10-Q Filing

QXO, INC. CIK: 1236275 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001185185-11-001118`
Period End Date	20110630
Filing Date	20110804
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	ssndt-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 92 Cash Flow Statement 55

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts, value (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.00K	USD	Point-in-time
Allowance for doubtful accounts, value (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Accumulated depreciation, value (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$548.52K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$175.42K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$476.19K	USD	Point-in-time
Accumulated depreciation, value (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$498.21K	USD	Point-in-time
Accounts receivable, net of allowance of $41,000 and $41,000	`AccountsReceivableNetCurrent`	$730.72K	USD	Point-in-time
Accounts receivable, net of allowance of $41,000 and $41,000	`AccountsReceivableNetCurrent`	$489.28K	USD	Point-in-time
Unamortized discount, value (in Dollars)	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Unamortized discount, value (in Dollars)	`DebtInstrumentUnamortizedDiscount`	$29.75K	USD	Point-in-time
Inventories	`InventoryNet`	$15.29K	USD	Point-in-time
Inventories	`InventoryNet`	$15.29K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$189.72K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$260.59K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$798.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.48M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $548,516 and $498,212	`PropertyPlantAndEquipmentNet`	$156.62K	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $548,516 and $498,212	`PropertyPlantAndEquipmentNet`	$135.88K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$65.87K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$63.02K	USD	Point-in-time
Total assets	`Assets`	$1.02M	USD	Point-in-time
Total assets	`Assets`	$1.68M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$15.85K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$660.50K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$2.47K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.29M	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$55.56K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$44.35K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$486.02K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$809.99K	USD	Point-in-time
Promissory notes	`NotesPayableCurrent`	$500.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$45.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$45.00K	USD	Point-in-time
Convertible promissory note related party, net of discount of $29,750 and $-0-	`OtherShortTermBorrowings`	$21.25K	USD	Point-in-time
Convertible debentures	`ConvertibleNotesPayableCurrent`	$15.00K	USD	Point-in-time
Convertible debentures	`ConvertibleNotesPayableCurrent`	$1.33M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilities`	$1.18M	USD	Point-in-time
Total current liabilities	`Liabilities`	$6.13M	USD	Point-in-time
Total current liabilities	`Liabilities`	$2.47M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.18M	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-832.55K	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-5.07M	USD	Point-in-time
Non-controlling interest in SWK Technologies, Inc.	`MinorityInterest`	$-45.18K	USD	Point-in-time
Non-controlling interest in SWK Technologies, Inc.	`MinorityInterest`	$42.15K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-790.39K	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$1.68M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$1.02M	USD	Point-in-time

