$NWCN
NETWORK CN INC

2015 Q4 Form 10-Q Financial Statement

#000121465915007714 Filed on November 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $0.00 $20.00K
YoY Change -100.0% -88.89%
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit $0.00 $20.00K
YoY Change -100.0% -108.33%
Gross Profit Margin 100.0%
Selling, General & Admin $140.0K $140.0K $10.00K
YoY Change 1300.0% -37.0% -96.97%
% of Gross Profit 50.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
% of Gross Profit 50.0%
Operating Expenses $140.0K $138.0K $10.00K
YoY Change 1300.0% -39.61% -96.97%
Operating Profit -$140.0K -$138.0K $10.00K
YoY Change -1500.0% -25.7% -101.75%
Interest Expense -$120.0K $121.7K -$100.0K
YoY Change 20.0% 37.06% -84.85%
% of Operating Profit -1000.0%
Other Income/Expense, Net $0.00 $1.00 $0.00
YoY Change -99.94% -100.0%
Pretax Income -$270.0K -$259.7K -$90.00K
YoY Change 200.0% -4.8% -92.62%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$270.0K -$259.7K -$90.00K
YoY Change 200.0% -4.8% -92.62%
Net Earnings / Revenue -450.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$33.54K -$32.34K -$11.64K
COMMON SHARES
Basic Shares Outstanding 8.042M shares 8.042M shares 115.9M shares
Diluted Shares Outstanding 8.042M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $10.00K $20.00K
YoY Change -50.0% -91.67% -81.82%
Cash & Equivalents $6.823K $22.65K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $150.0K
YoY Change -33.33% -33.33% -54.55%
Inventory
Prepaid Expenses $103.0K $103.7K
Receivables $0.00 $11.93K
Other Receivables $0.00 $0.00
Total Short-Term Assets $110.0K $110.0K $186.1K
YoY Change -40.91% -60.4% -84.56%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $19.87K $38.53K
YoY Change -48.09% -61.19% -53.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.00K $19.87K $38.53K
YoY Change -74.04% -61.19% -53.67%
TOTAL ASSETS
Total Short-Term Assets $110.0K $110.0K $186.1K
Total Long-Term Assets $10.00K $19.87K $38.53K
Total Assets $120.0K $129.9K $224.7K
YoY Change -46.59% -60.52% -82.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.850M $525.8K
YoY Change 822.42% -56.97%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.442M $2.094M
YoY Change -100.0% 32.27% 36.29%
Long-Term Debt Due $5.010M $5.010M $10.00K
YoY Change 50000.0% 50000.0% -99.75%
Total Short-Term Liabilities $9.870M $9.619M $4.536M
YoY Change 117.58% 112.44% -49.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00K $5.020M
YoY Change -100.0% -99.8% 16633.33%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $7.900K $5.018M
YoY Change -100.0% -99.84% 16767.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.870M $9.619M $4.536M
Total Long-Term Liabilities $0.00 $7.900K $5.018M
Total Liabilities $9.870M $9.627M $9.554M
YoY Change 3.31% 0.82% 6.8%
SHAREHOLDERS EQUITY
Retained Earnings -$134.9M -$134.3M
YoY Change 1.89%
Common Stock $8.042K $8.042K $7.719K
YoY Change 4.18% -93.06% -92.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.750M -$9.497M -$9.329M
YoY Change
Total Liabilities & Shareholders Equity $120.0K $129.9K $224.7K
YoY Change -46.59% -60.52% -82.56%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$270.0K -$259.7K -$90.00K
YoY Change 200.0% -4.8% -92.62%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
Cash From Operating Activities -$60.00K -$80.00K -$340.0K
YoY Change -82.35% -20.0% 580.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $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 60.00K 80.00K 240.0K
YoY Change -75.0% -55.56% 50.0%
NET CHANGE
Cash From Operating Activities -60.00K -80.00K -340.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 60.00K 80.00K 240.0K
Net Change In Cash 0.000 0.00000000005821 -100.0K
YoY Change -100.0% -100.0% -190.91%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$80.00K -$340.0K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$60.00K -$80.00K -$340.0K
YoY Change -82.35% -20.0% 580.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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>
CY2015Q3 nwcn Payments From Customers Withheld By Third Party
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us-gaap Concentration Risk Credit Risk
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<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 evaluations of its customers. The Company believes that no significant credit risk exists that would give rise to a&#160;credit loss.</font></p> <p><font style="font-size: 10pt;">The Company is engaged in the provision of out-of-home advertising in China. As of September 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 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></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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CY2015Q3 us-gaap Accounts Payable Current
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1 USD
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CY2015Q3 us-gaap Employee Related Liabilities Current
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CY2014Q4 us-gaap Employee Related Liabilities Current
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CY2015Q3 us-gaap Accrued Professional Fees Current
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CY2015Q3 us-gaap Interest Payable Current
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754493 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
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40831 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
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CY2015Q3 us-gaap Short Term Borrowings
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2442146 USD
CY2014Q4 us-gaap Short Term Borrowings
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CY2015Q3 us-gaap Customer Advances And Deposits Current
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CY2014Q4 us-gaap Customer Advances And Deposits Current
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CY2015Q3 us-gaap Accounts Payable Other Current
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CY2014Q4 us-gaap Accounts Payable Other Current
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us-gaap Interest Expense Short Term Borrowings
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5000000 USD
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CY2015Q3 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
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CY2014Q4 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
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CY2015Q3 us-gaap Convertible Notes Payable
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us-gaap Amortization Of Financing Costs And Discounts
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CY2015Q3 us-gaap Amortization Of Debt Discount Premium
