10-K Filing

QXO, INC. CIK: 1236275 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001185185-14-000693`
Period End Date	20131231
Filing Date	20140331
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	ssnt-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 46 Cash Flow Statement 68 Stockholders Equity 15

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for bad debts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$80.00K	USD	Point-in-time
Accounts receivable, allowance for bad debts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$80.00K	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`	$762.89K	USD	Point-in-time
Accounts receivable, net of allowance for bad debts of $80,000 and $80,000	`AccountsReceivableNetCurrent`	$1.51M	USD	Point-in-time
Accounts receivable, net of allowance for bad debts of $80,000 and $80,000	`AccountsReceivableNetCurrent`	$1.57M	USD	Point-in-time
Deferred tax asset current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$40.00K	USD	Point-in-time
Deferred tax asset current	`DeferredTaxAssetsLiabilitiesNetCurrent`	-	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$131.52K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$159.28K	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.54M	USD	Point-in-time
Issued	`CommonStockSharesIssued`	116.95M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$250.23K	USD	Point-in-time
Issued	`CommonStockSharesIssued`	117.68M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$241.90K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$884.51K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	116.95M	shares	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	117.68M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$687.88K	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	-	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$80.00K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$22.00K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$22.84K	USD	Point-in-time
Total assets	`Assets`	$3.57M	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
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$175.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.84M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.95M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$13.29K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$12.42K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$2.67K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$5.94K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$88.83K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$53.73K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.72M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.82M	USD	Point-in-time
Capital lease obligations long-term	`CapitalLeaseObligationsNoncurrent`	$48.62K	USD	Point-in-time
Capital lease obligations long-term	`CapitalLeaseObligationsNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$104.52K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.62M	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`	$10.72M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.21M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$3.57M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.80M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$3.42M	USD	Annual
Software product, net	`SalesRevenueGoodsNet`	$2.43M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$13.98M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$10.75M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$17.40M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$13.18M	USD	Annual
Product	`CostOfGoodsSold`	$1.17M	USD	Annual
Product	`CostOfGoodsSold`	$1.71M	USD	Annual
Service	`CostOfServices`	$6.67M	USD	Annual
Service	`CostOfServices`	$8.94M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$10.65M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$7.84M	USD	Annual
Gross profit	`GrossProfit`	$5.33M	USD	Annual
Gross profit	`GrossProfit`	$6.75M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$3.24M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$2.30M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.88M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.93M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$17.62K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.14M	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$195.56K	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$301.96K	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.49M	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.51M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-1.18M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$258.60K	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	-	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$17.93K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-76.67K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-56.06K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-56.06K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-58.74K	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.24M	USD	Annual
Income (loss) from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$202.55K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-120.00K	USD	Annual
Net income (loss)	`ProfitLoss`	$-1.24M	USD	Annual
Net income (loss)	`ProfitLoss`	$322.55K	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`	-	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	Annual
Diluted income (loss) per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	117.06M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	115.40M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	117.06M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	115.40M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-1.24M	USD	Annual
Net income (loss)	`ProfitLoss`	$322.55K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-120.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$105.33K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$92.04K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$196.63K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$103.52K	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$4.25K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$39.00K	USD	Annual
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$1.14M	USD	Annual
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$17.62K	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	-	USD	Annual
Gain from bargain purchase	`BusinessCombinationBargainPurchaseGainRecognizedAmount`	$17.93K	USD	Annual
Common stock issued for services	`IssuanceOfCommonStockForServicesOrClaims`	$35.00K	USD	Annual
Common stock issued for services	`IssuanceOfCommonStockForServicesOrClaims`	$21.00K	USD	Annual
Warrant issued in exchange for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$28.53K	USD	Annual
Warrant issued in exchange for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$105.08K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$667.32K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$65.46K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$27.76K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-22.24K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$840.00	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-35.92K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$693.14K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-91.95K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$869.00	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$4.75K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-3.27K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-393.00	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$357.75K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$42.42K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$741.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$392.80K	USD	Annual
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	$441.96K	USD	Annual
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	-	USD	Annual
Software development costs	`PaymentsToAcquireSoftware`	-	USD	Annual
Software development costs	`PaymentsToAcquireSoftware`	$198.59K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$103.82K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.36K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-744.37K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.36K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$7.05K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Proceeds from (repayment of) line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-178.63K	USD	Annual
Proceeds from (repayment of) line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$178.63K	USD	Annual
Proceed from term loan	`ProceedsFromNotesPayable`	$350.00K	USD	Annual
Proceed from term loan	`ProceedsFromNotesPayable`	-	USD	Annual
Repayment of term loan	`RepaymentsOfNotesPayable`	$70.48K	USD	Annual
Repayment of term loan	`RepaymentsOfNotesPayable`	-	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$53.11K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$49.25K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$122.33K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$47.78K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-229.24K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$758.41K	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`	$762.89K	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`	$762.89K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual
Interest	`InterestPaid`	$66.78K	USD	Annual
Interest	`InterestPaid`	$69.13K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$1.14M	USD	Annual
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$17.62K	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$28.53K	USD	Annual
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$105.08K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$21.00K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$35.00K	USD	Annual
Issuance of common stock for services (in Shares)	`StockIssuedDuringPeriodSharesIssuedForServices`	300,000.00	shares	Annual
Net income (loss)	`ProfitLoss`	$-1.24M	USD	Annual
Net income (loss)	`ProfitLoss`	$322.55K	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-899.64K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time

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