10-Q Filing

SURFACE COATINGS, INC. CIK: 1393356 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001121781-12-000183`
Period End Date	20120331
Filing Date	20120521
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	sctz-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 27 Cash Flow Statement 47 Stockholders Equity 25

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$116.45K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.58M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.19K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.90K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.49K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.58M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$135.23K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$91.79K	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Allowance for Estimated Returns	`CustomerRefundLiabilityCurrent`	$1.40K	USD	Point-in-time
Allowance for Estimated Returns	`CustomerRefundLiabilityCurrent`	$1.40K	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$5.85K	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$5.04K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoriesPropertyHeldForSaleCurrent`	$86.55K	USD	Point-in-time
Inventory	`InventoriesPropertyHeldForSaleCurrent`	$88.75K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$301.44K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$274.32K	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$81.63K	USD	Point-in-time
Machinery and Equipment	`MachineryAndEquipmentGross`	$81.63K	USD	Point-in-time
Leasehold Improvements	`LeaseholdImprovementsGross`	$1.41K	USD	Point-in-time
Leasehold Improvements	`LeaseholdImprovementsGross`	$1.41K	USD	Point-in-time
Less: Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$-22.07K	USD	Point-in-time
Less: Accumulated Depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$-17.90K	USD	Point-in-time
Total Fixed Assets	`PropertyPlantAndEquipmentNet`	$65.13K	USD	Point-in-time
Total Fixed Assets	`PropertyPlantAndEquipmentNet`	$60.96K	USD	Point-in-time
Total Assets	`Assets`	$335.28K	USD	Point-in-time
Total Assets	`Assets`	$366.57K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$86.80K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$53.05K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$37.88K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$36.14K	USD	Point-in-time
Due to Related Parties	`AccountsPayableRelatedPartiesCurrent`	$35.02K	USD	Point-in-time
Due to Related Parties	`AccountsPayableRelatedPartiesCurrent`	$22.05K	USD	Point-in-time
Current Portion of Notes Payable to Shareholders	`DueToOfficersOrStockholdersCurrent`	$21.98K	USD	Point-in-time
Current Portion of Notes Payable to Shareholders	`DueToOfficersOrStockholdersCurrent`	$21.57K	USD	Point-in-time
Capital Lease Obligation	`DebtAndCapitalLeaseObligations`	$282.00	USD	Point-in-time
Capital Lease Obligation	`DebtAndCapitalLeaseObligations`	$1.12K	USD	Point-in-time
Current Portion of Capital Lease Obligation - Related Party	`CapitalLeaseObligationsCurrent`	$19.57K	USD	Point-in-time
Current Portion of Capital Lease Obligation - Related Party	`CapitalLeaseObligationsCurrent`	$18.90K	USD	Point-in-time
Line-of-Credit	`LinesOfCreditCurrent`	$8.49K	USD	Point-in-time
Line-of-Credit	`LinesOfCreditCurrent`	$6.98K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$161.95K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$207.86K	USD	Point-in-time
Capital Lease Obligation - Equipment	`CapitalLeaseObligationsNoncurrent`	$40.06K	USD	Point-in-time
Capital Lease Obligation - Equipment	`CapitalLeaseObligationsNoncurrent`	$34.92K	USD	Point-in-time
Notes Payable to Related Parties (net of current portion)	`DueToRelatedPartiesNoncurrent`	$20.29K	USD	Point-in-time
Notes Payable to Related Parties (net of current portion)	`DueToRelatedPartiesNoncurrent`	$25.25K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$65.32K	USD	Point-in-time
Total Long-Term Liabilities	`LiabilitiesNoncurrent`	$55.20K	USD	Point-in-time
Total Liabilities	`Liabilities`	$263.06K	USD	Point-in-time
Total Liabilities	`Liabilities`	$227.26K	USD	Point-in-time
