10-Q Filing

TRUCEPT, INC. CIK: 947011 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001062993-12-005028`
Period End Date	20120930
Filing Date	20121121
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	sttk-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 56 Cash Flow Statement 48

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$132.49K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$270.05K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$781.72K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.34M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.63M	USD	Point-in-time
Due from related parties	`OtherReceivablesNetCurrent`	$1.69M	USD	Point-in-time
Common Stock, Par Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Due from related parties	`OtherReceivablesNetCurrent`	$2.74M	USD	Point-in-time
Common Stock, Par Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expense and deposits	`PrepaidExpenseCurrent`	$52.15K	USD	Point-in-time
Prepaid expense and deposits	`PrepaidExpenseCurrent`	$7.05K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.04M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	49.21M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	49.21M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.55M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.21M	shares	Point-in-time
Equipment, net of accumulated depreciation	`MachineryAndEquipmentGross`	$55.01K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	49.21M	shares	Point-in-time
Equipment, net of accumulated depreciation	`MachineryAndEquipmentGross`	$38.27K	USD	Point-in-time
Prepaid workers compensation	`PrepaidExpenseOtherNoncurrent`	$4.66M	USD	Point-in-time
Prepaid workers compensation	`PrepaidExpenseOtherNoncurrent`	$3.44M	USD	Point-in-time
Goodwill	`Goodwill`	$476.36K	USD	Point-in-time
Goodwill	`Goodwill`	$476.36K	USD	Point-in-time
Total assets	`Assets`	$8.52M	USD	Point-in-time
Total assets	`Assets`	$8.21M	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	$316.31K	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	-	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$400.74K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$441.44K	USD	Point-in-time
Assigned receivables liability	`OtherLiabilitiesCurrent`	$826.94K	USD	Point-in-time
Assigned receivables liability	`OtherLiabilitiesCurrent`	$719.28K	USD	Point-in-time
Accrued payroll taxes	`AccruedPayrollTaxesCurrent`	$11.96M	USD	Point-in-time
Accrued payroll taxes	`AccruedPayrollTaxesCurrent`	$16.49M	USD	Point-in-time
Accrued workers compensation	`WorkersCompensationLiabilityCurrent`	$1.06M	USD	Point-in-time
Accrued workers compensation	`WorkersCompensationLiabilityCurrent`	$1.32M	USD	Point-in-time
Payable to related parties	`AccountsPayableRelatedPartiesCurrent`	$863.11K	USD	Point-in-time
Payable to related parties	`AccountsPayableRelatedPartiesCurrent`	$609.02K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$500.00K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$500.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.61M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$35.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$20.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.43M	USD	Point-in-time
Preferred stock: $0.001 par value, 5,000,000 shares authorized, zero shares of Class A preferred issued and outstanding at September 30, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: $0.001 par value, 5,000,000 shares authorized, zero shares of Class A preferred issued and outstanding at September 30, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common stock: $0.001 par value, 500,000,000 shares authorized, 49,212,123 issued and outstanding at September 30, 2012 and December 31, 2011	`CommonStockValue`	$49.21K	USD	Point-in-time
Common stock: $0.001 par value, 500,000,000 shares authorized, 49,212,123 issued and outstanding at September 30, 2012 and December 31, 2011	`CommonStockValue`	$49.21K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.27M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.23M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-12.40M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-6.90M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$8.52M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$8.21M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenue (For the three months ending September 30, 2012 and September 30, 2011 gross billings of $23.259 and $28.834 million, less worksite employee payroll cost of $17.154 and $24.206 million respectively) (For the nine months ending September 30, 2012 and September 30, 2011 gross billings of $73.607 and $65.371 million, less worksite employee payroll cost of $54.888 and $50.120 million, respectively)	`Revenues`	$18.72M	USD	3 Qtrs
Gross Billings	`GrossTransactionVolume`	$28.83K	USD	1 Quarter
Gross Billings	`GrossTransactionVolume`	$65.37K	USD	3 Qtrs
Revenue (For the three months ending September 30, 2012 and September 30, 2011 gross billings of $23.259 and $28.834 million, less worksite employee payroll cost of $17.154 and $24.206 million respectively) (For the nine months ending September 30, 2012 and September 30, 2011 gross billings of $73.607 and $65.371 million, less worksite employee payroll cost of $54.888 and $50.120 million, respectively)	`Revenues`	$15.25M	USD	3 Qtrs
Gross Billings	`GrossTransactionVolume`	$23.26K	USD	1 Quarter
Revenue (For the three months ending September 30, 2012 and September 30, 2011 gross billings of $23.259 and $28.834 million, less worksite employee payroll cost of $17.154 and $24.206 million respectively) (For the nine months ending September 30, 2012 and September 30, 2011 gross billings of $73.607 and $65.371 million, less worksite employee payroll cost of $54.888 and $50.120 million, respectively)	`Revenues`	$6.10M	USD	1 Quarter
Gross Billings	`GrossTransactionVolume`	$73.61K	USD	3 Qtrs
Revenue (For the three months ending September 30, 2012 and September 30, 2011 gross billings of $23.259 and $28.834 million, less worksite employee payroll cost of $17.154 and $24.206 million respectively) (For the nine months ending September 30, 2012 and September 30, 2011 gross billings of $73.607 and $65.371 million, less worksite employee payroll cost of $54.888 and $50.120 million, respectively)	`Revenues`	$4.63M	USD	1 Quarter
