$BASA
BASANITE, INC.

2012 Q1 Form 10-K Financial Statement

#000094344013000353 Filed on April 01, 2013

View on sec.gov

Income Statement

Concept 2012 Q1 2012 2011 Q4
Revenue $6.653K $32.91K $10.00K
YoY Change -33.47% -0.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $39.63K $150.2K $530.0K
YoY Change -77.99% -43.46% 341.67%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.370K $9.476K $0.00
YoY Change -10.43%
% of Gross Profit
Operating Expenses $553.9K $1.543M $530.0K
YoY Change 207.71% -3.39% 341.67%
Operating Profit -$547.2K -$1.510M
YoY Change -3.46%
Interest Expense $2.026K $96.58K $0.00
YoY Change -106.75% 178.13%
% of Operating Profit
Other Income/Expense, Net -$2.026K -$96.58K
YoY Change -94.17% 88.27%
Pretax Income -$549.2K -$1.607M -$530.0K
YoY Change 161.55% -0.55% 341.67%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$549.2K -$1.607M -$530.0K
YoY Change 161.55% -0.55% 341.67%
Net Earnings / Revenue -8255.64% -4882.09% -5300.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$846.2K -$2.368M -$815.4K
COMMON SHARES
Basic Shares Outstanding 75.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00K $20.00K $10.00K
YoY Change -84.21% 100.0% -50.0%
Cash & Equivalents $33.32K $6.328K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses $3.000K
Receivables
Other Receivables
Total Short-Term Assets $30.00K $20.00K $9.328K
YoY Change -85.0% 100.0% -95.56%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $10.00K $21.31K
YoY Change -33.33% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $30.00K $20.00K $25.60K
YoY Change 0.0% 0.0% 28.02%
TOTAL ASSETS
Total Short-Term Assets $30.00K $20.00K $9.328K
Total Long-Term Assets $30.00K $20.00K $25.60K
Total Assets $60.00K $40.00K $34.93K
YoY Change -73.91% 33.33% -84.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.00K $50.00K $45.12K
YoY Change 50.0% 0.0% -24.81%
Accrued Expenses $90.00K $230.0K $45.55K
YoY Change 800.0% 360.0%
Deferred Revenue
YoY Change
Short-Term Debt $120.0K $10.00K $0.00
YoY Change
Long-Term Debt Due $30.00K
YoY Change
Total Short-Term Liabilities $290.0K $310.0K $90.67K
YoY Change 383.33% 244.44% 51.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $290.0K $310.0K $90.67K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $290.0K $310.0K $90.00K
YoY Change 383.33% 244.44% 50.0%
SHAREHOLDERS EQUITY
Retained Earnings -$1.870M
YoY Change
Common Stock $44.65K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$230.0K -$280.0K -$55.73K
YoY Change
Total Liabilities & Shareholders Equity $60.00K $40.00K $34.93K
YoY Change -73.91% 33.33% -84.81%

Cashflow Statement

Concept 2012 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$549.2K -$1.607M -$530.0K
YoY Change 161.55% -0.55% 341.67%
Depreciation, Depletion And Amortization $2.370K $9.476K $0.00
YoY Change -10.43%
Cash From Operating Activities -$93.01K -$469.4K -$120.0K
YoY Change 365.04% -12.1% 71.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $10.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $120.0K $483.8K 0.000
YoY Change -33.33% -8.28% -100.0%
NET CHANGE
Cash From Operating Activities -$93.01K -$469.4K -120.0K
Cash From Investing Activities 0.000 10.00K
Cash From Financing Activities $120.0K $483.8K 0.000
Net Change In Cash $26.99K $14.38K -110.0K
YoY Change -83.13% -287.74% -650.0%
FREE CASH FLOW
Cash From Operating Activities -$93.01K -$469.4K -$120.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$93.01K -$469.4K -$120.0K
YoY Change 365.04% -12.94%

