$NWCN
NETWORK CN INC

2014 Q2 Form 10-Q Financial Statement

#000121465914007858 Filed on November 19, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $219.5K $150.3K
YoY Change 46.03% -71.97%
Cost Of Revenue $440.0K $150.0K
YoY Change 193.33% -57.14%
Gross Profit -$223.0K -$2.057K
YoY Change 10740.79% -101.12%
Gross Profit Margin -101.58% -1.37%
Selling, General & Admin $248.9K $288.0K
YoY Change -13.56% -50.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K
YoY Change 0.0% -85.71%
% of Gross Profit
Operating Expenses $255.2K $288.0K
YoY Change -11.38% -50.95%
Operating Profit -$478.2K -$290.0K
YoY Change 64.88% -28.12%
Interest Expense $86.13K $55.52K
YoY Change 55.12% 69.58%
% of Operating Profit
Other Income/Expense, Net $3.354K $19.31K
YoY Change -82.63% -98.97%
Pretax Income -$569.0K -$749.3K
YoY Change -24.07% -164.68%
Income Tax
% Of Pretax Income
Net Earnings -$569.0K -$749.3K
YoY Change -24.07% -164.68%
Net Earnings / Revenue -259.19% -498.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$73.74K -$106.7K
COMMON SHARES
Basic Shares Outstanding 7.728M shares 105.4M shares
Diluted Shares Outstanding 7.728M shares 105.4M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $90.00K
YoY Change -88.89% 0.0%
Cash & Equivalents $9.148K $89.69K
Short-Term Investments
Other Short-Term Assets $350.0K $320.0K
YoY Change 9.38% -21.95%
Inventory
Prepaid Expenses $105.9K $108.2K
Receivables $1.032M $574.1K
Other Receivables $0.00 $1.550M
Total Short-Term Assets $1.391M $983.1K
YoY Change 41.54% 52.52%
LONG-TERM ASSETS
Property, Plant & Equipment $74.29K $112.7K
YoY Change -34.09% -70.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $74.29K $112.7K
YoY Change -34.09% -70.83%
TOTAL ASSETS
Total Short-Term Assets $1.391M $983.1K
Total Long-Term Assets $74.29K $112.7K
Total Assets $1.466M $1.096M
YoY Change 33.76% 6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.711M $672.2K
YoY Change 154.6%
Accrued Expenses $2.300M
YoY Change 93.28%
Deferred Revenue
YoY Change
Short-Term Debt $1.665M $1.019M
YoY Change 63.3% 114.92%
Long-Term Debt Due $10.00K $3.000M
YoY Change -99.67% 29900.0%
Total Short-Term Liabilities $5.392M $6.671M
YoY Change -19.18% 225.68%
LONG-TERM LIABILITIES
Long-Term Debt $5.020M $40.00K
YoY Change 12450.0% -97.6%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.024M $35.48K
YoY Change 14059.89% -97.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.392M $6.671M
Total Long-Term Liabilities $5.024M $35.48K
Total Liabilities $10.42M $6.707M
YoY Change 55.3% 80.2%
SHAREHOLDERS EQUITY
Retained Earnings -$133.9M -$129.7M
YoY Change 3.27% 2.79%
Common Stock $115.9K $105.4K
YoY Change 9.96% 8.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.950M -$5.611M
YoY Change
Total Liabilities & Shareholders Equity $1.466M $1.096M
YoY Change 33.76% 6.29%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$569.0K -$749.3K
YoY Change -24.07% -164.68%
Depreciation, Depletion And Amortization $10.00K $10.00K
YoY Change 0.0% -85.71%
Cash From Operating Activities -$220.0K -$110.0K
YoY Change 100.0% 266.67%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$10.00K $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 240.0K 180.0K
YoY Change 33.33% 12.5%
NET CHANGE
Cash From Operating Activities -220.0K -110.0K
Cash From Investing Activities -10.00K 0.000
Cash From Financing Activities 240.0K 180.0K
Net Change In Cash 10.00K 70.00K
YoY Change -85.71% 40.0%
FREE CASH FLOW
Cash From Operating Activities -$220.0K -$110.0K
Capital Expenditures -$10.00K $0.00
Free Cash Flow -$210.0K -$110.0K
YoY Change 90.91% -320.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8189 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-5596 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2111542 USD
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
115919467 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105419467 shares
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1778215 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
114051399 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
104742809 shares
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22098 USD
us-gaap Share Based Compensation
ShareBasedCompensation
68182 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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199350 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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nwcn Increase Decrease In Prepayments For Advertising Operating Rights
IncreaseDecreaseInPrepaymentsForAdvertisingOperatingRights
USD
nwcn Increase Decrease In Prepayments For Advertising Operating Rights
IncreaseDecreaseInPrepaymentsForAdvertisingOperatingRights
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
16626 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2027 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
497483 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-111181 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
412 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14268 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
412 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Short Term Debt
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us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
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us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
105874 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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nwcn Repayments Of Directors Loans
RepaymentsOfDirectorsLoans
85244 USD
nwcn Repayments Of Directors Loans
RepaymentsOfDirectorsLoans
13050 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5505 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5050 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
787642 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
259632 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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8345 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-1300 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-102741 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
68681 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21008 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
89689 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Interest Paid
InterestPaid
195545 USD
us-gaap Interest Paid
InterestPaid
2014 USD
CY2014Q1 us-gaap Shares Issued Price Per Share
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0.1
