10-K Filing

QXO, INC. CIK: 1236275 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001185185-15-000716`
Period End Date	20141231
Filing Date	20150331
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	ssnt-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 44 Cash Flow Statement 68 Stockholders Equity 16

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$125.00K	USD	Point-in-time
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$80.00K	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance of $125,000 and $80,000	`AccountsReceivableNetCurrent`	$1.57M	USD	Point-in-time
Accounts receivable, net of allowance of $125,000 and $80,000	`AccountsReceivableNetCurrent`	$2.10M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$230.00K	USD	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$90.00K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$195.78K	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$69.28K	USD	Point-in-time
Deferred tax assets - current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$38.00K	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Deferred tax assets - current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$40.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.54M	USD	Point-in-time
Issued	`CommonStockSharesIssued`	3.96M	shares	Point-in-time
Issued	`CommonStockSharesIssued`	3.92M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$241.90K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	3.96M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$295.05K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	3.92M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$687.88K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$809.48K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$56.00K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$80.00K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	-	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$22.84K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$26.73K	USD	Point-in-time
Total assets	`Assets`	$5.06M	USD	Point-in-time
Total assets	`Assets`	$3.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.39M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$794.16K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$676.51K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$14.72K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$13.29K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$76.00K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	$2.67K	USD	Point-in-time
Due to related party	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Note payable to related party	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Long term debt current portion	`LongTermDebtCurrent`	$174.58K	USD	Point-in-time
Long term debt current portion	`LongTermDebtCurrent`	$175.00K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$53.73K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$65.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.22M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.73M	USD	Point-in-time
Long term debt net of current portion	`LongTermDebtNoncurrent`	$104.52K	USD	Point-in-time
Long term debt net of current portion	`LongTermDebtNoncurrent`	$242.93K	USD	Point-in-time
Capital lease obligations net of current portion	`CapitalLeaseObligationsNoncurrent`	$66.92K	USD	Point-in-time
Capital lease obligations net of current portion	`CapitalLeaseObligationsNoncurrent`	$48.62K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.04M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Par value $.00001; authorized 75,000,000 shares 3,959,064 and 3,922,566 shares issued and outstanding	`CommonStockValue`	$40.00	USD	Point-in-time
Par value $.00001; authorized 75,000,000 shares 3,959,064 and 3,922,566 shares issued and outstanding	`CommonStockValue`	$39.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.02M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$3.57M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.06M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$3.42M	USD	Annual
Software product, net	`SalesRevenueGoodsNet`	$3.67M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$17.79M	USD	Annual
Service, net	`SalesRevenueServicesNet`	$13.98M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$17.40M	USD	Annual
Total revenues, net	`SalesRevenueNet`	$21.46M	USD	Annual
Product	`CostOfGoodsSold`	$1.87M	USD	Annual
Product	`CostOfGoodsSold`	$1.71M	USD	Annual
Service	`CostOfServices`	$11.02M	USD	Annual
Service	`CostOfServices`	$8.94M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$10.65M	USD	Annual
Total cost of revenues	`CostOfRevenue`	$12.89M	USD	Annual
Gross profit	`GrossProfit`	$6.75M	USD	Annual
Gross profit	`GrossProfit`	$8.57M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$3.33M	USD	Annual
Selling and marketing expenses	`SellingAndMarketingExpense`	$3.24M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.28M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.93M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$130.25K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$17.62K	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$364.57K	USD	Annual
Depreciation and amortization	`OtherDepreciationAndAmortization`	$301.96K	USD	Annual
Total operating expenses	`OperatingExpenses`	$8.10M	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.49M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$470.65K	USD	Annual
Income from operations	`OperatingIncomeLoss`	$258.60K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-56.06K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-59.75K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-56.06K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-59.75K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$202.55K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$410.90K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-120.00K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$218.00K	USD	Annual
Net income	`ProfitLoss`	$322.55K	USD	Annual
Net income	`ProfitLoss`	$192.90K	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.05	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.08	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.08	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.90M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.94M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.90M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.94M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$322.55K	USD	Annual
Net income	`ProfitLoss`	$192.90K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-120.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$82.00K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$120.30K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$105.33K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$244.27K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$196.63K	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$45.00K	USD	Annual
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$130.25K	USD	Annual
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$17.62K	USD	Annual
Common stock issued for services	`IssuanceOfCommonStockForServicesOrClaims`	$69.50K	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`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$567.46K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$65.46K	USD	Annual
Unbilled services	`IncreaseDecreaseInUnbilledReceivables`	$140.00K	USD	Annual
Unbilled services	`IncreaseDecreaseInUnbilledReceivables`	$90.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$126.50K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-62.24K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$3.89K	USD	Annual
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$840.00	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-27.43K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$233.82K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-64.53K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$138.44K	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$76.00K	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$1.42K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$869.00	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-2.67K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-3.27K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$499.56K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$357.75K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$992.95K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$741.00K	USD	Annual
Software development costs	`PaymentsToDevelopSoftware`	$71.88K	USD	Annual
Software development costs	`PaymentsToDevelopSoftware`	-	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.36K	USD	Annual
Purchases of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$81.12K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.36K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-152.99K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	$20.00K	USD	Annual
Repayment of notes payable to related parties	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-178.63K	USD	Annual
Repayment of line of credit, net	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	Annual
Proceed from term loan	`ProceedsFromLoans`	-	USD	Annual
Proceed from term loan	`ProceedsFromLoans`	$350.00K	USD	Annual
Repayments of long term debt	`RepaymentsOfLongTermDebt`	$212.01K	USD	Annual
Repayments of long term debt	`RepaymentsOfLongTermDebt`	$70.48K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$62.50K	USD	Annual
Principal payment under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$53.11K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-294.51K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$47.78K	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$545.45K	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$758.41K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.48K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	$28.60K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$70.69K	USD	Annual
Interest	`InterestPaid`	$69.13K	USD	Annual
Interest	`InterestPaid`	$59.78K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Issuance of warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$28.53K	USD	Annual
Common stock issued in a cashless exercise of warrants	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$-1.00	USD	Annual
Issuance of common stock for repayment of accrued liabilities	`StockIssuedDuringPeriodValueOther`	$20.79K	USD	Annual
Issuance of common stock for repayment of accrued liabilities	`StockIssuedDuringPeriodValueOther`	$25.00K	USD	Annual
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$17.62K	USD	Annual
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$130.25K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$69.50K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$21.00K	USD	Annual
Net income (loss)	`ProfitLoss`	$322.55K	USD	Annual
Net income (loss)	`ProfitLoss`	$192.90K	USD	Annual
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-814.53K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time

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