2012 Q4 Form 10-K Financial Statement

#000116169712000917 Filed on December 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.332K $11.86K
YoY Change 37.5% 21.05%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.332K -$11.86K
YoY Change 37.5% 21.05%
Income Tax
% Of Pretax Income
Net Earnings -$2.332K -$11.86K -$4.266K
YoY Change 37.5% 21.05% 42.2%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 10.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $602.00 $10.61K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $602.00 $10.61K
YoY Change -92.66% 19.17%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $602.00 $10.61K
Total Long-Term Assets $0.00 $0.00
Total Assets $602.00 $10.61K
YoY Change -92.66% 19.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.984K $2.400K
YoY Change
Accrued Expenses $600.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $6.584K $2.400K
YoY Change 288.21% -17.24%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.982K $8.206K
YoY Change
Total Liabilities & Shareholders Equity $602.00 $10.61K
YoY Change -92.66% 19.17%

Cashflow Statement

Concept 2012 Q4 2012 2011 Q3
OPERATING ACTIVITIES
Net Income -$2.332K -$11.86K -$4.266K
YoY Change 37.5% 21.05% 42.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$451.00 -$11.55K
YoY Change -81.21% 12.23%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.000K $1.000K
YoY Change -91.67%
NET CHANGE
Cash From Operating Activities -$451.00 -$11.55K
Cash From Investing Activities
Cash From Financing Activities $1.000K $1.000K
Net Change In Cash $549.00 -$10.55K
YoY Change -122.88% -718.58%
FREE CASH FLOW
Cash From Operating Activities -$451.00 -$11.55K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2012 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div style="WIDTH: 720px"><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE: 1pt"> <td width="96">&nbsp;</td> <td>&nbsp;</td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="96"> <p style="MARGIN: 0px"><strong>NOTE 4.</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px"><strong>RECENTLY IMPLEMENTED STANDARDS</strong></p> </td> </tr> </table> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. &nbsp;This newly issued accounting standard simplifies how an entity tests indefinite-lived intangible assets by permitting an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. &nbsp;The more likely than not threshold is defined as having a likelihood of more than 50 percent. &nbsp;This ASU is effective for annual and interim impairment tests for fiscal years beginning after September 15, 2012. As the objective is to reduce the cost and complexity of impairment testing, adoption of this standard is not expected to impact our financial position or results of operations.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">In December 2011, the FASB issued ASU No.&nbsp;2011-12, Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No.&nbsp;2011-05, which defers the requirement within ASU 2011-05 to present on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for all periods presented. During the deferral, entities should continue to report reclassifications out of accumulated other comprehensive income consistent with the presentation requirements in effect prior to the issuance of ASU 2011-05. These ASUs are required to be applied retrospectively and are effective for fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2011. As these accounting standards do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income, the adoption of these standards is not expected to have an impact on our financial position or results of operations.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). This newly issued accounting standard requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions executed under a master netting or similar arrangement and was issued to enable users of financial statements to understand the effects or potential effects of those arrangements on its financial position. This ASU is required to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning on or after January&nbsp;1, 2013. As this accounting standard only requires enhanced disclosure, the adoption of this standard is not expected to have an impact our financial position or results of operations.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">In June 2011, the FASB issued ASU No.&nbsp;2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income" (ASU 2011-05). This newly issued accounting standard (1)&nbsp;eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders&#39; equity; (2)&nbsp;requires the consecutive presentation of the statement of net income and other comprehensive income; and (3)&nbsp;requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income nor do the amendments affect how earnings per share is calculated or presented.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">In May 2011, the FASB issued ASU No.&nbsp;2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.&nbsp;GAAP and IFRSs" (ASU&nbsp;2011-04). This newly issued accounting standard clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (level 3) &nbsp;inputs. This ASU is effective on a prospective basis for annual and interim reporting periods beginning on or after December&nbsp;15, 2011. The adoption of this standard did not have a material impact on our financial position or results of operations.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the <em>FASB Accounting Standards Codification&trade;</em> ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company.&nbsp;&nbsp;Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company&#39;s present or future financial statements.</p> <!--EndFragment--></div> </div>
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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 style="WIDTH: 720px"><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="96"> <p style="MARGIN: 0px"><strong>NOTE 1.</strong></p> </td> <td style="MARGIN-TOP: 0px" valign="top"> <p style="MARGIN: 0px"><strong>GENERAL ORGANIZATION AND BUSINESS</strong></p> </td> </tr> </table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">mLight Tech Inc. (the "Company"), a Florida corporation, will provide software solutions that simplify the management of networked personal computers. mLight plans to develop products to automate network inventory and reporting, diagramming and documentation, problem identification and resolution, and compliance.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The Company was incorporated on September 3, 2010 (Date of Inception) with its corporate headquarters located in Coral Springs, Florida and its year-end is September 30.</p> <!--EndFragment--></div> </div>
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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 style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px"><u>Use of Estimates</u></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <!--EndFragment--></div> </div>
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Files In Submission

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