$BASA
BASANITE, INC.

2015 Q4 Form 10-Q Financial Statement

#000155335015001273 Filed on November 23, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $140.0K $9.692K $20.00K
YoY Change 600.0% -10.35%
Cost Of Revenue $70.00K $8.554K $10.00K
YoY Change 600.0% -2.88%
Gross Profit $70.00K $1.138K $0.00
YoY Change -43.19%
Gross Profit Margin 50.0% 11.74% 0.0%
Selling, General & Admin $200.0K $5.249K $220.0K
YoY Change -9.09% -84.25% 46.67%
% of Gross Profit 285.71% 461.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $188.00 $0.00
YoY Change -38.16%
% of Gross Profit 14.29% 16.52%
Operating Expenses $200.0K $74.92K $230.0K
YoY Change -13.04% -53.74% 53.33%
Operating Profit -$130.0K -$73.78K -$230.0K
YoY Change -43.48% -53.87%
Interest Expense -$100.0K $77.60K -$20.00K
YoY Change 400.0% -24.73% -90.0%
% of Operating Profit
Other Income/Expense, Net -$77.60K
YoY Change -24.73%
Pretax Income -$230.0K -$151.4K -$240.0K
YoY Change -4.17% -42.45% -31.43%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$230.0K -$151.4K -$240.0K
YoY Change -4.17% -42.45% -31.43%
Net Earnings / Revenue -164.29% -1561.97% -1200.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$18.03K -$11.90K -$19.08K
COMMON SHARES
Basic Shares Outstanding 12.86M shares 12.61M shares 12.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00K $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $1.691K $1.558K
Short-Term Investments
Other Short-Term Assets $100.0K $0.00 $10.00K
YoY Change 900.0% -100.0%
Inventory $70.00K $0.00
Prepaid Expenses $7.252K
Receivables
Other Receivables
Total Short-Term Assets $220.0K $1.691K $8.810K
YoY Change 2397.16% -96.74% 187.81%
LONG-TERM ASSETS
Property, Plant & Equipment $290.0K $467.00 $1.029K
YoY Change 28082.7% -72.56% -60.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $0.00
YoY Change -100.0%
Total Long-Term Assets $300.0K $467.00 $1.029K
YoY Change 29054.52% -72.56% -96.98%
TOTAL ASSETS
Total Short-Term Assets $220.0K $1.691K $8.810K
Total Long-Term Assets $300.0K $467.00 $1.029K
Total Assets $520.0K $2.158K $9.839K
YoY Change 5185.09% -95.98% -73.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $213.1K $229.9K
YoY Change 30.49% -9.45% 22.28%
Accrued Expenses $840.0K $774.4K $607.4K
YoY Change 38.29% 56.72% 43.64%
Deferred Revenue
YoY Change
Short-Term Debt $30.00K $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $410.0K $330.0K $220.0K
YoY Change 86.36% 65.0% -67.16%
Total Short-Term Liabilities $1.580M $1.321M $1.089M
YoY Change 45.09% 40.14% -15.39%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $300.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.580M $1.321M $1.089M
Total Long-Term Liabilities $300.0K $0.00 $0.00
Total Liabilities $1.880M $1.320M $1.090M
YoY Change 72.48% 40.43% -15.5%
SHAREHOLDERS EQUITY
Retained Earnings -$7.838M -$7.336M
YoY Change 10.51% 24.14%
Common Stock $12.61K $12.56K
YoY Change 1.42% 125.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.350M -$1.318M -$1.079M
YoY Change
Total Liabilities & Shareholders Equity $520.0K $2.158K $9.839K
YoY Change 5185.09% -95.98% -73.47%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$230.0K -$151.4K -$240.0K
YoY Change -4.17% -42.45% -31.43%
Depreciation, Depletion And Amortization $10.00K $188.00 $0.00
YoY Change -38.16%
Cash From Operating Activities -$60.00K -$40.00K -$60.00K
YoY Change 0.0% -42.86% -40.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$20.00K $0.00
YoY Change
Cash From Investing Activities -$20.00K $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 130.0K 30.00K 40.00K
YoY Change 225.0% -62.5% -60.0%
NET CHANGE
Cash From Operating Activities -60.00K -40.00K -60.00K
Cash From Investing Activities -20.00K 0.000 0.000
Cash From Financing Activities 130.0K 30.00K 40.00K
Net Change In Cash 50.00K -10.00K -20.00K
YoY Change -350.0% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$40.00K -$60.00K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$60.00K -$60.00K
YoY Change 0.0% -40.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q3 us-gaap Additional Paid In Capital
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q4 us-gaap Common Stock Shares Outstanding
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CY2015Q3 us-gaap Common Stock Shares Outstanding
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CY2015Q3 us-gaap Assets
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paym Financial Advisory Agreement Nonrefundable Consulting Fee
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paym Financial Advisory Agreement Initial Monthly Consulting Fee
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paym Financial Advisory Agreement Contingent Monthly Consulting Fee
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CY2015Q3 paym Financial Advisory Agreement Cash Closing Fee Minimum Percentage
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CY2015Q3 paym Financial Advisory Agreement Fee Mezzanine Debt Transactions Consulting Fee Percentage
FinancialAdvisoryAgreementFeeMezzanineDebtTransactionsConsultingFeePercentage
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paym Financial Advisory Agreement Initial Term
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paym Monthly Agreement Payable
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us-gaap Increase Decrease In Prepaid Expense
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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 &#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; &#160;</font></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;">In June 2014, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2014-09, &#147;<i>Revenue from Contracts with Customers&#148;. </i>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: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"> <font style="font-size: 10.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">In June 2014, ASU No. 2014-12, &#147;<i>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;. </i>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></font></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;">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></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"> <font style="font-size: 10.0pt; line-height: 115%; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">In August 2014, the FASB issued ASU No. 2014-15 on &#147;<i>Presentation of Financial Statements Going Concern (Subtopic 205-40) &#150; Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern</i>&#148;. &#160;This Update provides guidance 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 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. The amendments in this Update are effective for public and nonpublic entities for annual periods ending after December 15, 2016. We are currently assessing the impact of the adoption of ASU No. 2014-15, and we have not yet determined the effect of the standard on our ongoing financial reporting.</font> </font></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;">In July 2015, FASB issued ASU No. 2015-11, &#147;Inventory (Topic 330): Simplifying the Measurement of Inventory&#148; more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS).&#160; The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. 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: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;">In August 2015, FASB issued ASU No.2015-14, &#147;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date&#148; defers the effective date ASU No. 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU No. 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in Update 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU No. 2014-09. 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: 0in 0in 0.0001pt; text-indent: 25.25pt; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;"></font><br/></p> <p style="margin: 0in 0in 0.0001pt; text-indent: 48.00px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10.0pt; font-family: 'Times New Roman','serif'; mso-fareast-font-family: 'Times New Roman'; color: black;">All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.</font></p> </div>
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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; 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;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 48.00px; 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>
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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;">&#160;</font></p> <p style="margin: 0pt; page-break-inside: avoid; text-indent: 48.00px; 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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