$BASA
BASANITE, INC.

2013 Q3 Form 10-Q Financial Statement

#000155335013000620 Filed on August 19, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q4
Revenue $797.00 $2.726K $10.00K
YoY Change -92.1% -72.17% 0.0%
Cost Of Revenue
YoY Change
Gross Profit $797.00
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $55.57K $110.5K $300.0K
YoY Change -69.13% 136.01% -43.4%
% of Gross Profit 6972.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.371K $2.338K $0.00
YoY Change 0.08% -1.23%
% of Gross Profit 297.49%
Operating Expenses $380.6K $962.4K $300.0K
YoY Change 117.39% 86.35% -43.4%
Operating Profit -$379.8K -$959.7K
YoY Change 130.21% 89.41%
Interest Expense $185.4K $122.9K -$80.00K
YoY Change 2130.5% 2663.04%
% of Operating Profit
Other Income/Expense, Net -$185.4K -$122.9K
YoY Change 2130.5% 2663.04%
Pretax Income -$565.2K -$1.083M -$370.0K
YoY Change 226.18% 111.81% -30.19%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$565.2K -$1.083M -$370.0K
YoY Change 226.18% 111.81% -30.19%
Net Earnings / Revenue -70918.95% -39712.25% -3700.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$102.3K -$197.4K -$500.0K
COMMON SHARES
Basic Shares Outstanding 5.573M shares 375.9M shares 47.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $30.00K $20.00K
YoY Change 100.0%
Cash & Equivalents $251.00 $25.42K $20.71K
Short-Term Investments
Other Short-Term Assets $110.0K
YoY Change
Inventory
Prepaid Expenses $107.6K
Receivables
Other Receivables
Total Short-Term Assets $251.00 $133.0K $20.71K
YoY Change 122.03%
LONG-TERM ASSETS
Property, Plant & Equipment $4.729K $7.100K $11.84K
YoY Change -66.71% -64.5% -44.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K $0.00
YoY Change
Total Long-Term Assets $36.14K $38.51K $16.13K
YoY Change 95.37% 92.54% -37.01%
TOTAL ASSETS
Total Short-Term Assets $251.00 $133.0K $20.71K
Total Long-Term Assets $36.14K $38.51K $16.13K
Total Assets $36.39K $171.5K $36.84K
YoY Change 96.73% 757.67% 5.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $219.5K $179.7K $45.52K
YoY Change 280.61% 199.52% 0.9%
Accrued Expenses $333.6K $303.8K $230.5K
YoY Change 46.7% 78.69% 406.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
Long-Term Debt Due $480.0K $310.0K $30.00K
YoY Change
Total Short-Term Liabilities $1.035M $794.2K $314.2K
YoY Change 102.27% 93.7% 246.54%
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 $1.035M $794.2K $314.2K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.030M $790.0K $310.0K
YoY Change 101.96% 92.68% 244.44%
SHAREHOLDERS EQUITY
Retained Earnings -$5.555M -$4.990M -$3.476M
YoY Change 78.99% 85.92%
Common Stock $5.573K $5.573K $1.099K
YoY Change -88.22% -97.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$998.3K -$622.7K -$277.4K
YoY Change
Total Liabilities & Shareholders Equity $36.39K $171.5K $36.84K
YoY Change 96.73% 757.67% 5.46%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q4
OPERATING ACTIVITIES
Net Income -$565.2K -$1.083M -$370.0K
YoY Change 226.18% 111.81% -30.19%
Depreciation, Depletion And Amortization $2.371K $2.338K $0.00
YoY Change 0.08% -1.23%
Cash From Operating Activities -$150.0K -$220.0K -$190.0K
YoY Change 25.0% 214.29% 58.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$70.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$70.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.0K 270.0K 200.0K
YoY Change 8.33% 575.0%
NET CHANGE
Cash From Operating Activities -150.0K -220.0K -190.0K
Cash From Investing Activities 0.000 -70.00K 0.000
Cash From Financing Activities 130.0K 270.0K 200.0K
Net Change In Cash -20.00K -20.00K 10.00K
YoY Change -33.33% -109.09%
FREE CASH FLOW
Cash From Operating Activities -$150.0K -$220.0K -$190.0K
Capital Expenditures $0.00 -$70.00K $0.00
Free Cash Flow -$150.0K -$150.0K -$190.0K
YoY Change 25.0% 114.29% 58.33%

Facts In Submission

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CY2013Q2 us-gaap Technology Services Costs
TechnologyServicesCosts
113143 USD
us-gaap Technology Services Costs
TechnologyServicesCosts
1893940 USD
CY2012Q2 us-gaap Technology Services Costs
TechnologyServicesCosts
352197 USD
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
116030 USD
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
5479 USD
CY2013Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
4418 USD
CY2012Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
1412 USD
CY2013Q1 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
195000000 shares
CY2013Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
454033 USD
us-gaap Technology Services Costs
TechnologyServicesCosts
732261 USD
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-BOTTOM: 8px; MARGIN-TOP: 0px"><strong><em>Use of Estimates in Financial Statements</em></strong></p> <p style="MARGIN-BOTTOM: 8px; MARGIN-TOP: 0px; TEXT-INDENT: 48px"> 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&nbsp;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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3275463 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
651312 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5472269 shares
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
653091 shares

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