Employee payroll costs	`EmployeePayrollCosts`	$17.15K	USD	1 Quarter
Cost of revenue and service delivery	`CostOfRevenue`	$4.78M	USD	1 Quarter
Cost of revenue and service delivery	`CostOfRevenue`	$12.45M	USD	3 Qtrs
Employee payroll costs	`EmployeePayrollCosts`	$54.89K	USD	3 Qtrs
Cost of revenue and service delivery	`CostOfRevenue`	$6.31M	USD	1 Quarter
Employee payroll costs	`EmployeePayrollCosts`	$24.21K	USD	1 Quarter
Cost of revenue and service delivery	`CostOfRevenue`	$17.62M	USD	3 Qtrs
Employee payroll costs	`EmployeePayrollCosts`	$50.12K	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$2.80M	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$-155.18K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$1.10M	USD	3 Qtrs
Gross profit (loss)	`GrossProfit`	$-207.77K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.17M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.05M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-4.95M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.80M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.36M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.15M	USD	1 Quarter
Other Income	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other Income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other Income	`OtherNonoperatingIncomeExpense`	$342.00	USD	3 Qtrs
Other Income	`OtherNonoperatingIncomeExpense`	$315.00	USD	1 Quarter
Interest	`InterestExpense`	$811.24K	USD	1 Quarter
Interest	`InterestExpense`	$16.31K	USD	3 Qtrs
Interest	`InterestExpense`	-	USD	1 Quarter
Interest	`InterestExpense`	$835.12K	USD	3 Qtrs
Tax penalties	`TaxPenalties`	-	USD	1 Quarter
Tax penalties	`TaxPenalties`	$85.64K	USD	1 Quarter
Tax penalties	`TaxPenalties`	-	USD	3 Qtrs
Tax penalties	`TaxPenalties`	$527.39K	USD	3 Qtrs
Net loss from continuing operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.96M	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.20M	USD	3 Qtrs
Net loss from continuing operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.89M	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.50M	USD	3 Qtrs
Comprehensive loss for the period	`ComprehensiveIncomeNetOfTax`	$-3.20M	USD	3 Qtrs
Comprehensive loss for the period	`ComprehensiveIncomeNetOfTax`	$-2.96M	USD	1 Quarter
Comprehensive loss for the period	`ComprehensiveIncomeNetOfTax`	$-1.89M	USD	1 Quarter
Comprehensive loss for the period	`ComprehensiveIncomeNetOfTax`	$-5.50M	USD	3 Qtrs
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	3 Qtrs
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Loss per share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	3 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.21M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.21M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.21M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.53M	shares	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.20M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.50M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$16.73K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$17.01K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-553.88K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-283.34K	USD	3 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$-1.05M	USD	3 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	-	USD	3 Qtrs
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$-45.10K	USD	3 Qtrs
Prepaid expenses and deposits	`IncreaseDecreaseInPrepaidExpense`	$2.23M	USD	3 Qtrs
Prepaid workers compensation	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.22M	USD	3 Qtrs
Prepaid workers compensation	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	3 Qtrs
Accrued workers compensation	`IncreaseDecreaseInWorkersCompensationLiabilities`	$262.51K	USD	3 Qtrs
Accrued workers compensation	`IncreaseDecreaseInWorkersCompensationLiabilities`	-	USD	3 Qtrs
Accrued payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	-	USD	3 Qtrs
Accrued payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$4.53M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.23M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$275.62K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-243.93K	USD	3 Qtrs
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-634.53K	USD	3 Qtrs
Purchase of equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	3 Qtrs
Purchase of equipment	`PaymentsToAcquireMachineryAndEquipment`	$46.12K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-46.12K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Payments to related party	`RepaymentsOfRelatedPartyDebt`	$-254.09K	USD	3 Qtrs
Payments to related party	`RepaymentsOfRelatedPartyDebt`	$275.00K	USD	3 Qtrs
Payments of long-term payable	`RepaymentsOfLongTermDebt`	-	USD	3 Qtrs
Payments of long-term payable	`RepaymentsOfLongTermDebt`	$35.00K	USD	3 Qtrs
Issuance of shares	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Issuance of shares	`ProceedsFromIssuanceOfCommonStock`	$443.98K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$168.98K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$111.44K	USD	3 Qtrs
Assignment of accounts receivable	`RepaymentsOfAccountsReceivableSecuritization`	-	USD	3 Qtrs
Assignment of accounts receivable	`RepaymentsOfAccountsReceivableSecuritization`	$107.66K	USD	3 Qtrs
Net decrease in cash from continuing operations	`NetCashProvidedByUsedInContinuingOperations`	$-511.67K	USD	3 Qtrs
Net decrease in cash from continuing operations	`NetCashProvidedByUsedInContinuingOperations`	$-132.49K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$132.49K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$270.05K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$781.72K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$132.49K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$270.05K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$781.72K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Interest paid	`InterestPaid`	$16.31K	USD	3 Qtrs
Interest paid	`InterestPaid`	$835.12K	USD	3 Qtrs
Income taxes payable	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes payable	`IncomeTaxesPaid`	-	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.