2015 Q3 Form 10-Q Financial Statement
#000155335015000904 Filed on August 19, 2015
Income Statement
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| Revenue | $9.692K | $5.004K | $592.00 |
| YoY Change | -10.35% | 745.27% | -78.28% |
| Cost Of Revenue | $8.554K | $4.368K | |
| YoY Change | -2.88% | ||
| Gross Profit | $1.138K | $636.00 | $592.00 |
| YoY Change | -43.19% | 7.43% | |
| Gross Profit Margin | 11.74% | 12.71% | 100.0% |
| Selling, General & Admin | $5.249K | $6.429K | $13.30K |
| YoY Change | -84.25% | -51.65% | -87.96% |
| % of Gross Profit | 461.25% | 1010.85% | 2246.11% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $188.00 | $187.00 | $305.00 |
| YoY Change | -38.16% | -38.69% | -86.95% |
| % of Gross Profit | 16.52% | 29.4% | 51.52% |
| Operating Expenses | $74.92K | $84.80K | $158.5K |
| YoY Change | -53.74% | -46.51% | -83.53% |
| Operating Profit | -$73.78K | -$84.17K | -$157.9K |
| YoY Change | -53.87% | -46.71% | -83.54% |
| Interest Expense | $77.60K | $80.53K | $115.9K |
| YoY Change | -24.73% | -30.53% | -5.68% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$77.60K | -$79.05K | -$115.9K |
| YoY Change | -24.73% | -31.81% | -5.68% |
| Pretax Income | -$151.4K | -$163.2K | -$273.9K |
| YoY Change | -42.45% | -40.4% | -74.7% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$151.4K | -$163.2K | -$273.9K |
| YoY Change | -42.45% | -40.4% | -74.7% |
| Net Earnings / Revenue | -1561.97% | -3261.69% | -46261.49% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$11.90K | -$12.69K | -$48.47K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 12.61M shares | 12.61M shares | 5.573M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $0.00 | $10.00K | $10.00K |
| YoY Change | -100.0% | 0.0% | -66.67% |
| Cash & Equivalents | $1.691K | $8.086K | $7.235K |
| Short-Term Investments | |||
| Other Short-Term Assets | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $1.691K | $8.086K | $7.235K |
| YoY Change | -96.74% | 11.76% | -94.56% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $467.00 | $655.00 | $2.006K |
| YoY Change | -72.56% | -67.35% | -71.75% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $0.00 | ||
| YoY Change | -100.0% | ||
| Total Long-Term Assets | $467.00 | $655.00 | $2.006K |
| YoY Change | -72.56% | -67.35% | -94.79% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.691K | $8.086K | $7.235K |
| Total Long-Term Assets | $467.00 | $655.00 | $2.006K |
| Total Assets | $2.158K | $8.741K | $9.241K |
| YoY Change | -95.98% | -5.41% | -94.61% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $213.1K | $250.0K | $225.5K |
| YoY Change | -9.45% | 10.86% | 25.48% |
| Accrued Expenses | $774.4K | $690.0K | $862.4K |
| YoY Change | 56.72% | -20.0% | 183.91% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $330.0K | $260.0K | $1.010M |
| YoY Change | 65.0% | -74.26% | 225.81% |
| Total Short-Term Liabilities | $1.321M | $1.197M | $2.102M |
| YoY Change | 40.14% | -43.05% | 164.66% |
| 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 | $1.321M | $1.197M | $2.102M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $1.320M | $1.200M | $2.100M |
| YoY Change | 40.43% | -42.86% | 165.82% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$7.838M | -$7.687M | -$6.830M |
| YoY Change | 10.51% | 12.54% | 36.88% |
| Common Stock | $12.61K | $12.61K | $5.573K |
| YoY Change | 1.42% | 126.32% | 0.0% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$1.318M | -$1.188M | -$2.093M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $2.158K | $8.741K | $9.241K |
| YoY Change | -95.98% | -5.41% | -94.61% |
Cashflow Statement
| Concept | 2015 Q3 | 2015 Q2 | 2014 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$151.4K | -$163.2K | -$273.9K |
| YoY Change | -42.45% | -40.4% | -74.7% |
| Depreciation, Depletion And Amortization | $188.00 | $187.00 | $305.00 |
| YoY Change | -38.16% | -38.69% | -86.95% |
| Cash From Operating Activities | -$40.00K | -$40.00K | -$70.00K |
| YoY Change | -42.86% | -42.86% | -68.18% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | ||
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | |
| YoY Change | |||
| Cash From Investing Activities | $0.00 | $0.00 | $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 | 30.00K | 40.00K | 70.00K |
| YoY Change | -62.5% | -42.86% | -74.07% |
| NET CHANGE | |||
| Cash From Operating Activities | -40.00K | -40.00K | -70.00K |
| Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
| Cash From Financing Activities | 30.00K | 40.00K | 70.00K |
| Net Change In Cash | -10.00K | -0.00000000001455 | 0.000 |
| YoY Change | -200.0% | -100.0% | |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$40.00K | -$40.00K | -$70.00K |
| Capital Expenditures | $0.00 | ||
| Free Cash Flow | -$70.00K | ||
| YoY Change | -53.33% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
9900 | USD | |
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
21554 | USD | |
| us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
USD | ||
| CY2015Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
39 | USD |
| CY2014Q2 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
592 | USD |
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
138 | USD | |
| us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
3040 | USD | |
| CY2015Q2 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
4965 | USD |
| CY2014Q2 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
USD | |
| CY2014Q2 | us-gaap |
Gross Profit
GrossProfit
|
592 | USD |
| us-gaap |
Gross Profit
GrossProfit
|
1498 | USD | |
| us-gaap |
Gross Profit
GrossProfit
|
3040 | USD | |
| CY2015Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
5004 | USD |
| CY2014Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
592 | USD |
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
21692 | USD | |
| us-gaap |
Sales Revenue Net
SalesRevenueNet
|
3040 | USD | |
| CY2015Q2 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
4368 | USD |
| CY2014Q2 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
USD | |
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
20194 | USD | |
| us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
USD | ||
| CY2015Q2 | us-gaap |
Gross Profit
GrossProfit
|
636 | USD |
| CY2015Q2 | us-gaap |
Professional Fees
ProfessionalFees
|
6953 | USD |
| CY2014Q2 | us-gaap |
Professional Fees
ProfessionalFees
|
45668 | USD |
| us-gaap |
Professional Fees
ProfessionalFees
|
36064 | USD | |
| us-gaap |
Professional Fees
ProfessionalFees
|
52019 | USD | |
| CY2015Q2 | us-gaap |
Marketing Expense
MarketingExpense
|
688 | USD |
| CY2014Q2 | us-gaap |
Marketing Expense
MarketingExpense
|
2457 | USD |
| us-gaap |
Marketing Expense
MarketingExpense
|
2178 | USD | |
| us-gaap |
Marketing Expense
MarketingExpense
|
13704 | USD | |
| CY2015Q2 | us-gaap |
Other Labor Related Expenses
OtherLaborRelatedExpenses
|
47344 | USD |
| CY2014Q2 | us-gaap |
Other Labor Related Expenses
OtherLaborRelatedExpenses
|
81074 | USD |
| us-gaap |
Other Labor Related Expenses
OtherLaborRelatedExpenses
|
98283 | USD | |
| us-gaap |
Other Labor Related Expenses
OtherLaborRelatedExpenses
|
160921 | USD | |
| CY2015Q2 | us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
20502 | USD |
