10-K Filing

QXO, INC. CIK: 1236275 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0001185185-13-000673`
Period End Date	20121231
Filing Date	20130329
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	ssnt-20121231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 54 Cash Flow Statement 76 Stockholders Equity 17

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`	$80.00K	USD	Point-in-time
Unamortized discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Unamortized discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	$4.25K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$233.72K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.34K	USD	Point-in-time
Accounts receivable, net of allowance for bad debts of $80,000 and $41,000	`AccountsReceivableNetCurrent`	$881.22K	USD	Point-in-time
Accounts receivable, net of allowance for bad debts of $80,000 and $41,000	`AccountsReceivableNetCurrent`	$1.51M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$131.52K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$115.02K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$137.95K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$250.23K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$95.44K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$884.51K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$57.92K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$22.00K	USD	Point-in-time
Total assets	`Assets`	$1.52M	USD	Point-in-time
Total assets	`Assets`	$2.80M	USD	Point-in-time
Bank line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Bank line of credit	`LinesOfCreditCurrent`	$178.63K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.95M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$7.67K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$12.42K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$6.33K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$5.94K	USD	Point-in-time
Convertible promissory note related party, net of discount of $-0- and $4,250	`OtherShortTermBorrowings`	-	USD	Point-in-time
Convertible promissory note related party, net of discount of $-0- and $4,250	`OtherShortTermBorrowings`	$46.75K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$88.83K	USD	Point-in-time
Capital leases	`CapitalLeaseObligationsCurrent`	$64.37K	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
Deferred revenue	`DeferredRevenueCurrent`	$1.36M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.02M	USD	Point-in-time
Total current liabilities	`Liabilities`	$3.62M	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`	$10.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.30M	USD	Point-in-time
Total SilverSun stockholders' deficit	`StockholdersEquity`	$-814.53K	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
Non-controlling interest in SWK Technologies, Inc.	`MinorityInterest`	-	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.80M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$1.52M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$2.43M	USD	Annual
Software product, net	`SalesRevenueGoodsNet`	$1.90M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$10.75M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$8.62M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$10.52M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$13.18M	USD	Annual
Product	`CostOfGoodsSold`	$1.17M	USD	Annual
Product	`CostOfGoodsSold`	$969.13K	USD	Annual
Service	`CostOfServices`	$6.67M	USD	Annual
Service	`CostOfServices`	$5.06M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$7.84M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$6.02M	USD	Annual
Gross profit	`GrossProfit`	$5.33M	USD	Annual
Gross profit	`GrossProfit`	$4.50M	USD	Annual
Selling and marketing expenses	`SellingExpense`	$2.30M	USD	Annual
Selling and marketing expenses	`SellingExpense`	$1.84M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.88M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.30M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.14M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	-	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$97.01K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$195.56K	USD	Annual
Total operating expenses	`SellingGeneralAndAdministrativeExpense`	$4.24M	USD	Annual
Total operating expenses	`SellingGeneralAndAdministrativeExpense`	$6.51M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-1.18M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$260.07K	USD	Annual
Gain on revaluation of derivatives	`DerivativeGainLossOnDerivativeNet`	-	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
Gain from extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$17.93K	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	-	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-76.67K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-142.11K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$2.45M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-58.74K	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.71M	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.24M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net income (loss)	`ProfitLoss`	$-1.24M	USD	Annual
Net income (loss)	`ProfitLoss`	$2.71M	USD	Annual
Net income attributable to non-controlling interest in SWK Technologies Inc.	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net income attributable to non-controlling interest in SWK Technologies Inc.	`NetIncomeLossAttributableToNoncontrollingInterest`	$92.38K	USD	Annual
Net income (loss) attributable to SilverSun Technologies, Inc.	`NetIncomeLoss`	$-1.24M	USD	Annual
Net income (loss) attributable to SilverSun Technologies, Inc.	`NetIncomeLoss`	$2.62M	USD	Annual
Basic income (loss) per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	Annual
Basic income (loss) per common share (in Dollars per share)	`EarningsPerShareBasic`	$0.58	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	115.40M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.48M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	115.40M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.80M	shares	Annual

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-1.24M	USD	Annual
Net income (loss)	`ProfitLoss`	$2.71M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$92.04K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$97.01K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	-	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$103.52K	USD	Annual
Gain on revaluation of derivative	`UnrealizedGainLossOnDerivatives`	$362.04K	USD	Annual
Gain on revaluation of derivative	`UnrealizedGainLossOnDerivatives`	-	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$4.25K	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$69.64K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$39.00K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.14M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	-	USD	Annual
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	$2.23M	USD	Annual
Gain on extinguishment of debt and derivative liability	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$17.93K	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	-	USD	Annual
Common stock issued for services	`CommonStockIssuedForServices`	$35.00K	USD	Annual
Common stock issued for services	`CommonStockIssuedForServices`	$80.55K	USD	Annual
Warrant issued in exchange for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Warrant issued in exchange for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$105.08K	USD	Annual
Return of shares for services not rendered	`ReturnOfSharesForServicesNotRendered`	$65.00K	USD	Annual
Return of shares for services not rendered	`ReturnOfSharesForServicesNotRendered`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$667.32K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$391.94K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-21.38K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-22.24K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-35.92K	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`	$693.14K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$25.93K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$4.75K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-393.00	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$51.96K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$529.73K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$42.42K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$392.80K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$905.91K	USD	Annual
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	-	USD	Annual
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	$441.96K	USD	Annual
Software development costs	`PaymentsToAcquireSoftware`	$198.59K	USD	Annual
Software development costs	`PaymentsToAcquireSoftware`	-	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.65K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$103.82K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.65K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-744.37K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$25.00K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$7.05K	USD	Annual
Proceeds from line of credit, net	`ProceedsFromLinesOfCredit`	$178.63K	USD	Annual
Proceeds from line of credit, net	`ProceedsFromLinesOfCredit`	-	USD	Annual
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	$51.00K	USD	Annual
Proceeds from convertible promissory note related party	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from promissory notes	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from promissory notes	`ProceedsFromNotesPayable`	$550.00K	USD	Annual
Repayment of promissory notes	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayment of promissory notes	`RepaymentsOfNotesPayable`	$550.00K	USD	Annual
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	$735.00K	USD	Annual
Repayment of convertible debentures	`RepaymentsOfConvertibleDebt`	-	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$26.88K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$49.25K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-735.88K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$122.33K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$129.38K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-229.24K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	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`	$104.34K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	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`	$104.34K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Interest	`InterestPaid`	$15.14K	USD	Annual
Interest	`InterestPaid`	$66.78K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Exchange of shares of SWK for shares of SilverSun Technologies, Inc (in Shares)	`StockholdersEquityOtherShares`	22.66M	shares	Annual
Conversion of Convertible Securities	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$43.95K	USD	Annual
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$1.14M	USD	Annual
Return of common stock that was previously issued for services	`ReturnOfSharesForServicesNotRendered`	$65.00K	USD	Annual
Return of common stock that was previously issued for services	`ReturnOfSharesForServicesNotRendered`	-	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$107.40K	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$105.08K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$35.00K	USD	Annual
Forgiveness of debt and gain from extinguishment of derivative liability related party	`AdjustmentsToAdditionalPaidInCapitalOther`	$1.44M	USD	Annual
Net loss	`ProfitLoss`	$-1.24M	USD	Annual
Net loss	`ProfitLoss`	$2.71M	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-5.11M	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.