10-Q Filing

DIGITALTOWN, INC. CIK: 1065598 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001640334-19-001724`
Period End Date	20190531
Filing Date	20190822
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	dgtw-20190531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 31 Cash Flow Statement 74 Stockholders Equity 28

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$15.27K	USD	Point-in-time
Cash	`Cash`	$34.46K	USD	Point-in-time
Common stock, shares par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$25.34K	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
Total current assets	`AssetsCurrent`	$40.61K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	862.28M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.46K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	146.74M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentOtherNet`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	862.28M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	146.74M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentOtherNet`	$19.21K	USD	Point-in-time
Total assets	`Assets`	$34.46K	USD	Point-in-time
Total assets	`Assets`	$59.82K	USD	Point-in-time
Preferred stock, shares par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$551.39K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$485.61K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$213.57K	USD	Point-in-time
Accounts payable - related parties	`AccountsPayableRelatedPartiesCurrent`	$273.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$186.31K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$136.31K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$186.31K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligations`	$168.17K	USD	Point-in-time
Domain marketing development obligation	`DomainMarketingDevelopmentObligations`	$168.17K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$46.23K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$53.16K	USD	Point-in-time
Accrued expenses - related parties	`AccruedLiabilitiesCurrent`	$542.07K	USD	Point-in-time
Accrued expenses - related parties	`AccruedLiabilitiesCurrent`	$542.07K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.03M	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.03M	USD	Point-in-time
Convertible notes payable - third parties, net	`ConvertibleNotesPayableCurrent`	$246.18K	USD	Point-in-time
Convertible notes payable - third parties, net	`ConvertibleNotesPayableCurrent`	$75.85K	USD	Point-in-time
Liabilities held for sale	`LiabilitiesHeldForSale`	$12.83K	USD	Point-in-time
Liabilities held for sale	`LiabilitiesHeldForSale`	$1.63K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.76M	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, 862,278,202 and 146,740,570 shares issued and outstanding at May 31, 2019 and February 28, 2019, respectively	`CommonStockValue`	$1.47M	USD	Point-in-time
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 862,278,202 and 146,740,570 shares issued and outstanding at May 31, 2019 and February 28, 2019, respectively	`CommonStockValue`	$8.62M	USD	Point-in-time
Preferred stock, $0.01 par value, 20,000,000 shares authorized, no shares issued and outstanding at May 31, 2019 and February 28, 2019, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 20,000,000 shares authorized, no shares issued and outstanding at May 31, 2019 and February 28, 2019, respectively	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$44.71M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$51.41M	USD	Point-in-time
Stock payable	`StockPayable`	$784.73K	USD	Point-in-time
Stock payable	`StockPayable`	$478.65K	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-604.00	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-819.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-56.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-56.85M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.73M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.93M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$34.46K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$59.82K	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$50.00K	USD	1 Quarter
Revenues	`Revenues`	$21.93K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$306.00	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$407.05K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$49.69K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-385.13K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$342.37K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-292.68K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.56M	USD	1 Quarter
Loss on disposal of asset	`LossOnDisposalOfAsset`	$19.21K	USD	1 Quarter
Loss on disposal of asset	`LossOnDisposalOfAsset`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$246.68K	USD	1 Quarter
Interest expense	`InterestExpense`	$593.41K	USD	1 Quarter
Total other income (expense)	`OtherNoncashIncomeExpense`	$-265.89K	USD	1 Quarter
Total other income (expense)	`OtherNoncashIncomeExpense`	$-593.41K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-558.57K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.15M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss from continuing operations, net of income taxes	`IncomeLossFromContinuingOperations`	$-558.57K	USD	1 Quarter
Net loss from continuing operations, net of income taxes	`IncomeLossFromContinuingOperations`	$-2.15M	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-102.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-558.57K	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	86.88M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	289.97M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-102.16K	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-558.57K	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.15M	USD	1 Quarter
Depreciation expense	`Depreciation`	$1.84K	USD	Annual
Depreciation expense	`Depreciation`	$1.84K	USD	1 Quarter
Depreciation expense	`Depreciation`	-	USD	Annual
Depreciation expense	`Depreciation`	-	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$190.34K	USD	1 Quarter
Debt discount amortization	`AmortizationOfDebtDiscountPremium`	$562.92K	USD	1 Quarter
Loss on debt penalty	`LossOnDebtPenalty`	-	USD	1 Quarter
Loss on debt penalty	`LossOnDebtPenalty`	$32.34K	USD	1 Quarter
Imputed interest	`ImputedInterest`	$2.77K	USD	1 Quarter
Imputed interest	`ImputedInterest`	$12.12K	USD	1 Quarter
Loss on disposal of fixed assets	`LossOnDisposalOfFixedAssets`	-	USD	1 Quarter
Loss on disposal of fixed assets	`LossOnDisposalOfFixedAssets`	$19.21K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$221.39K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$436.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$25.34K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$706.00	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$24.76K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$88.12K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.91K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$428.41K	USD	1 Quarter
Accounts payable - related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$59.43K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-37.20K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$7.33K	USD	1 Quarter
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	$46.96K	USD	1 Quarter
Domain marketing development obligation	`DomainMarketingDevelopmentObligation`	-	USD	1 Quarter
Digital currencies	`DigitalCurrencies`	$-15.88K	USD	1 Quarter
Digital currencies	`DigitalCurrencies`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-662.44K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.02K	USD	1 Quarter
Cash received from sale of digital currencies	`CashReceivedFromSaleOfDigitalCurrencies`	-	USD	1 Quarter
Cash received from sale of digital currencies	`CashReceivedFromSaleOfDigitalCurrencies`	$98.66K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$98.66K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$566.95K	USD	1 Quarter
Borrowings on convertible notes	`BorrowingsOnConvertibleNotes`	-	USD	1 Quarter
Borrowings on convertible notes	`BorrowingsOnConvertibleNotes`	$45.00K	USD	1 Quarter
Payments on promissory note	`ProceedsFromSecuredNotesPayable`	-	USD	1 Quarter
Payments on promissory note	`ProceedsFromSecuredNotesPayable`	$-40.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$45.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$526.95K	USD	1 Quarter
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainBeforeTax`	$215.00	USD	1 Quarter
Foreign currency translation adjustment	`ForeignCurrencyTransactionGainBeforeTax`	$-1.38K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-38.21K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.19K	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashEquivalentsAtCarryingValue`	$20.51K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashEquivalentsAtCarryingValue`	$34.46K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashEquivalentsAtCarryingValue`	$58.71K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashEquivalentsAtCarryingValue`	$15.27K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashEquivalentsAtCarryingValue`	$20.51K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashEquivalentsAtCarryingValue`	$34.46K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashEquivalentsAtCarryingValue`	$58.71K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashEquivalentsAtCarryingValue`	$15.27K	USD	Point-in-time
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	$1.83M	USD	1 Quarter
Issuance of common stock for stock payable	`IssuanceOfCommonStockForStockPayable`	-	USD	1 Quarter
Conversion of debt to common stock	`ConversionOfStockAmountConverted1`	$410.08K	USD	1 Quarter
Conversion of debt to common stock	`ConversionOfStockAmountConverted1`	$1.07M	USD	1 Quarter
Stock payable for accounts payable	`StockPayableForAccountsPayable`	$84.69K	USD	1 Quarter
Stock payable for accounts payable	`StockPayableForAccountsPayable`	-	USD	1 Quarter
Stock issued for digital currencies	`StockIssuedForDigitalCurrencies`	-	USD	1 Quarter
Stock issued for digital currencies	`StockIssuedForDigitalCurrencies`	$1.66M	USD	1 Quarter
Loss on digital currencies	`LossOnDigitalCurrencies`	$196.07K	USD	1 Quarter
Loss on digital currencies	`LossOnDigitalCurrencies`	-	USD	1 Quarter
Stock cancelled for sale of prepaid domains	`StockCancelledForSaleOfPrepaidDomains`	$3.00K	USD	1 Quarter
Stock cancelled for sale of prepaid domains	`StockCancelledForSaleOfPrepaidDomains`	-	USD	1 Quarter
Finders fee for stock issued	`FindersFeeForStockIssued`	$1.00K	USD	1 Quarter
Finders fee for stock issued	`FindersFeeForStockIssued`	-	USD	1 Quarter
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$45.00K	USD	1 Quarter
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	1 Quarter