Preferred stock, $.001 par value, 20,000,000 shares authorized, -0- shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.001 par value, 20,000,000 shares authorized, -0- shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.001 par value, 50,000,000 shares authorized, 5,429,000 and 5,429,000 shares issued and outstanding, respectively	`CommonStockValue`	$5.58K	USD	Point-in-time
Common stock, $.001 par value, 50,000,000 shares authorized, 5,429,000 and 5,429,000 shares issued and outstanding, respectively	`CommonStockValue`	$5.43K	USD	Point-in-time
Common stock, $.001 par value, 50,000,000 shares authorized, 5,429,000 and 5,429,000 shares issued and outstanding, respectively	`CommonStockValue`	$5.58K	USD	Point-in-time
Paid In Capital	`AdditionalPaidInCapital`	$287.91K	USD	Point-in-time
Paid In Capital	`AdditionalPaidInCapital`	$265.56K	USD	Point-in-time
Paid In Capital	`AdditionalPaidInCapital`	$287.91K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-221.28K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-154.18K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$139.31K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$72.21K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$366.57K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$335.28K	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$393.00K	USD	1 Quarter
Revenue	`Revenues`	$322.77K	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$258.73K	USD	1 Quarter
Cost of Sales	`CostOfGoodsSold`	$181.35K	USD	1 Quarter
Gross Profit	`GrossProfit`	$141.42K	USD	1 Quarter
Gross Profit	`GrossProfit`	$134.27K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$1.08K	USD	1 Quarter
Depreciation Expense	`Depreciation`	$4.17K	USD	1 Quarter
Advertising Expense	`AdvertisingExpense`	$19.39K	USD	1 Quarter
Advertising Expense	`AdvertisingExpense`	$9.34K	USD	1 Quarter
General and Administrative	`GeneralAndAdministrativeExpense`	$94.34K	USD	1 Quarter
General and Administrative	`GeneralAndAdministrativeExpense`	$182.29K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$104.04K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$205.86K	USD	1 Quarter
Net Operating Income (Loss)	`OperatingIncomeLoss`	$-64.44K	USD	1 Quarter
Net Operating Income (Loss)	`OperatingIncomeLoss`	$30.23K	USD	1 Quarter
Interest Expense	`InterestExpense`	$-2.66K	USD	1 Quarter
Interest Expense	`InterestExpense`	$-800.00	USD	1 Quarter
Total Other Income (Expense)	`OtherIncome`	$-800.00	USD	1 Quarter
Total Other Income (Expense)	`OtherIncome`	$-2.66K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$102.94K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$29.43K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-67.10K	USD	1 Quarter
Basic and Diluted Earnings (Loss) per share	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Basic and Diluted Earnings (Loss) per share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	5.43M	shares	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	5.58M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$102.94K	USD	Annual
Net Income (Loss)	`NetIncomeLoss`	$29.43K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-67.10K	USD	1 Quarter
Depreciation	`Depreciation`	$1.08K	USD	1 Quarter
Depreciation	`Depreciation`	$4.17K	USD	1 Quarter
Bad Debt Expense	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$-14.61K	USD	1 Quarter
Bad Debt Expense	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$4.30K	USD	1 Quarter
(Increase) Decrease in Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-47.74K	USD	1 Quarter
(Increase) Decrease in Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.37K	USD	1 Quarter
Decrease in Inventory	`IncreaseDecreaseInInventories`	$2.20K	USD	1 Quarter
Decrease in Inventory	`IncreaseDecreaseInInventories`	$6.68K	USD	1 Quarter
(Increase) Decrease in Other Assets	`IncreaseDecreaseInOtherCurrentAssets`	$810.00	USD	1 Quarter
(Increase) Decrease in Other Assets	`IncreaseDecreaseInOtherCurrentAssets`	$-181.00	USD	1 Quarter
Increase in Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$33.75K	USD	1 Quarter
Increase in Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$29.03K	USD	1 Quarter
Increase in Related Party Accounts Payable	`IncreaseDecreaseInAccountsPayableRelatedParties`	$12.97K	USD	1 Quarter
