10-K Filing

QXO, INC. CIK: 1236275 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001185185-12-000562`
Period End Date	20111231
Filing Date	20120329
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	ssnt-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 49 Cash Flow Statement 57 Stockholders Equity 14

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Unamortized discount, value (in Dollars)	`DebtInstrumentUnamortizedDiscount`	$4.25K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$489.28K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$881.22K	USD	Point-in-time
Inventories	`InventoryNet`	$11.62K	USD	Point-in-time
Inventories	`InventoryNet`	$15.29K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$198.85K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$189.72K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$798.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.33M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$137.95K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$156.62K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$57.92K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$65.87K	USD	Point-in-time
Total assets	`Assets`	$1.52M	USD	Point-in-time
Total assets	`Assets`	$1.02M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$660.50K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$7.67K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.29M	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$6.33K	USD	Point-in-time
Convertible debentures payable	`ConvertibleNotesPayableCurrent`	$1.32M	USD	Point-in-time
Derivative liability	`DerivativeLiabilities`	$1.18M	USD	Point-in-time
Convertible promissory note related party, net of discount of $4,250	`OtherShortTermBorrowings`	$46.75K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$64.37K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$55.56K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$45.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.02M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$486.02K	USD	Point-in-time
Total current liabilities	`Liabilities`	$6.13M	USD	Point-in-time
Total current liabilities	`Liabilities`	$2.42M	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`	$-10.30M	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`	$-946.85K	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`	$47.21K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.92M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.52M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.02M	USD	Point-in-time

Income Statement 49 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$1.90M	USD	Annual
Software product, net	`SalesRevenueGoodsNet`	$1.22M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$8.62M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$6.27M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$10.52M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$7.49M	USD	Annual
Product	`CostOfGoodsSold`	$969.13K	USD	Annual
Product	`CostOfGoodsSold`	$608.35K	USD	Annual
Service	`CostOfServices`	$5.06M	USD	Annual
Service	`CostOfServices`	$4.01M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$6.02M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$4.61M	USD	Annual
Gross profit	`GrossProfit`	$4.50M	USD	Annual
Gross profit	`GrossProfit`	$2.87M	USD	Annual
Selling expenses	`SellingExpense`	$1.55M	USD	Annual
Selling expenses	`SellingExpense`	$1.84M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.18M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.30M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$97.01K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$82.88K	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.24M	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.81M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$260.07K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-937.12K	USD	Annual
Gain on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$483.08K	USD	Annual
Gain on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$362.04K	USD	Annual
Gain from extinguishment of debt and Derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-114.47K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-142.11K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$2.45M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$368.61K	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.71M	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-568.50K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss)	`ProfitLoss`	$-568.50K	USD	Annual
Net income (loss)	`ProfitLoss`	$2.71M	USD	Annual
Net income (loss) attributable to non-controlling Interest in SWK Technologies Inc.	`NetIncomeLossAttributableToNoncontrollingInterest`	$-99.58K	USD	Annual
Net income (loss) attributable to non-controlling Interest in SWK Technologies Inc.	`NetIncomeLossAttributableToNoncontrollingInterest`	$92.38K	USD	Annual
Net income (loss) attributable to SilverSun Technologies, Inc.	`NetIncomeLoss`	$2.62M	USD	Annual
Net income (loss) attributable to SilverSun Technologies, Inc.	`NetIncomeLoss`	$-468.92K	USD	Annual
Basic income (loss) per common share (in Dollars per share)	`EarningsPerShareBasic`	$0.58	USD	Annual
Basic income (loss) per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.13	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.13	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.62M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.48M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.80M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.62M	shares	Annual

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-568.50K	USD	Annual
Net income (loss)	`ProfitLoss`	$2.71M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$97.01K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$82.88K	USD	Annual
Gain on revaluation of derivative	`UnrealizedGainLossOnDerivatives`	$-362.04K	USD	Annual
Gain on revaluation of derivative	`UnrealizedGainLossOnDerivatives`	$-483.08K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$69.64K	USD	Annual
Reduction in allowance for bad debts	`ProvisionForDoubtfulAccounts`	$-120.00K	USD	Annual
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$186.25K	USD	Annual
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$80.55K	USD	Annual
Return of shares for services not rendered	`ReturnOfSharesForServicesNotRendered`	$-65.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$199.63K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-391.94K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-15.29K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$3.67K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-66.59K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.71K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$5.94K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$362.75K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$68.19K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$103.03K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$25.93K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$51.96K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$269.87K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$305.44K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$529.73K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$905.91K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-38.18K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$31.73K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.65K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.65K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.73K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfOtherDebt`	$125.72K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfOtherDebt`	$25.00K	USD	Annual
Proceeds from notes payable to related party	`ProceedsFromOtherDebt`	$45.00K	USD	Annual
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	$51.00K	USD	Annual
Proceeds from promissory notes	`ProceedsFromNotesPayable`	$550.00K	USD	Annual
Repayment of promissory notes	`RepaymentsOfNotesPayable`	$550.00K	USD	Annual
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	$735.00K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$26.88K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$45.52K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-126.24K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-735.88K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-196.14K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$129.38K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$300.48K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Interest	`InterestPaid`	$15.14K	USD	Annual
Capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$38.78K	USD	Annual
Capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$35.68K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.92M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Return of common stock that was previously issued for services	`CommonStockReturnedValueServices`	$-65.00K	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$107.40K	USD	Annual
Forgiveness of debt and gain from extinguishment of derivative liability related party	`AdjustmentsToAdditionalPaidInCapitalOther`	$1.44M	USD	Annual
Issuance of stock on debt conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$60.90K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$216.75K	USD	Annual
Net income (loss)	`ProfitLoss`	$-568.50K	USD	Annual
Net income (loss)	`ProfitLoss`	$2.71M	USD	Annual
Issuance of stock upon conversion of deferred compensation	`StockIssuedDuringPeriodValueOther`	$28.78K	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-4.92M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time

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