10-Q Filing

QXO, INC. CIK: 1236275 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001185185-12-001136`
Period End Date	20120331
Filing Date	20120516
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	ssnt-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 45 Cash Flow Statement 52 Stockholders Equity 9

Balance Sheet 54 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`	$233.72K	USD	Point-in-time
Accumulated depreciation, value (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$612.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$686.97K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$99.95K	USD	Point-in-time
Accumulated depreciation, value (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$593.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Accounts receivable, net of allowance of $41,000 and $41,000	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Unamortized discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Unamortized discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	$4.25K	USD	Point-in-time
Accounts receivable, net of allowance of $41,000 and $41,000	`AccountsReceivableNetCurrent`	$881.22K	USD	Point-in-time
Inventories	`InventoryNet`	$11.62K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$103.41K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$39.70K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.30M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $612,000 and $593,000	`PropertyPlantAndEquipmentNet`	$166.92K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $612,000 and $593,000	`PropertyPlantAndEquipmentNet`	$137.95K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$95.44K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$126.06K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$48.01K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$57.92K	USD	Point-in-time
Total assets	`Assets`	$1.52M	USD	Point-in-time
Total assets	`Assets`	$1.64M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.18M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$7.67K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$10.82K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$5.11K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$6.33K	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$55.25K	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsCurrent`	$64.37K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.21M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.02M	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Notes payable to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Convertible promissory note related party, net of discount of $-0- and $4,250	`OtherShortTermBorrowings`	$46.75K	USD	Point-in-time
Convertible promissory note related party, net of discount of $-0- and $4,250	`OtherShortTermBorrowings`	$7.05K	USD	Point-in-time
Total current liabilities	`Liabilities`	$2.42M	USD	Point-in-time
Total current liabilities	`Liabilities`	$2.48M	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`	$10.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.30M	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-839.62K	USD	Point-in-time
Total SilverSun stockholders deficit	`StockholdersEquity`	$-946.85K	USD	Point-in-time
Non-controlling interest in SWK Technologies, Inc.	`MinorityInterest`	$47.21K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-839.62K	USD	Point-in-time
Total stockholders deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$1.64M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$1.52M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$875.00K	USD	1 Quarter
Software product, net	`SalesRevenueGoodsNet`	$358.97K	USD	1 Quarter
Service, net	`SalesRevenueServicesNet`	$2.55M	USD	1 Quarter
Service, net	`SalesRevenueServicesNet`	$1.89M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$2.91M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$2.76M	USD	1 Quarter
Product	`CostOfGoodsSold`	$431.19K	USD	1 Quarter
Product	`CostOfGoodsSold`	$169.34K	USD	1 Quarter
Service	`CostOfServices`	$1.56M	USD	1 Quarter
Service	`CostOfServices`	$1.13M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$1.56M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$1.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.20M	USD	1 Quarter
Selling and marketing expenses	`SellingExpense`	$514.35K	USD	1 Quarter
Selling and marketing expenses	`SellingExpense`	$425.16K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$515.82K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$615.95K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$719.27K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.20K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$26.19K	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$967.17K	USD	1 Quarter
Total selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.87M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$234.89K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-685.59K	USD	1 Quarter
Gain on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	$262.79K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$4.25K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$8.50K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-23.52K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-18.35K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-22.60K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$230.77K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$465.65K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-708.19K	USD	1 Quarter
Net income (loss) attributable to the noncontrolling interest in SWK Technologies, Inc.	`NetIncomeLossAttributableToNoncontrollingInterest`	$26.01K	USD	1 Quarter
Net (loss) income attributable to SilverSun Technologies, Inc	`NetIncomeLoss`	$439.64K	USD	1 Quarter
Net (loss) income attributable to SilverSun Technologies, Inc	`NetIncomeLoss`	$-708.19K	USD	1 Quarter
Net (loss) income per common share basic (in Dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Net (loss) income per common share basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net (loss) income per common share fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net (loss) income per common share fully diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	110.85M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.56M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.52M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	110.85M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$465.65K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-708.19K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.20K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.19K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$8.50K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$4.25K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$719.27K	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$5.00K	USD	1 Quarter
Derivative liability in excess of debt discount	`DerivativeLiabilityInExcessOfDebtDiscount`	$54.00K	USD	1 Quarter
Gain on revaluation of derivative liability	`UnrealizedGainLossOnDerivatives`	$316.79K	USD	1 Quarter
Return of shares for services not rendered	`ReturnOfSharesForServicesNotRendered`	$-65.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$283.13K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$191.07K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-11.62K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-63.71K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-35.23K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-9.91K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$278.93K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-83.08K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$3.14K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$22.58K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$418.94K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$193.66K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.22K	USD	1 Quarter
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$23.90K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-45.87K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$761.07K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$30.61K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.17K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.92K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.92K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-78.78K	USD	1 Quarter
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	$51.00K	USD	1 Quarter
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	$205.00K	USD	1 Quarter
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$9.11K	USD	1 Quarter
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$5.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-159.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.11K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$582.62K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-133.77K	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$686.97K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$99.95K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$686.97K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$99.95K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Interest expense	`InterestPaid`	-	USD	1 Quarter
Interest expense	`InterestPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-839.62K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Converson of convertible promissory note to common stock	`StockIssuedDuringPeriodValueOther`	$43.95K	USD	1 Quarter
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalOther`	$719.27K	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$5.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$465.65K	USD	1 Quarter
Net loss	`ProfitLoss`	$-708.19K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-839.62K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time

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