Income Statement 92 line items

Line Item	Tag	Value	Unit	Period
Product, net	`SalesRevenueGoodsNet`	$1.20M	USD	2 Qtrs
Product, net	`SalesRevenueGoodsNet`	$703.06K	USD	2 Qtrs
Product, net	`SalesRevenueGoodsNet`	$321.95K	USD	1 Quarter
Product, net	`SalesRevenueGoodsNet`	$230.47K	USD	1 Quarter
Service. net	`SalesRevenueServicesNet`	$1.56M	USD	1 Quarter
Service. net	`SalesRevenueServicesNet`	$4.26M	USD	2 Qtrs
Service. net	`SalesRevenueServicesNet`	$2.91M	USD	2 Qtrs
Service. net	`SalesRevenueServicesNet`	$2.37M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$1.79M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$5.45M	USD	2 Qtrs
Total revenues, net	`SalesRevenueNet`	$2.69M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$3.62M	USD	2 Qtrs
Product	`CostOfGoodsSold`	$378.29K	USD	2 Qtrs
Product	`CostOfGoodsSold`	$644.03K	USD	2 Qtrs
Product	`CostOfGoodsSold`	$114.46K	USD	1 Quarter
Product	`CostOfGoodsSold`	$212.85K	USD	1 Quarter
Service	`CostOfServices`	$1.01M	USD	1 Quarter
Service	`CostOfServices`	$1.97M	USD	2 Qtrs
Service	`CostOfServices`	$1.31M	USD	1 Quarter
Service	`CostOfServices`	$2.44M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$1.53M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.13M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$2.34M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$3.09M	USD	2 Qtrs
Gross profit	`GrossProfit`	$658.34K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.37M	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.27M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$796.42K	USD	2 Qtrs
Selling expenses	`SellingExpense`	$856.85K	USD	2 Qtrs
Selling expenses	`SellingExpense`	$442.11K	USD	1 Quarter
Selling expenses	`SellingExpense`	$431.69K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.14M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$508.20K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$940.38K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$623.02K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$52.31K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$42.49K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$26.12K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$20.58K	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$970.89K	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.78M	USD	2 Qtrs
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.08M	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.05M	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$319.04K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-312.55K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-507.83K	USD	2 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$84.15K	USD	1 Quarter
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$99.25K	USD	1 Quarter
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$-447.33K	USD	1 Quarter
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$182.76K	USD	2 Qtrs
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$362.04K	USD	2 Qtrs
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	1 Quarter
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$12.75K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$21.25K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-62.35K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-29.54K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-47.05K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-70.58K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$2.50M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-476.87K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$120.41K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$2.27M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$2.82M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$2.35M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-789.42K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-387.43K	USD	2 Qtrs
Net income (loss) attributable to the noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$-59.11K	USD	2 Qtrs
Net income (loss) attributable to the noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$61.32K	USD	1 Quarter
Net income (loss) attributable to the noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$87.33K	USD	2 Qtrs
Net income (loss) attributable to the noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$-37.81K	USD	1 Quarter
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$2.73M	USD	2 Qtrs
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$2.29M	USD	1 Quarter
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$-328.31K	USD	2 Qtrs
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$-751.61K	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.61	USD	2 Qtrs
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.10	USD	2 Qtrs
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.10	USD	2 Qtrs
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.50M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.45M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.36M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.43M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.36M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.72M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.78M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.43M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.82M	USD	2 Qtrs
Net income	`ProfitLoss`	$2.35M	USD	1 Quarter
Net income	`ProfitLoss`	$-789.42K	USD	1 Quarter
Net income	`ProfitLoss`	$-387.43K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$52.31K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$42.49K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$44.14K	USD	2 Qtrs
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	1 Quarter
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	2 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$4.50K	USD	2 Qtrs
Gain on revaluation of derivative liability	`UnrealizedGainLossOnDerivatives`	$-362.04K	USD	2 Qtrs
Gain on revaluation of derivative liability	`UnrealizedGainLossOnDerivatives`	$-182.76K	USD	2 Qtrs
Return of shares for services not rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$-65.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-241.44K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$71.14K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-21.04K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$37.37K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-30.15K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$135.86K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$303.77K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$25.84K	USD	2 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$34.11K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$323.97K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-12.75K	USD	2 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$167.84K	USD	2 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$48.09K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$596.62K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.55K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.88K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.56K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.88K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.56K	USD	2 Qtrs
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	$51.00K	USD	2 Qtrs
Proceeds from promissory notes	`ProceedsFromNotesPayable`	$550.00K	USD	2 Qtrs
Repayment of promissory notes	`RepaymentsOfNotesPayable`	$50.00K	USD	2 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$52.61K	USD	2 Qtrs
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	$735.00K	USD	2 Qtrs
Repayment of capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$11.22K	USD	2 Qtrs
Repayment of capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$10.03K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-195.22K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-62.64K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-125.06K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$371.85K	USD	2 Qtrs
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$175.42K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$476.19K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$175.42K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$476.19K	USD	Point-in-time
Interest expense	`InterestPaid`	-	USD	2 Qtrs
Interest expense	`InterestPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

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