$BASA
BASANITE, INC.

2014 Q4 Form 10-Q Financial Statement

#000155335014001422 Filed on November 19, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $20.00K $10.81K $0.00
YoY Change 1256.46% -100.0%
Cost Of Revenue $10.00K $8.808K
YoY Change
Gross Profit $0.00 $2.003K
YoY Change 151.32%
Gross Profit Margin 0.0% 18.53%
Selling, General & Admin $220.0K $33.32K $150.0K
YoY Change 46.67% -40.03% -50.0%
% of Gross Profit 1663.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $304.00 $0.00
YoY Change -87.18%
% of Gross Profit 15.18%
Operating Expenses $230.0K $162.0K $150.0K
YoY Change 53.33% -57.44% -50.0%
Operating Profit -$230.0K -$160.0K
YoY Change -57.88%
Interest Expense -$20.00K $103.1K -$200.0K
YoY Change -90.0% -44.4% 150.0%
% of Operating Profit
Other Income/Expense, Net -$103.1K
YoY Change -44.4%
Pretax Income -$240.0K -$263.1K -$350.0K
YoY Change -31.43% -53.46% -5.41%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$240.0K -$263.1K -$350.0K
YoY Change -31.43% -53.46% -5.41%
Net Earnings / Revenue -1200.0% -2433.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$19.08K -$25.29K -$62.61K
COMMON SHARES
Basic Shares Outstanding 12.56M shares 11.41M shares 5.573M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $10.00K $0.00
YoY Change -100.0%
Cash & Equivalents $1.558K $11.15K $3.061K
Short-Term Investments
Other Short-Term Assets $10.00K $40.00K
YoY Change
Inventory $0.00 $4.527K
Prepaid Expenses $7.252K $36.26K
Receivables
Other Receivables
Total Short-Term Assets $8.810K $51.94K $3.061K
YoY Change 187.81% 20593.23% -85.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.029K $1.702K $2.616K
YoY Change -60.67% -64.01% -77.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0%
Total Long-Term Assets $1.029K $1.702K $34.02K
YoY Change -96.98% -95.29% 110.97%
TOTAL ASSETS
Total Short-Term Assets $8.810K $51.94K $3.061K
Total Long-Term Assets $1.029K $1.702K $34.02K
Total Assets $9.839K $53.64K $37.08K
YoY Change -73.47% 47.42% 0.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $229.9K $235.3K $188.0K
YoY Change 22.28% 7.23% 313.06%
Accrued Expenses $607.4K $494.1K $422.9K
YoY Change 43.64% 48.12% 83.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $10.00K
YoY Change -100.0% 0.0%
Long-Term Debt Due $220.0K $200.0K $670.0K
YoY Change -67.16% -58.33% 2133.33%
Total Short-Term Liabilities $1.089M $942.3K $1.287M
YoY Change -15.39% -8.93% 309.66%
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 $1.089M $942.3K $1.287M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.090M $940.0K $1.290M
YoY Change -15.5% -8.74% 316.13%
SHAREHOLDERS EQUITY
Retained Earnings -$7.336M -$7.093M -$5.909M
YoY Change 24.14% 27.69% 69.99%
Common Stock $12.56K $12.44K $5.573K
YoY Change 125.43% 123.15% 407.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.079M -$888.6K -$1.250M
YoY Change
Total Liabilities & Shareholders Equity $9.839K $53.64K $37.08K
YoY Change -73.47% 47.42% 0.67%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$240.0K -$263.1K -$350.0K
YoY Change -31.43% -53.46% -5.41%
Depreciation, Depletion And Amortization $0.00 $304.00 $0.00
YoY Change -87.18%
Cash From Operating Activities -$60.00K -$70.00K -$100.0K
YoY Change -40.0% -53.33% -47.37%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $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 40.00K 80.00K 100.0K
YoY Change -60.0% -38.46% -50.0%
NET CHANGE
Cash From Operating Activities -60.00K -70.00K -100.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 40.00K 80.00K 100.0K
Net Change In Cash -20.00K 10.00K 0.000
YoY Change -150.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$70.00K -$100.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$60.00K -$70.00K -$100.0K
YoY Change -40.0% -53.33% -47.37%

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;"><strong><em><font style=" font-size: 10pt;">(M) Reclassification</font></em></strong></p> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;">&#160;</p> <p style=" margin: 0px; text-indent: 48px; font-family : Times New Roman; font-size: 10pt;"><font style=" font-size: 10pt;">Certain amounts from prior periods have been reclassified to conform to the current period presentation.</font></p> </div>
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CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30864 USD
CY2014Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
29162 USD
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28248 USD
us-gaap Use Of Estimates
UseOfEstimates
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;"><strong><em><font style=" font-size: 10pt;">(B) Use of Estimates in Financial Statements</font></em></strong></p> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;">&#160;</p> <p style=" margin: 0px; text-indent: 48px; font-family : Times New Roman; font-size: 10pt;"><font style=" font-size: 10pt;">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.</font></p> </div>
CY2014Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
400000 shares
CY2014Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
88000 USD
CY2014Q3 paym Stock Issued During Period Per Share Value
StockIssuedDuringPeriodPerShareValue
0.22
paym Monthly Consultant Fee
MonthlyConsultantFee
7500 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;"><strong>NOTE 3 &#150; RECENT ACCOUNTING PRONOUNCEMENTS</strong></p> <p style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;">&#160;</p> <p style=" margin: 0px; text-indent: 48px; font-family : Times New Roman; font-size: 10pt;">In June 2014, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2014-12, &#147;Compensation &#150; Stock Compensation ( Topic 718 ); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&#148;. The amendments in this ASU apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. For all entities, the amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition.&#160; We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition.</p> <p align="justify" style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;">&#160;</p> <p style=" margin: 0px; text-indent: 48px; font-family : Times New Roman; font-size: 10pt;">In August 2014, the FASB issued Accounting Standards Update (&#147;ASU&#148;) &#160;No. 2014-15 on &#147;Presentation of Financial Statements Going Concern (Subtopic 205-40) &#150; Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern&#148;. Currently, there is no guidance in U.S. GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management's plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for public and non-public entities for annual periods ending after December 15, 2016. Early adoption is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition.</p> <p align="justify" style=" margin: 0px; font-family : Times New Roman; font-size: 10pt;">&#160;</p> <p style=" margin: 0px; text-indent: 48px; font-family : Times New Roman; font-size: 10pt;"> All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.</p> </div> </div>
CY2014Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
257791 USD
CY2013Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
960361 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
9900 USD
CY2014Q3 paym Default On Lease Contract Amount
DefaultOnLeaseContractAmount
41937 USD
CY2014Q3 paym Additional Amount Payable After Due Date For Default On Lease Contract
AdditionalAmountPayableAfterDueDateForDefaultOnLeaseContract
304000 USD
paym Number Of Months Required For Timely Payments
NumberOfMonthsRequiredForTimelyPayments
P36Y
us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P39M
CY2013Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
195000000 shares
CY2014Q3 paym Monthly Agreement Payable
MonthlyAgreementPayable
7500 USD
CY2014Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
36264 USD
CY2014Q3 paym Term Of Consulting Agreement
TermOfConsultingAgreement
P6M
dei Entity Registrant Name
EntityRegistrantName
PayMeOn, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001448705
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
12563544 shares

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