10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001640334-18-001937`
Period End Date	20180831
Filing Date	20181015
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	dgtw-20180831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 57 Cash Flow Statement 84

Balance Sheet 59 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
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash	`Cash`	$58.71K	USD	Point-in-time
Cash	`Cash`	$31.94K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.09K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.98K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	84.51M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	126.98M	shares	Point-in-time
Short term investment	`ShortTermInvestments`	$10.00K	USD	Point-in-time
Short term investment	`ShortTermInvestments`	$10.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	126.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	84.51M	shares	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$77.98K	USD	Point-in-time
Prepaid domain name renewal fees	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$33.24K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.10K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.16K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$161.88K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$87.33K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.43K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.89K	USD	Point-in-time
Total assets	`Assets`	$184.31K	USD	Point-in-time
Total assets	`Assets`	$108.22K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$408.71K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$214.70K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$798.67K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$458.12K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$170.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$170.00K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	$145.91K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	$168.17K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$2.62K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$34.78K	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesNoncurrent`	$552.98K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	-	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesCurrentAndNoncurrent`	$105.48K	USD	Point-in-time
Notes payable - third parties, net	`NotesPayableThirdPartiesNet`	-	USD	Point-in-time
Notes payable - third parties, net	`NotesPayableThirdPartiesNet`	$30.55K	USD	Point-in-time
Convertible notes payable - related parties	`ConvertibleNotesPayableCurrent`	$468.49K	USD	Point-in-time
Convertible notes payable - related parties	`ConvertibleNotesPayableCurrent`	$110.00K	USD	Point-in-time
Convertible notes payable - third parties, net	`ConvertibleNotesPayableThirdPartiesNet`	$46.47K	USD	Point-in-time
Convertible notes payable - third parties, net	`ConvertibleNotesPayableThirdPartiesNet`	$118.66K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.32M	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 126,978,714 and 84,509,824 shares issued and outstanding at August 31, 2018 and February 28, 2018, respectively	`CommonStockValue`	$845.10K	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 126,978,714 and 84,509,824 shares issued and outstanding at August 31, 2018 and February 28, 2018, respectively	`CommonStockValue`	$1.27M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$43.70M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$49.89M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$2.22M	USD	Point-in-time
Stock payable	`CommonStockSharesSubscriptions`	$506.28K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.10K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.88K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-48.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-53.87M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.21M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$184.31K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$108.22K	USD	Point-in-time

Income Statement 57 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$174.18K	USD	2 Qtrs
Revenues	`Revenues`	$93.91K	USD	1 Quarter
Revenues	`Revenues`	$184.76K	USD	2 Qtrs
Revenues	`Revenues`	$98.55K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$89.39K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$738.85K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$213.52K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$187.99K	USD	2 Qtrs
Gross profit (loss)	`GrossProfit`	$-554.08K	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`	$-114.97K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.24M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.56M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.79M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.16M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.68M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.34M	USD	2 Qtrs
Interest expense	`InterestExpense`	$-83.53K	USD	1 Quarter
Interest expense	`InterestExpense`	$-80.41K	USD	1 Quarter
Interest expense	`InterestExpense`	$-673.82K	USD	2 Qtrs
Interest expense	`InterestExpense`	$-93.25K	USD	2 Qtrs
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$48.04K	USD	1 Quarter
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$48.04K	USD	2 Qtrs
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Cryptocurrency losses	`CryptocurrencyLosses`	$-925.82K	USD	1 Quarter
Cryptocurrency losses	`CryptocurrencyLosses`	-	USD	2 Qtrs
Cryptocurrency losses	`CryptocurrencyLosses`	$-925.82K	USD	2 Qtrs
Cryptocurrency losses	`CryptocurrencyLosses`	-	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-83.53K	USD	1 Quarter
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-93.25K	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-1.65M	USD	2 Qtrs
Total other income (expense)	`OtherIncomeTaxExpenseBenefitContinuingOperations`	$-1.05M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-4.99M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.73M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.34M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.24M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.99M	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.04	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`	$-0.05	USD	2 Qtrs
Net loss per common share - basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57.86M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	106.72M	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`	126.56M	shares	1 Quarter

