2015 Q3 Form 10-Q Financial Statement

#000121465915006059 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $219.5K
YoY Change 46.03%
Cost Of Revenue $0.00 $0.00 $440.0K
YoY Change -100.0% -100.0% 193.33%
Gross Profit -$223.0K
YoY Change 10740.79%
Gross Profit Margin -101.58%
Selling, General & Admin $140.0K $510.0K $248.9K
YoY Change -37.0% 104.89% -13.56%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
% of Gross Profit
Operating Expenses $138.0K -$55.65K $255.2K
YoY Change -39.61% -121.81% -11.38%
Operating Profit -$138.0K $55.65K -$478.2K
YoY Change -25.7% -111.64% 64.88%
Interest Expense $121.7K $116.2K $86.13K
YoY Change 37.06% 34.9% 55.12%
% of Operating Profit 208.77%
Other Income/Expense, Net $1.00 $1.00 $3.354K
YoY Change -99.94% -99.97% -82.63%
Pretax Income -$259.7K -$60.53K -$569.0K
YoY Change -4.8% -89.36% -24.07%
Income Tax
% Of Pretax Income
Net Earnings -$259.7K -$60.53K -$569.0K
YoY Change -4.8% -89.36% -24.07%
Net Earnings / Revenue -259.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$32.34K -$7.528K -$73.74K
COMMON SHARES
Basic Shares Outstanding 8.042M shares 7.974M shares 7.728M shares
Diluted Shares Outstanding 8.042M shares 7.974M shares 7.728M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $10.00K $10.00K
YoY Change -91.67% 0.0% -88.89%
Cash & Equivalents $6.823K $10.92K $9.148K
Short-Term Investments
Other Short-Term Assets $100.0K $110.0K $350.0K
YoY Change -33.33% -68.57% 9.38%
Inventory
Prepaid Expenses $103.0K $105.2K $105.9K
Receivables $1.032M
Other Receivables $0.00 $0.00
Total Short-Term Assets $110.0K $117.6K $1.391M
YoY Change -60.4% -91.55% 41.54%
LONG-TERM ASSETS
Property, Plant & Equipment $19.87K $21.48K $74.29K
YoY Change -61.19% -71.09% -34.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $19.87K $21.48K $74.29K
YoY Change -61.19% -71.09% -34.09%
TOTAL ASSETS
Total Short-Term Assets $110.0K $117.6K $1.391M
Total Long-Term Assets $19.87K $21.48K $74.29K
Total Assets $129.9K $139.1K $1.466M
YoY Change -60.52% -90.51% 33.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.711M
YoY Change 154.6%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.442M $2.356M $1.665M
YoY Change 32.27% 41.54% 63.3%
Long-Term Debt Due $5.010M $5.010M $10.00K
YoY Change 50000.0% 50000.0% -99.67%
Total Short-Term Liabilities $9.619M $9.365M $5.392M
YoY Change 112.44% 73.69% -19.18%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $10.00K $5.020M
YoY Change -99.8% -99.8% 12450.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $7.900K $11.19K $5.024M
YoY Change -99.84% -99.78% 14059.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.619M $9.365M $5.392M
Total Long-Term Liabilities $7.900K $11.19K $5.024M
Total Liabilities $9.627M $9.377M $10.42M
YoY Change 0.82% -9.98% 55.3%
SHAREHOLDERS EQUITY
Retained Earnings -$134.9M -$134.6M -$133.9M
YoY Change 0.5% 3.27%
Common Stock $8.042K $8.042K $115.9K
YoY Change -93.06% -93.06% 9.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.497M -$9.238M -$8.950M
YoY Change
Total Liabilities & Shareholders Equity $129.9K $139.1K $1.466M
YoY Change -60.52% -90.51% 33.76%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$259.7K -$60.53K -$569.0K
YoY Change -4.8% -89.36% -24.07%
Depreciation, Depletion And Amortization $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
Cash From Operating Activities -$80.00K -$150.0K -$220.0K
YoY Change -20.0% -31.82% 100.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -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 80.00K 160.0K 240.0K
YoY Change -55.56% -33.33% 33.33%
NET CHANGE
Cash From Operating Activities -80.00K -150.0K -220.0K
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities 80.00K 160.0K 240.0K
Net Change In Cash 0.00000000005821 10.00K 10.00K
YoY Change -100.0% 0.0% -85.71%
FREE CASH FLOW
Cash From Operating Activities -$80.00K -$150.0K -$220.0K
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$80.00K -$150.0K -$210.0K
YoY Change -20.0% -28.57% 90.91%

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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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us-gaap Use Of Estimates
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;"><strong>(C) Use of Estimates</strong></font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;"></font><br/></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; 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></div> </div>
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-size: 10pt; font-style: italic;"><strong>(S</strong></font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"><strong>) Concentration of Credit Risk</strong></font></p> <p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<br/></font><font style="font-size: 10pt;">The Company places its cash with various financial institutions. The Company believes that no significant credit risk exists as these cash investments are made with high-credit-quality financial institutions.</font></p> <p><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 no significant credit risk exists as credit loss.</font></p> <p><font style="font-size: 10pt;">The Company engaged in the provision of out-of-home advertising in China. As of June 30, 2015 and December 31, 2014, one customer accounted for approximately<font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>nil</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>97</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">% of</font>&#160;its accounts receivable balances respectively. Due to the longstanding nature of its relationships with these customers 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></p> <p style="margin: 0pt; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><br/></p> </div>
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CY2015Q2 us-gaap Security Deposit
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CY2014Q4 us-gaap Security Deposit
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us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
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us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
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us-gaap Interest Expense Debt
InterestExpenseDebt
24521 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
935588 USD
CY2015Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
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CY2014Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
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CY2015Q2 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
6923 USD
CY2015Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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13846 USD
CY2015Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
4615 USD
CY2015Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
25385 USD
CY2015Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
1595 USD
CY2015Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
23789 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Interest Expense Debt
InterestExpenseDebt
24794 USD
CY2015Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
5000000 USD
CY2015Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2014Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
5000000 USD
CY2015Q2 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
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CY2015Q2 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2014Q4 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
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CY2014Q4 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2014Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2014Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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CY2014Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2015Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
12465 USD
CY2014Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
500000 shares
CY2014Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.5
CY2015Q2 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7942848 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7603427 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
shares
CY2014Q4 us-gaap Due To Officers Or Stockholders Current
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us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7942848 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7974482 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8041881 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
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Q2
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7603427 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
118372 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3936918 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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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
2015-06-30
dei Amendment Flag
AmendmentFlag
false

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