| CY2014Q2 | us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
17455 | USD |
| us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
37713 | USD | |
| us-gaap |
Technology Services Costs
TechnologyServicesCosts
|
25543 | USD | |
| CY2015Q2 | us-gaap |
Travel And Entertainment Expense
TravelAndEntertainmentExpense
|
3474 | USD |
| CY2014Q2 | us-gaap |
Travel And Entertainment Expense
TravelAndEntertainmentExpense
|
1044 | USD |
| us-gaap |
Travel And Entertainment Expense
TravelAndEntertainmentExpense
|
7236 | USD | |
| us-gaap |
Travel And Entertainment Expense
TravelAndEntertainmentExpense
|
4349 | USD | |
| CY2015Q2 | us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
100 | USD |
| us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
24024 | USD | |
| us-gaap |
Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
|
USD | ||
| CY2015Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5741 | USD |
| CY2014Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
10840 | USD |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
14046 | USD | |
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
381717 | USD | |
| CY2015Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
84802 | USD |
| CY2014Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
158538 | USD |
| us-gaap |
Operating Expenses
OperatingExpenses
|
219544 | USD | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
638253 | USD | |
| CY2015Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-84166 | USD |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-157946 | USD |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-218046 | USD | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-635213 | USD | |
| CY2015Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1484 | USD |
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-285240 | USD | |
| CY2014Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
USD | |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
2967 | USD | |
| us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
USD | ||
| CY2015Q2 | us-gaap |
Interest Expense
InterestExpense
|
80533 | USD |
| CY2014Q2 | us-gaap |
Interest Expense
InterestExpense
|
115922 | USD |
| us-gaap |
Interest Expense
InterestExpense
|
135467 | USD | |
| us-gaap |
Interest Expense
InterestExpense
|
285240 | USD | |
| CY2015Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-79049 | USD |
| CY2014Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-115922 | USD |
| us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-132500 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-920453 | USD | |
| CY2015Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-163215 | USD |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-273868 | USD |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-350546 | USD | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-920453 | USD | |
| CY2015Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | |
| CY2014Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | ||
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
USD | ||
| CY2015Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-163215 | USD |
| CY2014Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-273868 | USD |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-350546 | USD | |
| CY2015Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.01 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.05 | |
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.03 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.17 | ||
| CY2015Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
12613457 | shares |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5572688 | shares |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
12612076 | shares | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
5572688 | shares | |
| us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<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 – 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;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.067px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-03, “</font><i style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”</i><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">, is to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application 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></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> </strong></font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.067px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-04, “</font><i style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets”</i><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">, permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application 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></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;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.067px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-05, “</font><i style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement”</i><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">, provides guidance to customers about whether a cloud computing arrangement includes a software license. If such an arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for it as a service contract. For public business entities, the ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early application 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></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;"> </font></p> <p style="margin: 0pt; text-indent: 17.067px; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-06, “</font><i style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”</i><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 24px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">, specifies that, for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a drop down transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application 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></font></p> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font> </p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 17.067px; 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;"> </font></p> </div> | ||
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PayMeOn, Inc. | ||
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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; 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;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 16.133px; 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> | ||
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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>(N) 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;"> </font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 16.133px; 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> | ||
| CY2015Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
187 | USD |
| CY2014Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
305 | USD |
| CY2015Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
71814717 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
71814717 | shares |
