10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001640334-18-000086`
Period End Date	20171130
Filing Date	20180116
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	dgtw-20171130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 48 Cash Flow Statement 57

Balance Sheet 57 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
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$583.21K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$539.24K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$47.02K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$11.65K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.61M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	67.72M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$25.61K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$105.78K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$476.44K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	52.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	67.72M	shares	Point-in-time
Other Prepaid expenses	`OtherPrepaidExpenseCurrent`	$21.20K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$691.83K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$535.11K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.94K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.81K	USD	Point-in-time
Goodwill	`Goodwill`	$436.67K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$378.58K	USD	Point-in-time
Total assets	`Assets`	$1.37M	USD	Point-in-time
Total assets	`Assets`	$693.64K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$580.80K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$186.85K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$8.38K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$10.61K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$400.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$451.19K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$190.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$170.00K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	$552.71K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$260.90K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$260.90K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Long-term debt	`LongTermDebt`	$352.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.05M	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, 67,721,776 and 52,606,000 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively	`CommonStockValue`	$677.22K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 67,721,776 and 52,606,000 shares issued and outstanding at November 30, 2017 and February 28, 2017, respectively	`CommonStockValue`	$526.06K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$39.59M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$34.33M	USD	Point-in-time
Stock payable	`StockPayable`	$3.43M	USD	Point-in-time
Stock payable	`StockPayable`	$2.24M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.87K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$10.30K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-43.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-38.64M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-354.72K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.00M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$1.37M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$693.64K	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$142.90K	USD	1 Quarter
Revenues	`Revenues`	$317.08K	USD	3 Qtrs
Revenues	`Revenues`	$105.08K	USD	1 Quarter
Revenues	`Revenues`	$105.11K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$243.97K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$129.51K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$335.12K	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$433.94K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$-101.06K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-230.01K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$-24.43K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-116.86K	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$963.31K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.53M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.42M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.40M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.65M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-987.74K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.65M	USD	3 Qtrs
Interest expense	`InvestmentIncomeInvestmentExpense`	$8.55K	USD	3 Qtrs
Interest expense	`InvestmentIncomeInvestmentExpense`	$221.44K	USD	3 Qtrs
Interest expense	`InvestmentIncomeInvestmentExpense`	$8.55K	USD	1 Quarter
Interest expense	`InvestmentIncomeInvestmentExpense`	$128.19K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-8.55K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-128.19K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-8.55K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-221.44K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.53M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.66M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.87M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-996.29K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-996.29K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.66M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.87M	USD	3 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	3 Qtrs
Net loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	42.73M	shares	3 Qtrs
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.00M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	45.21M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.62M	shares	3 Qtrs

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-996.29K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.66M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.87M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.50K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.85K	USD	3 Qtrs
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$154.70K	USD	3 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$50.00K	USD	3 Qtrs
Imputed interest	`ImputedInterest`	$-47.16K	USD	3 Qtrs
Imputed interest	`ImputedInterest`	$-8.55K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.29M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.96M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-13.96K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$37.08K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$349.47K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$26.51K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$382.22K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$36.73K	USD	3 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$7.91K	USD	3 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-2.23K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$45.26K	USD	3 Qtrs
Domain marketing development obligation	`IncreaseDecreaseInDomainMarketingDevelopmentObligation`	$552.71K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-20.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$190.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.12M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.08M	USD	3 Qtrs
Cash paid for equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.16K	USD	3 Qtrs
Purchase of domain names	`PaymentsToAcquireProductiveAssets`	$46.50K	USD	3 Qtrs
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	$75.23K	USD	3 Qtrs
Proceeds from Rezserve Technologies, Ltd. acquisition	`ProceedsFromPreviousAcquisition`	$34.26K	USD	3 Qtrs
Proceeds from Comencia Inc. acquisition	`ProceedsFromComenciaIncAcquisition`	$11.99K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-14.17K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-19.74K	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$554.50K	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.54M	USD	3 Qtrs
Borrowings from convertible debt	`ProceedsFromConvertibleDebt`	$630.00K	USD	3 Qtrs
Borrowing on promissory notes	`BorrowingOnPromissoryNotes`	$450.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.54M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.63M	USD	3 Qtrs
Foreign currency translation adjustment	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$6.34K	USD	3 Qtrs
Foreign currency translation adjustment	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$8.44K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-492.22K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$448.74K	USD	3 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$583.21K	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`	$47.02K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$583.21K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$539.24K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.02K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$134.47K	USD	Point-in-time
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	$2.54M	USD	3 Qtrs
Discount from warrants issued with debt	`DiscountFromWarrantsIssuedWithDebt`	$450.00K	USD	3 Qtrs
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$383.12K	USD	3 Qtrs
Issuance of common stock for domain names	`StockIssued1`	$5.00K	USD	Annual
Issuance of common stock for domain names	`StockIssued1`	$154.74K	USD	3 Qtrs

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