CY2013Q4 us-gaap Security Deposit
SecurityDeposit
36932 USD
CY2014Q2 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
128465 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
83108 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
34018 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
11339 USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
USD
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
128465 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
40531 USD
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
47723 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
82853 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
96176 USD
CY2013Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
102665 USD
CY2014Q2 us-gaap Security Deposit
SecurityDeposit
45383 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman; font-style: italic;"><strong><font style=" font-size: 10pt;">(S) Concentration of Credit Risk&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></strong></font></p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;">&#160;</p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman;"><font style=" font-size: 10pt;">The Company places its cash with various financial institutions. The Company believes that </font><font><font style=" font-size: 10pt;">no</font></font><font style=" font-size: 10pt;"> significant credit risk exists as these cash investments are made with high-credit-quality financial institutions.</font></font></p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;">&#160;</p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman;"><font style=" font-size: 10pt;">All the revenue of the Company and a significant portion of the Company's assets are generated and located in China. The Company's business activities and accounts receivable are mainly from advertising services. Deposits are usually collected from customers in advance and the Company performs ongoing credit evaluation of its customers. The Company believes that </font><font><font style=" font-size: 10pt;">no</font></font><font style=" font-size: 10pt;"> significant credit risk exists as credit loss.</font></font></p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;">&#160;</p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman;"><font style=" font-size: 10pt;">The Company is engaged in the provision of out-of-home advertising in China. As of June 30, 2014 and December 31, 2013, </font><font><font style=" font-size: 10pt;">one</font></font><font style=" font-size: 10pt;"> customer accounted for approximately </font><font><font style=" font-size: 10pt;">95</font></font><font style=" font-size: 10pt;">% and </font><font><font style=" font-size: 10pt;">96</font></font><font style=" font-size: 10pt;">% of its accounts receivable balances respectively. Due to the longstanding nature of its relationships with this customer and contractual obligations, the Company is confident that it will recover these amounts. The Company establishes an allowance for doubtful debts accounts upon its assessment of various factors. The Company considers historical experience, the age of the receivable balances, the credit quality of its customers, current economic conditions, and other factors that may affect customers' ability to pay to determine the level of allowance required.</font></font></p> </div>
CY2014Q2 us-gaap Retainage Deposit
RetainageDeposit
193814 USD
CY2013Q4 us-gaap Retainage Deposit
RetainageDeposit
195677 USD
CY2014Q2 nwcn Payments From Customers Withheld By Third Party
PaymentsFromCustomersWithheldByThirdParty
1558502 USD
CY2013Q4 nwcn Payments From Customers Withheld By Third Party
PaymentsFromCustomersWithheldByThirdParty
1524481 USD
CY2014Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
105925 USD
CY2014Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
7002 USD
CY2013Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
244 USD
CY2014Q2 nwcn Prepaid And Other Current Assets Gross
PrepaidAndOtherCurrentAssetsGross
1910626 USD
CY2013Q4 nwcn Prepaid And Other Current Assets Gross
PrepaidAndOtherCurrentAssetsGross
1859999 USD
CY2014Q2 nwcn Allowancefor Doubtful Other Debts Current
AllowanceforDoubtfulOtherDebtsCurrent
1560640 USD
CY2013Q4 nwcn Allowancefor Doubtful Other Debts Current
AllowanceforDoubtfulOtherDebtsCurrent
1526639 USD
dei Entity Registrant Name
EntityRegistrantName
NETWORK CN INC
dei Entity Central Index Key
EntityCentralIndexKey
0000934796
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Use Of Estimates
UseOfEstimates
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman; font-style: italic;"><strong><font style=" font-size: 10pt;">(C) Use of Estimates</font></strong></font></p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;">&#160;</p> <p style=" margin: 0pt; text-align: justify; font-family : Times New Roman;"><font style=" font-family : Times New Roman;"><font style=" font-size: 10pt;">In preparing unaudited condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Differences from those estimates are reported in the period they become known and are disclosed to the extent they are material to the unaudited condensed consolidated financial statements taken as a whole.</font></font></p> </div>
CY2013Q4 us-gaap Interest Payable Current
InterestPayableCurrent
345917 USD
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
318623 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
381187 USD
CY2014Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
1664831 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
6923 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
13846 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
13846 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
4615 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
39230 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
3751 USD
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
35479 USD
CY2014Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1711416 USD
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1222004 USD
CY2014Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1144703 USD
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1032593 USD
CY2014Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
151426 USD
CY2013Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
109559 USD
CY2013Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
85244 USD
CY2014Q2 us-gaap Interest Payable Current
InterestPayableCurrent
319045 USD

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