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$-2.73M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$-2.93M	USD	Point-in-time
Common stock issued for stock payable, Amount	`CommonStockIssuedForStockPayableAmount`	-	USD	Annual
Common stock issued for cash, Amount	`CommonStockIssuedForCashAmount`	$1.07M	USD	Annual
Common stock issued for cryptocurrency, Amount	`CommonStockIssuedForCryptocurrencyAmount`	$1.66M	USD	Annual
Stock issued for conversion of third-party debt, Amount	`StockIssuedForConversionOfThirdPartyDebtAmount`	$171.54K	USD	Annual
Stock issued for conversion of third-party debt, Amount	`StockIssuedForConversionOfThirdPartyDebtAmount`	$410.08K	USD	1 Quarter
Stock issued for conversion of accounts payable, Amount	`StockIssuedForConversionOfAccountsPayableAmount`	$61.70K	USD	Annual
Stock issued for conversion of accounts payable, Amount	`StockIssuedForConversionOfAccountsPayableAmount`	$84.69K	USD	1 Quarter
Stock issued for conversion of related party debt, Amount	`StockIssuedForConversionOfRelatedPartyDebtAmount`	$988.03K	USD	Annual
Stock issued for compensation, Amount	`StockIssuedForCompensationAmount`	$221.39K	USD	1 Quarter
Stock issued for compensation, Amount	`StockIssuedForCompensationAmount`	$2.07M	USD	Annual
Stock issued for finder fee, Amount	`StockIssuedForFinderFeeAmount`	-	USD	Annual
Stock issued for debt discount, Amount	`StockIssuedForDebtDiscountAmount`	$8.01K	USD	Annual
Stock reclaimed for sale of domains, Amount	`StockReclaimedForSaleOfDomainsAmount`	$-3.00K	USD	Annual
Contributed capital, Amount	`ProceedsFromPaymentsForOtherFinancingActivities`	$20.00K	USD	Annual
Beneficial conversion feature, Amount	`BeneficialConversionFeatureAmount`	$536.95K	USD	Annual
Beneficial conversion feature, Amount	`BeneficialConversionFeatureAmount`	$45.00K	USD	1 Quarter
Imputed interest, Amount	`ImputedInterestAmount`	$2.77K	USD	1 Quarter
Imputed interest, Amount	`ImputedInterestAmount`	$20.12K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-5.92K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$215.00	USD	1 Quarter
Net Loss	`ProfitLoss`	$-558.57K	USD	1 Quarter
Net Loss	`ProfitLoss`	$-7.40M	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$-2.73M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-2.12M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$-2.93M	USD	Point-in-time

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