$BASA
BASANITE, INC.

2015 Q1 Form 10-K Financial Statement

#000155335015000264 Filed on March 26, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 2013 Q4
Revenue $16.69K $30.37K $0.00
YoY Change 581.7% 202.96% -100.0%
Cost Of Revenue $15.83K $23.57K
YoY Change
Gross Profit $862.00 $6.798K
YoY Change -64.79% -32.19%
Gross Profit Margin 5.17% 22.38%
Selling, General & Admin $9.795K $503.7K $150.0K
YoY Change -97.44% 106.46% -50.0%
% of Gross Profit 1136.31% 7410.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $187.00 $1.103K $0.00
YoY Change -38.69% -88.04%
% of Gross Profit 21.69% 16.23%
Operating Expenses $134.7K $1.021M $150.0K
YoY Change -71.91% -45.57% -50.0%
Operating Profit -$133.9K -$1.014M
YoY Change -71.95% -45.64%
Interest Expense $54.93K $412.5K -$200.0K
YoY Change -67.56% -27.3% 150.0%
% of Operating Profit
Other Income/Expense, Net -$53.45K -$412.5K
YoY Change -68.43% -27.3%
Pretax Income -$187.3K -$1.427M -$350.0K
YoY Change -71.03% -41.36% -5.41%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$187.3K -$1.427M -$350.0K
YoY Change -71.03% -41.36% -5.41%
Net Earnings / Revenue -1122.55% -4697.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$15.07K -$167.6K -$62.61K
COMMON SHARES
Basic Shares Outstanding 12.61M shares 5.573M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $1.560K $0.00
YoY Change -100.0%
Cash & Equivalents $7.647K $3.061K
Short-Term Investments
Other Short-Term Assets $0.00 $7.250K
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $13.70K $8.810K $3.061K
YoY Change 1092.17% -85.22%
LONG-TERM ASSETS
Property, Plant & Equipment $842.00 $1.030K $2.616K
YoY Change -63.57% -77.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $0.00 $30.00K
YoY Change -100.0%
Total Long-Term Assets $85.60K $1.030K $34.02K
YoY Change 3604.11% -97.43% 110.97%
TOTAL ASSETS
Total Short-Term Assets $13.70K $8.810K $3.061K
Total Long-Term Assets $85.60K $1.030K $34.02K
Total Assets $99.30K $9.840K $37.08K
YoY Change 2769.94% -75.4% 0.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $199.6K $258.0K $188.0K
YoY Change -6.39% 35.78% 313.06%
Accrued Expenses $688.7K $607.4K $422.9K
YoY Change -11.98% 44.63% 83.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.000K $10.00K
YoY Change -80.0% 0.0%
Long-Term Debt Due $270.0K $0.00 $670.0K
YoY Change -69.66% -100.0% 2133.33%
Total Short-Term Liabilities $1.165M $1.089M $1.287M
YoY Change -38.38% -15.58% 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 $1.165M $1.089M $1.287M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.160M $1.089M $1.290M
YoY Change -38.62% -15.58% 316.13%
SHAREHOLDERS EQUITY
Retained Earnings -$7.524M -$5.909M
YoY Change 14.76% 69.99%
Common Stock $12.61K $5.573K
YoY Change 126.32% 407.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.065M -$1.079M -$1.250M
YoY Change
Total Liabilities & Shareholders Equity $99.30K $9.840K $37.08K
YoY Change 2769.94% -75.4% 0.67%

Cashflow Statement

Concept 2015 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$187.3K -$1.427M -$350.0K
YoY Change -71.03% -41.36% -5.41%
Depreciation, Depletion And Amortization $187.00 $1.103K $0.00
YoY Change -38.69% -88.04%
Cash From Operating Activities -$110.2K -$265.5K -$100.0K
YoY Change 57.49% -63.25% -47.37%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$80.00K $0.00
YoY Change
Cash From Investing Activities -$84.76K $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 $201.0K $264.0K 100.0K
YoY Change 195.45% -65.79% -50.0%
NET CHANGE
Cash From Operating Activities -$110.2K -$265.5K -100.0K
Cash From Investing Activities -$84.76K 0.000
Cash From Financing Activities $201.0K $264.0K 100.0K
Net Change In Cash $6.089K -$1.503K 0.000
YoY Change -418.46% -91.48% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$110.2K -$265.5K -$100.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$265.5K -$100.0K
YoY Change -59.3% -47.37%

