M	USD	Annual
Common stock issued into escrow, Amount	`CommonStockIssuedIntoEscrowAmount`	-	USD	Annual
Common stock issued for stock payable, Amount	`CommonStockIssuedForStockPayableAmount`	-	USD	Annual
Common stock and warrants issued for conversion of accrued salary - related party, Amount	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$129.23K	USD	Annual
Stock based compensation, Amount	`StockGrantedDuringPeriodValueSharebasedCompensation`	$1.45M	USD	Annual
Settlement of deferred salary to stock receivable - related party	`DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued`	$625.48K	USD	Annual
Stock issued for compensation, Amount	`StockIssuedForCompensationAmount`	$2.44M	USD	Annual
Stock issued for acquisitions, Amount	`StockIssuedDuringPeriodValueAcquisitions`	$1.87M	USD	Annual
Stock issued for domain names, Amount	`StockIssuedForDomainNamesAmount`	$154.74K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$11.95K	USD	Annual
Imputed interest	`ImputedInterest`	-	USD	Annual
Imputed interest	`ImputedInterest`	$19.04K	USD	Annual
Accumulated other comprehensive income	`OtherComprehensiveIncomeLossTax`	$1.87K	USD	Annual
Net Loss	`NetIncomeLoss`	$-7.22M	USD	Annual
Net Loss	`NetIncomeLoss`	$-2.55M	USD	Annual
Ending balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-15.53K	USD	Point-in-time
Ending balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-561.22K	USD	Point-in-time
Ending balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-354.72K	USD	Point-in-time

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