10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001640334-17-002190`
Period End Date	20170831
Filing Date	20171016
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	dgtw-20170831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 48 Cash Flow Statement 68

Balance Sheet 56 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
Cash	`Cash`	$101.94K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	57.86M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.61M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$25.61K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$23.24K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	52.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	57.86M	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$105.78K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$306.60K	USD	Point-in-time
Other Prepaid expenses	`OtherPrepaidExpenseCurrent`	$21.20K	USD	Point-in-time
Other Prepaid expenses	`OtherPrepaidExpenseCurrent`	$25.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$691.83K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$456.77K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.88K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.81K	USD	Point-in-time
Total assets	`Assets`	$693.64K	USD	Point-in-time
Total assets	`Assets`	$482.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$166.85K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$194.45K	USD	Point-in-time
Accounts payable - related parties (Note 9)	`AccountsPayableRelatedPartiesCurrent`	$21.45K	USD	Point-in-time
Accounts payable - related parties (Note 9)	`AccountsPayableRelatedPartiesCurrent`	$10.61K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$170.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$190.00K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	$329.64K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	-	USD	Point-in-time
Accrued expenses (Notes 6,16)	`OtherAccruedLiabilitiesNoncurrent`	$280.90K	USD	Point-in-time
Accrued expenses (Notes 6,16)	`OtherAccruedLiabilitiesNoncurrent`	$280.90K	USD	Point-in-time
Convertible note payable - related party (Note 9, 15,19)	`ConvertibleNotesPayableCurrent`	$400.00K	USD	Point-in-time
Convertible note payable - related party (Note 9, 15,19)	`ConvertibleNotesPayableCurrent`	$400.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Convertible notes payable - related party, net (Notes 9, 15)	`ConvertibleDebtNoncurrent`	$234.11K	USD	Point-in-time
Convertible notes payable - related party, net (Notes 9, 15)	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Long-Term debt (Note 16)	`LongTermDebt`	-	USD	Point-in-time
Long-Term debt (Note 16)	`LongTermDebt`	$37.09K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.05M	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 57,856,000 and 52,606,000 shares issued and outstanding at August 31, 2017 and February 28, 2017, respectively	`CommonStockValue`	$578.56K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 57,856,000 and 52,606,000 shares issued and outstanding at August 31, 2017 and February 28, 2017, respectively	`CommonStockValue`	$526.06K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$34.33M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$36.60M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$3.60M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$3.43M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.87K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$20.91K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-41.99M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-354.72K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.18M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$693.64K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$482.65K	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$30.00	USD	2 Qtrs
Revenues	`Revenues`	$174.18K	USD	2 Qtrs
Revenues	`Revenues`	$93.91K	USD	1 Quarter
Revenues	`Revenues`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$100.93K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$187.99K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$205.61K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$89.39K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-205.58K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-13.82K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$4.52K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-100.93K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.46M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$945.17K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.24M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.05M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.16M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.66M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	$-93.25K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$-83.53K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-83.53K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	-	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	-	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-93.25K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.34M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.24M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.66M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.05M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.24M	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	1 Quarter
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.06	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	USD	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.50M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	56.46M	shares	2 Qtrs
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.54M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57.86M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.24M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.09K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.94K	USD	2 Qtrs
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$71.20K	USD	2 Qtrs
Imputed interest	`ImputedInterest`	$25.59K	USD	2 Qtrs
Imputed interest	`ImputedInterest`	-	USD	2 Qtrs
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$794.11K	USD	2 Qtrs
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$977.23K	USD	2 Qtrs
Compensation related to Comencia acquisition	`CompensationRelatedToComenciaAcquisition`	$790.06K	USD	2 Qtrs
Compensation related to Comencia acquisition	`CompensationRelatedToComenciaAcquisition`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.37K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-23.50K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-204.62K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.51K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.84K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-765.00	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$10.87K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$23.27K	USD	2 Qtrs
Domain marketing development obligation	`BusinessDevelopment`	-	USD	2 Qtrs
Domain marketing development obligation	`BusinessDevelopment`	$329.64K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$180.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-20.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-594.85K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.57M	USD	2 Qtrs
Cash paid for equipment	`EquipmentExpense`	-	USD	2 Qtrs
Cash paid for equipment	`EquipmentExpense`	$-26.16K	USD	2 Qtrs
Purchase of domain names	`PaymentsToAcquireProductiveAssets`	$26.50K	USD	2 Qtrs
Purchase of domain names	`PaymentsToAcquireProductiveAssets`	-	USD	2 Qtrs
Cash paid for Cloud Market	`CashPaidForCloudMarket`	-	USD	2 Qtrs
Cash paid for Cloud Market	`CashPaidForCloudMarket`	$7.50K	USD	2 Qtrs
Cash received from Comencia acquisition	`CashReceivedFromComenciaAcquisition`	$11.99K	USD	2 Qtrs
Cash received from Comencia acquisition	`CashReceivedFromComenciaAcquisition`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.17K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$175.00K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$559.50K	USD	2 Qtrs
Borrowings from convertible debt	`RepaymentsOfConvertibleDebt`	$-500.00K	USD	2 Qtrs
Borrowing on promissory notes	`BorrowingOnPromissoryNotes`	-	USD	2 Qtrs
Borrowing on promissory notes	`BorrowingOnPromissoryNotes`	$450.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.12M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$559.50K	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.04K	USD	2 Qtrs
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-69.35K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-437.30K	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$65.11K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$539.24K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$101.94K	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`	$65.11K	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`	$101.94K	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	2 Qtrs
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	$1.55M	USD	2 Qtrs
Acquisition of Comencia with shares of common stock	`AcquisitionOfComenciaWithSharesOfCommonStock`	$40.06K	USD	2 Qtrs
Acquisition of Comencia with shares of common stock	`AcquisitionOfComenciaWithSharesOfCommonStock`	-	USD	2 Qtrs
Discount from warrants issued with debt	`DiscountFromWarrantsIssuedWithDebt`	$450.00K	USD	2 Qtrs
Discount from warrants issued with debt	`DiscountFromWarrantsIssuedWithDebt`	-	USD	2 Qtrs
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$300.00K	USD	2 Qtrs
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	2 Qtrs
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	$108.75K	USD	2 Qtrs
Issuance of common stock for domain names	`ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan`	-	USD	2 Qtrs

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