Increase in Related Party Accounts Payable	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Increase in Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.17K	USD	1 Quarter
Increase in Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.74K	USD	1 Quarter
Increase (Decrease) in Other Liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-30.75K	USD	1 Quarter
Increase (Decrease) in Other Liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
CASH FLOWS PROVIDED BY (USED) IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-11.70K	USD	1 Quarter
CASH FLOWS PROVIDED BY (USED) IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-58.73K	USD	1 Quarter
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Advances (Payments on) Line of Credit	`LineOfCreditFacilityIncreaseDecreaseForPeriodNet`	$1.51K	USD	1 Quarter
Advances (Payments on) Line of Credit	`LineOfCreditFacilityIncreaseDecreaseForPeriodNet`	$-3.36K	USD	1 Quarter
Payments on Capital Leases	`ReductionOfShortTermCapitalLeaseObligations`	$-834.00	USD	1 Quarter
Payments on Capital Leases	`ReductionOfShortTermCapitalLeaseObligations`	$-5.32K	USD	1 Quarter
Payments on Note to Related Parties	`RepaymentsOfNotesPayable`	$3.42K	USD	1 Quarter
Payments on Note to Related Parties	`RepaymentsOfNotesPayable`	$5.38K	USD	1 Quarter
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-7.61K	USD	1 Quarter
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-9.18K	USD	1 Quarter
NET (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-67.55K	USD	1 Quarter
NET (DECREASE) IN CASH	`CashPeriodIncreaseDecrease`	$-19.31K	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$114.49K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$48.90K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$116.45K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$95.19K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$116.45K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$95.19K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$48.90K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$114.49K	USD	Point-in-time
Interest paid	`InterestPaid`	$860.00	USD	1 Quarter
Interest paid	`InterestPaid`	$2.66K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Beginning Balance (Shares)	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Common Stock, Beginning Balance (Shares)	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Common Stock, Beginning Balance (Shares)	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Common Stock, Beginning Balance (Value)	`CommonStockValue`	$5.58K	USD	Point-in-time
Common Stock, Beginning Balance (Value)	`CommonStockValue`	$5.43K	USD	Point-in-time
Common Stock, Beginning Balance (Value)	`CommonStockValue`	$5.58K	USD	Point-in-time
Additional Paid-In Capital	`AdditionalPaidInCapital`	$287.91K	USD	Point-in-time
Additional Paid-In Capital	`AdditionalPaidInCapital`	$265.56K	USD	Point-in-time
Additional Paid-In Capital	`AdditionalPaidInCapital`	$287.91K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-221.28K	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-154.18K	USD	Point-in-time
Shares Issued for Services, Shares	`StockIssuedDuringPeriodSharesOther`	0.00	shares	1 Quarter
Shares Issued for Services, Shares	`StockIssuedDuringPeriodSharesOther`	22,500.00	shares	Annual
Shares Issued for Services, Value	`StockIssuedDuringPeriodValueOther`	$22.50K	USD	Annual
Shares Issued for Services, Value	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Shares Issued for Services, APIC	`AdjustmentsToAdditionalPaidInCapitalOther`	-	USD	1 Quarter
Common Stock, Ending Balance (Shares)	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Common Stock, Ending Balance (Shares)	`CommonStockSharesOutstanding`	5.58M	shares	Point-in-time
Common Stock, Ending Balance (Shares)	`CommonStockSharesOutstanding`	5.43M	shares	Point-in-time
Common Stock, Ending Balance (Value)	`CommonStockValue`	$5.58K	USD	Point-in-time
Common Stock, Ending Balance (Value)	`CommonStockValue`	$5.43K	USD	Point-in-time
Common Stock, Ending Balance (Value)	`CommonStockValue`	$5.58K	USD	Point-in-time
Net (Loss)	`NetIncomeLoss`	$29.43K	USD	1 Quarter
Net (Loss)	`NetIncomeLoss`	$102.94K	USD	Annual
Net (Loss)	`NetIncomeLoss`	$-67.10K	USD	1 Quarter

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