Facts In Submission

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0px"><strong>NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS</strong></p> <p style="LINE-HEIGHT: 8pt; MARGIN: 0px">&nbsp;</p> <p style="TEXT-INDENT: 52px; MARGIN: 0px">In February 2013, FASB issued Accounting Standards Update 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The amendments in this update are effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. This standard is not expected to have a material impact on the Company&#39;s reported results of operations or financial position.</p> <p style="LINE-HEIGHT: 8pt; MARGIN: 0px"><br /> </p> <p style="TEXT-INDENT: 52px; MARGIN: 0px">In February 2013, FASB issued Accounting standards update 2013-02, Comprehensive Income Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This update requires an entity to provide information amount the amount reclassified out of accumulated other comprehensive income by component. The entity is also required to disclose significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting periods. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other discourses required under U.S. GAAP that provide additional detail about those amounts. The objective in this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update should be applied prospectively for reporting periods beginning after December 15, 2012. This standard is not expected to have a material impact on the Company&#39;s reported results of operations or financial position.</p> <!--EndFragment--></div> </div>
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LiabilitiesAndStockholdersEquity
36838 USD
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
90665 USD
CY2012Q4 us-gaap Liabilities Current
LiabilitiesCurrent
314195 USD
CY2011 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
16575 USD
CY2012 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
USD
CY2011 us-gaap Marketing Expense
MarketingExpense
64596 USD
CY2012 us-gaap Marketing Expense
MarketingExpense
28226 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
527462 USD
CY2012Q4 us-gaap Notes Payable
NotesPayable
26814 USD
CY2011Q4 us-gaap Notes Payable Current
NotesPayableCurrent
USD
CY2011 us-gaap Operating Expenses
OperatingExpenses
1597070 USD
CY2012 us-gaap Operating Expenses
OperatingExpenses
1542875 USD
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-1564097 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-1509968 USD
CY2012Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1192366 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-534056 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-469417 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-1615398 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-1606550 USD
us-gaap Net Income Loss
NetIncomeLoss
-254336 USD
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-51301 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-96582 USD
CY2012Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2000 USD
CY2011Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
USD
CY2012Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
26814 USD
CY2011Q4 us-gaap Other Assets
OtherAssets
4290 USD
CY2012Q4 us-gaap Other Assets
OtherAssets
4290 USD
CY2011 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
242841 USD
CY2012 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
439766 USD
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5155 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
USD
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2011Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3000 USD
CY2012Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
USD
CY2011 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
USD
CY2012 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
454500 USD
CY2011 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
857515 USD
CY2012 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
815152 USD
CY2011 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
527462 USD
CY2012 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
25000 USD
CY2011 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
30000 USD
CY2012 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
155000 USD
CY2011 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
USD
CY2012 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
25000 USD
us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
153000 USD
CY2011 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
87000 USD
CY2012 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
28500 USD
CY2012 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
4300 USD
CY2011 us-gaap Professional Fees
ProfessionalFees
144209 USD
CY2012 us-gaap Professional Fees
ProfessionalFees
89031 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30183 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30183 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21313 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11837 USD
CY2012 us-gaap Reclassifications
Reclassifications
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0px"><strong><em>(K) Reclassification</em></strong></p> <p style="LINE-HEIGHT: 8pt; MARGIN: 0px"><br /> </p> <p style="TEXT-INDENT: 57px; MARGIN: 0px">Certain amounts from prior periods have been reclassified to conform to the current period presentation.</p> <p style="LINE-HEIGHT: 8pt; MARGIN: 0px">&nbsp;</p> <!--EndFragment--></div> </div>
CY2011 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
30000 USD
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
155000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1869734 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3476284 USD
CY2011 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
32973 USD
CY2012 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
32907 USD
CY2012 us-gaap Share Based Goods And Nonemployee Services Transaction Expense
ShareBasedGoodsAndNonemployeeServicesTransactionExpense
815152 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
-55734 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
18394 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
-277357 USD
CY2012 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
28194398
CY2012Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
2253577
CY2011 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
-9032 USD
CY2012 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
264001 USD
CY2011 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
49250 USD
CY2011 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
527462 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
110635 USD
CY2011 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
16575 USD
CY2012Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
25000 USD
CY2011 us-gaap Technology Services Costs
TechnologyServicesCosts
919153 USD
CY2012 us-gaap Technology Services Costs
TechnologyServicesCosts
850134 USD
CY2011 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
25225 USD
CY2012 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
13740 USD
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0px"><strong><em>(B) Use of Estimates in Financial Statements</em></strong></p> <p style="MARGIN: 0px"><br /> </p> <p style="TEXT-INDENT: 52px; MARGIN: 0px">The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates during the period covered by these financial statements include the valuation of website costs, valuation of deferred tax asset, stock based compensation and any beneficial conversion features on convertible debt.</p> <!--EndFragment--></div> </div>
CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37048173
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46972164

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