2014 Q1 Form 10-K Financial Statement

#000155335014000301 Filed on March 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $213.4K $647.6K
YoY Change 202.36% 894.95%
Cost Of Revenue $159.9K $522.9K
YoY Change 177.93% 836.98%
Gross Profit $53.51K $124.7K
YoY Change 310.01% 1243.65%
Gross Profit Margin 25.08% 19.25%
Selling, General & Admin $412.8K $1.409M
YoY Change
% of Gross Profit 771.43% 1130.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.580K $8.396K
YoY Change 35.15% 16.13%
% of Gross Profit 4.82% 6.73%
Operating Expenses $412.8K $1.409M
YoY Change
Operating Profit -$359.3K -$1.285M
YoY Change
Interest Expense $12.09K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$359.3K -$1.285M
YoY Change 16.76% 37.86%
Income Tax
% Of Pretax Income
Net Earnings -$359.3K -$1.297M
YoY Change 14.05% 39.15%
Net Earnings / Revenue -168.38% -200.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 31.72M shares 31.63M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.160M
YoY Change
Cash & Equivalents $486.8K $1.163M $1.160M
Short-Term Investments
Other Short-Term Assets $40.00K
YoY Change
Inventory $412.9K $303.3K $300.0K
Prepaid Expenses
Receivables $3.050K $572.00 $0.00
Other Receivables $0.00
Total Short-Term Assets $942.9K $1.509M $1.510M
YoY Change 276.77%
LONG-TERM ASSETS
Property, Plant & Equipment $35.94K $34.50K $30.00K
YoY Change 18.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.70K $14.70K $10.00K
YoY Change 68.97%
Total Long-Term Assets $372.2K $92.14K $90.00K
YoY Change 959.11%
TOTAL ASSETS
Total Short-Term Assets $942.9K $1.509M $1.510M
Total Long-Term Assets $372.2K $92.14K $90.00K
Total Assets $1.315M $1.601M $1.600M
YoY Change 265.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $167.6K $182.9K $180.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $30.00K
YoY Change
Total Short-Term Liabilities $209.8K $210.0K
YoY Change 281.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $209.8K $210.0K
Total Long-Term Liabilities $0.00
Total Liabilities $182.6K $209.8K $210.0K
YoY Change -36.27%
SHAREHOLDERS EQUITY
Retained Earnings -$3.333M -$2.974M
YoY Change 77.31%
Common Stock $4.442M $4.343M
YoY Change 143.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.501K $2.501K
YoY Change
Treasury Stock Shares 360.0K shares 360.0K shares
Shareholders Equity $1.133M $1.391M $1.390M
YoY Change
Total Liabilities & Shareholders Equity $1.315M $1.601M $1.600M
YoY Change 265.19%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$359.3K -$1.297M
YoY Change 14.05% 39.15%
Depreciation, Depletion And Amortization $2.580K $8.396K
YoY Change 35.15% 16.13%
Cash From Operating Activities -$434.8K -$1.252M
YoY Change 51.11% 40.3%
INVESTING ACTIVITIES
Capital Expenditures $4.016K $13.67K
YoY Change 406.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$304.0K -$13.67K
YoY Change 406.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$25.00K -$849.0K
YoY Change -77.27% 38.05%
Debt Paid & Issued, Net $12.00K
YoY Change 129.9%
Cash From Financing Activities $63.00K $2.092M
YoY Change -37.11% 131.62%
NET CHANGE
Cash From Operating Activities -$434.8K -$1.252M
Cash From Investing Activities -$304.0K -$13.67K
Cash From Financing Activities $63.00K $2.092M
Net Change In Cash -$675.8K $825.9K
YoY Change 260.33% 10308.92%
FREE CASH FLOW
Cash From Operating Activities -$434.8K -$1.252M
Capital Expenditures $4.016K $13.67K
Free Cash Flow -$438.8K -$1.266M
YoY Change 52.51% 41.4%