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CY2015Q3 us-gaap Amortization Of Financing Costs
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CY2014Q3 us-gaap Amortization Of Debt Discount Premium
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CY2015Q3 us-gaap Interest Expense Debt
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CY2015Q3 us-gaap Capital Leases Future Minimum Payments Due Current
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3462 USD
CY2015Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
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4615 USD
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CY2015Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
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CY2015Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
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CY2015Q3 us-gaap Capital Lease Obligations Current
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CY2015Q3 us-gaap Capital Lease Obligations Noncurrent
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2015Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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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 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
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1333 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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121286 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-272811 USD
CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8041881 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7727964 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
165559 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
shares
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
2015-09-30
dei Amendment Flag
AmendmentFlag
false
CY2015Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0666 pure
CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
500000 shares
CY2015Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2014Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.5
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Assets Current
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186142 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4536256 USD
us-gaap Advertising Revenue Cost
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us-gaap Gross Profit
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-365220 USD
CY2014Q3 us-gaap General And Administrative Expense
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212282 USD
CY2014Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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CY2015Q3 us-gaap Operating Expenses
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138010 USD
us-gaap Operating Income Loss
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-1206328 USD
us-gaap Investment Income Interest
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3 USD
us-gaap Other Nonoperating Income Expense
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6805 USD
CY2015Q3 us-gaap Interest And Debt Expense
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us-gaap Interest And Debt Expense
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CY2015Q3 us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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1340 USD
us-gaap Depreciation Depletion And Amortization
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32987 USD
us-gaap Payments To Acquire Property Plant And Equipment
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14268 USD
us-gaap Proceeds From Short Term Debt
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415726 USD
nwcn Repayments Of Directors Loans
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2014Q4 us-gaap Property Plant And Equipment Net
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38528 USD
CY2015Q3 us-gaap Accounts Receivable Gross Current
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CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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13588 USD
CY2014Q4 nwcn Prepaid And Other Current Assets Gross
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1721873 USD
CY2015Q3 us-gaap Common Stock Shares Authorized
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26666667 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1333 shares
CY2015Q3 us-gaap Common Stock Value
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8042 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
408474 USD
us-gaap Interest Expense Short Term Borrowings
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218295 USD
CY2014Q3 us-gaap Interest Expense Short Term Borrowings
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75562 USD
us-gaap Interest Expense Debt
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37403 USD
CY2015Q3 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2014Q4 us-gaap Convertible Notes Payable Current
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7986272 shares
CY2014Q3 us-gaap Advertising Revenue Cost
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161469 USD
CY2015Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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USD
us-gaap Allocated Share Based Compensation Expense
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351976 USD
us-gaap Interest And Debt Expense
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347380 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.032
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
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-0.035
us-gaap Depreciation Depletion And Amortization
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12749 USD
us-gaap Share Based Compensation
ShareBasedCompensation
351976 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-7441 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
105874 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
8342 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
USD
CY2015Q3 us-gaap Security Deposit
SecurityDeposit
202 USD
CY2015Q3 us-gaap Other Receivables Gross Current
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USD
CY2014Q4 us-gaap Accumulated Amortization Deferred Finance Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Interest Expense Debt
InterestExpenseDebt
37397 USD
CY2014Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2014Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
12602 USD
CY2015Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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13846 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
30126 USD

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