$BASA
BASANITE, INC.

2013 Q2 Form 10-Q Financial Statement

#000155335013000169 Filed on May 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $2.726K $5.885K $6.653K
YoY Change -72.17% -11.54% -33.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $110.5K $44.84K $39.63K
YoY Change 136.01% 13.16% -77.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.338K $2.369K $2.370K
YoY Change -1.23% -0.04%
% of Gross Profit
Operating Expenses $962.4K $381.9K $553.9K
YoY Change 86.35% -31.05% 207.71%
Operating Profit -$959.7K -$376.0K -$547.2K
YoY Change 89.41% -31.28%
Interest Expense $122.9K $54.75K $2.026K
YoY Change 2663.04% 2602.22% -106.75%
% of Operating Profit
Other Income/Expense, Net -$122.9K -$54.75K -$2.026K
YoY Change 2663.04% 2602.22% -94.17%
Pretax Income -$1.083M -$430.8K -$549.2K
YoY Change 111.81% -21.57% 161.55%
Income Tax
% Of Pretax Income
Net Earnings -$1.083M -$430.8K -$549.2K
YoY Change 111.81% -21.57% 161.55%
Net Earnings / Revenue -39712.25% -7319.85% -8255.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$197.4K -$390.9K -$846.2K
COMMON SHARES
Basic Shares Outstanding 375.9M shares 75.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00K $40.00K $30.00K
YoY Change 33.33% -84.21%
Cash & Equivalents $25.42K $36.83K $33.32K
Short-Term Investments
Other Short-Term Assets $110.0K $0.00
YoY Change
Inventory
Prepaid Expenses $107.6K
Receivables
Other Receivables
Total Short-Term Assets $133.0K $36.83K $30.00K
YoY Change 22.78% -85.0%
LONG-TERM ASSETS
Property, Plant & Equipment $7.100K $9.468K $20.00K
YoY Change -64.5% -52.66% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $0.00 $0.00
YoY Change
Total Long-Term Assets $38.51K $13.76K $30.00K
YoY Change 92.54% -54.14% 0.0%
TOTAL ASSETS
Total Short-Term Assets $133.0K $36.83K $30.00K
Total Long-Term Assets $38.51K $13.76K $30.00K
Total Assets $171.5K $50.59K $60.00K
YoY Change 757.67% -15.68% -73.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.7K $59.80K $60.00K
YoY Change 199.52% -0.34% 50.0%
Accrued Expenses $303.8K $268.8K $90.00K
YoY Change 78.69% 198.67% 800.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.00K $120.0K
YoY Change -100.0% -91.67%
Long-Term Debt Due $310.0K $200.0K
YoY Change
Total Short-Term Liabilities $794.2K $532.5K $290.0K
YoY Change 93.7% 83.61% 383.33%
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 $794.2K $532.5K $290.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $790.0K $530.0K $290.0K
YoY Change 92.68% 82.76% 383.33%
SHAREHOLDERS EQUITY
Retained Earnings -$4.990M -$3.907M
YoY Change
Common Stock $5.573K $75.85K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$622.7K -$481.9K -$230.0K
YoY Change
Total Liabilities & Shareholders Equity $171.5K $50.59K $60.00K
YoY Change 757.67% -15.68% -73.91%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$1.083M -$430.8K -$549.2K
YoY Change 111.81% -21.57% 161.55%
Depreciation, Depletion And Amortization $2.338K $2.369K $2.370K
YoY Change -1.23% -0.04%
Cash From Operating Activities -$220.0K -$253.9K -$93.01K
YoY Change 214.29% 172.96% 365.04%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$70.00K $0.00
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 270.0K $270.0K $120.0K
YoY Change 575.0% 125.0% -33.33%
NET CHANGE
Cash From Operating Activities -220.0K -$253.9K -$93.01K
Cash From Investing Activities -70.00K 0.000
Cash From Financing Activities 270.0K $270.0K $120.0K
Net Change In Cash -20.00K $16.12K $26.99K
YoY Change -33.33% -40.27% -83.13%
FREE CASH FLOW
Cash From Operating Activities -$220.0K -$253.9K -$93.01K
Capital Expenditures -$70.00K $0.00
Free Cash Flow -$150.0K -$93.01K
YoY Change 114.29% 365.04%

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="MARGIN: 0px">&nbsp;</p> <p style="TEXT-INDENT: 57px; 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 effec tive 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="MARGIN: 0px"><br /> </p> <p style="TEXT-INDENT: 57px; 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> <p style="MARGIN: 0px"><br /> </p> <!--EndFragment--></div> </div>
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CY2013Q1 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
206694 USD
CY2012Q1 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
99221 USD
CY2013Q1 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
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
270000 USD
CY2012Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
120000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
76251 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
353814 USD
CY2013Q1 us-gaap Professional Fees
ProfessionalFees
46940 USD
CY2012Q1 us-gaap Professional Fees
ProfessionalFees
30896 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30183 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30183 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9468 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11837 USD
CY2013Q1 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="MARGIN: 0px"><br /> </p> <p style="TEXT-INDENT: 61px; MARGIN: 0px">Certain amounts from prior periods have been reclassified to conform to the current period presentation.</p> <p style="MARGIN: 0px">&nbsp;</p> <!--EndFragment--></div> </div>
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
155000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3907057 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3476284 USD
CY2013Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5885 USD
CY2012Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6653 USD
CY2012Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Expense
ShareBasedGoodsAndNonemployeeServicesTransactionExpense
353814 USD
CY2013Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Expense
ShareBasedGoodsAndNonemployeeServicesTransactionExpense
76251 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
-481879 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
-277357 USD
CY2013Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
69
CY2012Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
2253577 shares
CY2012Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
25000 USD
CY2013Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
76251 USD
CY2012Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
380064 USD
CY2013Q1 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
7185 USD
CY2012Q1 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
4067 USD
CY2013Q1 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: 57px; 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> <p style="MARGIN: 0px">&nbsp;</p> <!--EndFragment--></div> </div>
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75852636 shares
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44768517 shares

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