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<!--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: 0px"><em>Credit Risk</em></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; TEXT-INDENT: 48px">The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances in excess of the FDIC insured limit of $250,000 are at risk. At December 31, 2013 and December 31, 2012, respectively, the Company had cash balances above the FDIC insured limit of $716,847 and $0 respectively. The Company performs ongoing evaluations of its trade accounts receivable customers and generally does not require collateral.</p> <!--EndFragment--></div> </div>
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CY2012 us-gaap Other Income
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1520 USD
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7000 USD
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30000 USD
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2500 USD
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2014-03-31
us-gaap Lease Expiration Date1
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2016-12-31
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CY2013 us-gaap Nature Of Operations
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<!--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: 0px; LINE-HEIGHT: 10.25pt"> <em>Organization</em></p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px"> Bright Mountain Holdings, Inc. ("BMHI" or the "Company," "we," "us," "our", "Bright Mountain") is a Florida corporation formed on May 20, 2010. Its wholly owned subsidiaries, Bright Mountain LLC, and The Bright Insurance Agency, LLC, were formed as Florida limited liability companies in May 2011.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px">The Bright Insurance Agency, LLC was formerly known as Five Peaks, LLC. On September 25, 2013 Five Peaks, LLC filed Articles of Amendment to the Articles of Organization with the State of Florida to amend its entity name to The Bright Insurance Agency, LLC.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px"> Bright Mountain is developing a personal website "portal" designed to attract and retain Internet audiences whose main purpose is to be a starting point when connecting to or searching the World Wide Web (Web), with a special emphasis on military, veterans, firemen, law enforcement, and first responders. The website, <font style="COLOR: #0000ff"><u>www.thebright.com</u></font>, has it&#39;s own unique characteristics including design elements like colors, shapes, layout and typefaces, as well as certain dynamic or interactive elements such as boxes, buttons and menus. It contains in a number of sections a vast amount of consumer oriented information including aggregated and original news content, financial markets information and data, shopping, discounts, insurance, and email.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px">The Company sells various products through our website and third party portals such as Amazon.com and Ebay.com. Products sold in 2013 include watches, clocks and books.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px">The Company has been in the development stage from inception. Activities during the development stage have been principally devoted to organizational activities, raising capital, software development and evaluating operational activities and business opportunities and making small strategic acquisitions. Since its formation, the Company has had minimal revenue from its planned operations.</p> <!--EndFragment--></div> </div>
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CY2012 us-gaap Net Cash Provided By Used In Financing Activities
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<!--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: 0px"><em>Sales Return Reserve Policy</em></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px">Our return policy generally allows our end users to return purchased products for refund or in exchange for new products. We estimate a reserve for sales returns, if any, and record that reserve amount as a reduction of sales and as a sales return reserve liability. Sales to consumers on our web site generally may be returned within a reasonable period of time.</p> <!--EndFragment--></div> </div>
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0.28
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10000 USD
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StockRepurchasedDuringPeriodValue
2501 USD
CY2013Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2501 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2501 USD
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
USD
CY2013 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: 0px"><em>Use of Estimates</em></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 10.25pt; TEXT-INDENT: 48px">Our consolidated financial statements are prepared in accordance with Accounting Principles Generally Accepted in the United States ("GAAP"). These accounting principles require management to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of our consolidated financial statements as well as reported amounts of revenue and expenses during the periods presented. Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management&#39;s judgment in its application. There are also areas in which management&#39;s judgment in selecting any available alternative would not produce a materially different result. Significant estimates included in the accompanying consolidated financial statements include the fair value of acquired assets for purchase price allocation in business combinations, valuation of inventory, valuation of intangible assets, estimates of amortization period for intangible assets, valuation of equity based transactions, and the valuation allowance on deferred tax assets.</p> <!--EndFragment--></div> </div>
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-486910 USD
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-339894 USD
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30224038 shares
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25728658 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25887187 shares

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