10-Q Filing

QXO, INC. CIK: 1236275 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001185185-11-001912`
Period End Date	20110930
Filing Date	20111110
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	ssnta-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 88 Cash Flow Statement 56

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`	$498.21K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Accumulated depreciation, value (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$571.06K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$587.42K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$71.71K	USD	Point-in-time
Unamortized discount, value (in Dollars)	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Accounts receivable, net of allowance of $41,000 and $41,000	`AccountsReceivableNetCurrent`	$1.05M	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`	$17.00K	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`	$234.98K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$798.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.89M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $571,064 and $498,212	`PropertyPlantAndEquipmentNet`	$155.52K	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $571,064 and $498,212	`PropertyPlantAndEquipmentNet`	$156.62K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$70.92K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$65.87K	USD	Point-in-time
Total assets	`Assets`	$2.11M	USD	Point-in-time
Total assets	`Assets`	$1.02M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.08M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.03M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$660.50K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$16.27K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.29M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$3.71K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$55.56K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$73.23K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$486.02K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.24M	USD	Point-in-time
Promissory notes	`NotesPayableCurrent`	$450.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$40.00K	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 $17,000	`OtherShortTermBorrowings`	$34.00K	USD	Point-in-time
Convertible debentures	`ConvertibleNotesPayableCurrent`	$1.33M	USD	Point-in-time
Convertible debentures	`ConvertibleNotesPayableCurrent`	$15.00K	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`	$2.90M	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`	$9.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-5.07M	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-836.20K	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`	$52.66K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-783.53K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$1.02M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$2.11M	USD	Point-in-time

Income Statement 88 line items

Line Item	Tag	Value	Unit	Period
Product, net	`SalesRevenueGoodsNet`	$219.37K	USD	1 Quarter
Product, net	`SalesRevenueGoodsNet`	$356.91K	USD	1 Quarter
Product, net	`SalesRevenueGoodsNet`	$1.55M	USD	3 Qtrs
Product, net	`SalesRevenueGoodsNet`	$922.43K	USD	3 Qtrs
Service. net	`SalesRevenueServicesNet`	$2.01M	USD	1 Quarter
Service. net	`SalesRevenueServicesNet`	$1.69M	USD	1 Quarter
Service. net	`SalesRevenueServicesNet`	$6.27M	USD	3 Qtrs
Service. net	`SalesRevenueServicesNet`	$4.60M	USD	3 Qtrs
Total revenues, net	`SalesRevenueNet`	$2.37M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$1.91M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$7.83M	USD	3 Qtrs
Total revenues, net	`SalesRevenueNet`	$5.52M	USD	3 Qtrs
Product	`CostOfGoodsSold`	$146.45K	USD	1 Quarter
Product	`CostOfGoodsSold`	$790.48K	USD	3 Qtrs
Product	`CostOfGoodsSold`	$484.02K	USD	3 Qtrs
Product	`CostOfGoodsSold`	$104.73K	USD	1 Quarter
Service	`CostOfServices`	$2.94M	USD	3 Qtrs
Service	`CostOfServices`	$1.21M	USD	1 Quarter
Service	`CostOfServices`	$3.66M	USD	3 Qtrs
Service	`CostOfServices`	$970.05K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$4.45M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$1.07M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$1.36M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$3.42M	USD	3 Qtrs
Gross profit	`GrossProfit`	$3.38M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.10M	USD	3 Qtrs
Gross profit	`GrossProfit`	$833.44K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.01M	USD	1 Quarter
Selling expenses	`SellingExpense`	$382.83K	USD	1 Quarter
Selling expenses	`SellingExpense`	$450.35K	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.31M	USD	3 Qtrs
Selling expenses	`SellingExpense`	$1.18M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.48M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.67M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$527.70K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$539.13K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$22.55K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$61.66K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$74.86K	USD	3 Qtrs
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.72M	USD	3 Qtrs
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$941.12K	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.05M	USD	3 Qtrs
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.00M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-615.52K	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$329.68K	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$-107.69K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$10.64K	USD	1 Quarter
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$866.08K	USD	1 Quarter
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$362.04K	USD	3 Qtrs
Gain (loss) on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$1.05M	USD	3 Qtrs
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-89.96K	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-24.78K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-27.61K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-116.61K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-24.78K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$2.47M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$838.47K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$958.88K	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$730.78K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$2.80M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$343.36K	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$-14.14K	USD	1 Quarter
Net income (loss) attributable to the Noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$-3.14K	USD	1 Quarter
Net income (loss) attributable to the Noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$10.51K	USD	1 Quarter
Net income (loss) attributable to the Noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$-62.25K	USD	3 Qtrs
Net income (loss) attributable to the Noncontrolling interest in SWK Technologies	`NetIncomeLossAttributableToNoncontrollingInterest`	$97.84K	USD	3 Qtrs
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$733.92K	USD	1 Quarter
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$-24.65K	USD	1 Quarter
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$2.71M	USD	3 Qtrs
Net income (loss) attributable to SilverSun Technologies	`NetIncomeLoss`	$405.61K	USD	3 Qtrs
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.60	USD	3 Qtrs
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.12	USD	3 Qtrs
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	3 Qtrs
Fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.49M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.57M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.50M	shares	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.43M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.78M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.52M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.49M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.52M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$730.78K	USD	1 Quarter
Net income	`ProfitLoss`	$2.80M	USD	3 Qtrs
Net income	`ProfitLoss`	$343.36K	USD	3 Qtrs
Net income	`ProfitLoss`	$-14.14K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$61.66K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$74.86K	USD	3 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$56.89K	USD	3 Qtrs
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	3 Qtrs
Other	`OtherOperatingActivitiesCashFlowStatement`	$4.50K	USD	3 Qtrs
Gain on revaluation of derivative liability	`UnrealizedGainLossOnDerivatives`	$-1.05M	USD	3 Qtrs
Gain on revaluation of derivative liability	`UnrealizedGainLossOnDerivatives`	$-362.04K	USD	3 Qtrs
Return of shares for services not rendered	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$-65.00K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$21.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-560.97K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$33.43K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-24.06K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$55.08K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-36.60K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$239.96K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$146.74K	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$77.56K	USD	3 Qtrs
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$34.52K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$750.65K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-16.88K	USD	3 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$253.09K	USD	3 Qtrs
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$49.33K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-112.84K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$776.16K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$71.75K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.88K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-71.75K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.88K	USD	3 Qtrs
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	$51.00K	USD	3 Qtrs
Proceeds from promissory notes	`ProceedsFromNotesPayable`	$550.00K	USD	3 Qtrs
Proceeds from note payable to related party	`ProceedsFromOtherDebt`	$25.00K	USD	3 Qtrs
Repayment of note payable to related party	`RepaymentsOfOtherDebt`	$5.00K	USD	3 Qtrs
Repayment of promissory notes	`RepaymentsOfNotesPayable`	$100.00K	USD	3 Qtrs
Repayment of related party loans	`RepaymentsOfRelatedPartyDebt`	$75.41K	USD	3 Qtrs
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	$735.00K	USD	3 Qtrs
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$-17.67K	USD	3 Qtrs
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$21.65K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-72.06K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-221.33K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-228.77K	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$483.08K	USD	3 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`	$587.42K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$71.71K	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`	$587.42K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$71.71K	USD	Point-in-time
Interest expense	`InterestPaid`	$8.39K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs

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