Facts In Submission

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>NOTE 3 &#150; RECENT ACCOUNTING PRONOUNCEMENTS</strong></font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In August 2014, the FASB issued Accounting Standards Update (&#147;ASU&#148;) 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 <font>one</font> 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.</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><strong>&#160;</strong></font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2014, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2014-10, &#147;</font><u style="text-decoration: none; border-bottom-width: 1px; border-bottom-style: solid;" class="customUnderline"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation</font></u><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#148;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. The update removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. In addition, the update adds an example disclosure in Risks and Uncertainties (Topic 275) to illustrate <font>one</font> way that an entity that has not begun planned principal operations could provide information about the risks and uncertainties related to the company's current activities. Furthermore, the update removes an exception provided to development stage entities in Consolidations (Topic 810) for determining whether an entity is a variable interest entity&#151;which may change the consolidation analysis, consolidation decision, and disclosure requirements for a company that has an interest in a company in the development stage. The update is effective for the annual reporting periods beginning after December 15, 2014, including interim periods within that reporting period.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> This updated guidance did not have a material impact on our results of operations, cash flows or financial condition.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2014, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2014-09, &#147;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Revenue from Contracts with Customers&#148;. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The update gives entities a single comprehensive model to use in reporting information about the amount and timing of revenue resulting from contracts to provide goods or services to customers. The proposed ASU, which would apply to any entity that enters into contracts to provide goods or services, would supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, the update would supersede some cost guidance included in Subtopic 605-35, Revenue Recognition &#150; Construction-Type and Production-Type Contracts. The update removes inconsistencies and weaknesses in revenue requirements and provides a more robust framework for addressing revenue issues and more useful information to users of financial statements through improved disclosure requirements. In addition, the update improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition. </font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; text-indent: 36pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In June 2014, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2014-12, &#147;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">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;. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">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. The effective date is the same for both public business entities and all other entities. </font></p> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">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.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 22.75pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 22.75pt; font-family: 'times new roman';"><font style="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.</font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> </div>
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CY2014 us-gaap Increase Decrease In Prepaid Expense
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CY2013 us-gaap Increase Decrease In Prepaid Expense
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CY2013 us-gaap Increase Decrease In Deposits
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CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2013 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2014 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
88000 USD
CY2014 us-gaap Stock Issued During Period Value Acquisitions
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CY2014Q3 paym Term Of Consulting Agreement
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P6M
CY2014Q3 us-gaap Stock Issued During Period Shares Issued For Services
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CY2014Q3 us-gaap Stock Issued During Period Value Issued For Services
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88000 USD
CY2014Q3 paym Stock Issued During Period Per Share Value
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7500 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
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CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2013 us-gaap Asset Impairment Charges
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CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2014Q4 us-gaap Deferred Tax Assets Gross
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CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2014Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3891250 USD
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><strong>(B) Use of Estimates in Financial Statements</strong></font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.05pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; 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>
CY2013Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
195000000 shares
CY2014 paym Monthly Agreement Payable
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7500 USD
CY2014 us-gaap Reclassifications
Reclassifications
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-decoration: underline;"><strong>(O) Reclassification</strong></font></p> <p style="margin: 0pt; page-break-inside: avoid; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.05pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Certain amounts from prior periods have been reclassified to conform to the current period presentation.</font></p> </div>
CY2013Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
USD
CY2014 us-gaap Operating Loss Carryforwards Expiration Date
OperatingLossCarryforwardsExpirationDate
2034-12-31
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Entity Registrant Name
EntityRegistrantName
PayMeOn, Inc.
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001448705
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Document Type
DocumentType
10-K
CY2015Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
12613457 shares
CY2014Q2 dei Entity Public Float
EntityPublicFloat
1558056.41 USD
us-gaap Technology Services Costs
TechnologyServicesCosts
80748 USD
CY2014Q4 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
127413 shares
CY2014Q4 paym Number Of Individuals To Who Shares Have Been Issued
NumberOfIndividualsToWhoSharesHaveBeenIssued
2 item
CY2014Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
29305 USD
CY2014Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.23

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