Cash Flow Statement 84 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.34M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.99M	USD	2 Qtrs
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$48.04K	USD	1 Quarter
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	$48.04K	USD	2 Qtrs
Loss on debt settlement	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Loss on cryptocurrency sales	`CryptocurrencyLosses`	$-925.82K	USD	1 Quarter
Loss on cryptocurrency sales	`CryptocurrencyLosses`	-	USD	2 Qtrs
Loss on cryptocurrency sales	`CryptocurrencyLosses`	$-925.82K	USD	2 Qtrs
Loss on cryptocurrency sales	`CryptocurrencyLosses`	-	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$3.88K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$2.09K	USD	2 Qtrs
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$71.20K	USD	2 Qtrs
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$652.54K	USD	2 Qtrs
Imputed interest	`ImputedInterest`	$25.59K	USD	2 Qtrs
Imputed interest	`ImputedInterest`	$14.62K	USD	2 Qtrs
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$794.11K	USD	2 Qtrs
Stock based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$1.12M	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`	$2.37K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.11K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$38.68K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-204.62K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.84K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$204.76K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$340.55K	USD	2 Qtrs
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-765.00	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$309.64K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$95.20K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.54M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.57M	USD	2 Qtrs
Cash paid for equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	2 Qtrs
Cash paid for equipment	`PaymentsToAcquireMachineryAndEquipment`	$26.16K	USD	2 Qtrs
Cash received from cryptocurrency sales	`CashReceivedFromCryptocurrencySales`	$718.18K	USD	2 Qtrs
Cash received from cryptocurrency sales	`CashReceivedFromCryptocurrencySales`	-	USD	2 Qtrs
Cash received from Comencia acquisition	`CashAcquiredFromAcquisition`	$11.99K	USD	2 Qtrs
Cash received from Comencia acquisition	`CashAcquiredFromAcquisition`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.17K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$718.18K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$827.40K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$175.00K	USD	2 Qtrs
Borrowings from convertible debt	`ProceedsFromConvertibleDebt`	$500.00K	USD	2 Qtrs
Borrowings from convertible debt	`ProceedsFromConvertibleDebt`	$175.00K	USD	2 Qtrs
Borrowing on promissory notes	`BorrowingOnPromissoryNotes`	-	USD	2 Qtrs
Borrowing on promissory notes	`BorrowingOnPromissoryNotes`	$450.00K	USD	2 Qtrs
Payments on convertible debt	`RepaymentsOfConvertibleDebt`	-	USD	2 Qtrs
Payments on convertible debt	`RepaymentsOfConvertibleDebt`	$206.04K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.12M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$796.36K	USD	2 Qtrs
Foreign currency translation adjustment	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$19.04K	USD	2 Qtrs
Foreign currency translation adjustment	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.22K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-437.30K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-26.77K	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$101.94K	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`	$58.71K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$31.94K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$101.94K	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`	$58.71K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$31.94K	USD	Point-in-time
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	$1.83M	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`	$143.32K	USD	2 Qtrs
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$300.00K	USD	2 Qtrs
Stock retired for domain purchase	`StockRetiredForDomainPurchase`	$3.00K	USD	2 Qtrs
Stock retired for domain purchase	`StockRetiredForDomainPurchase`	-	USD	2 Qtrs
Stock issued for debt conversions	`StockIssuedForDebtConversions`	$1.13M	USD	2 Qtrs
Stock issued for debt conversions	`StockIssuedForDebtConversions`	-	USD	2 Qtrs
Cryptocurrency issued for AP settlement	`CryptocurrencyIssuedForApSettlement`	-	USD	2 Qtrs
Cryptocurrency issued for AP settlement	`CryptocurrencyIssuedForApSettlement`	$15.08K	USD	2 Qtrs
Stock issued for debt discount	`StockIssuedForDebtDiscount`	-	USD	2 Qtrs
Stock issued for debt discount	`StockIssuedForDebtDiscount`	$8.01K	USD	2 Qtrs
Stock issued for finder's fee	`StockIssuedForFindersFee`	-	USD	2 Qtrs
Stock issued for finder's fee	`StockIssuedForFindersFee`	$1.00K	USD	2 Qtrs
Stock issued for cryptocurrency	`StockIssuedForCryptocurrency`	-	USD	2 Qtrs
Stock issued for cryptocurrency	`StockIssuedForCryptocurrency`	$1.66M	USD	2 Qtrs

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