10-Q Filing

QXO, INC. CIK: 1236275 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001185185-15-001122`
Period End Date	20150331
Filing Date	20150506
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	ssnt-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 43 Cash Flow Statement 62 Stockholders Equity 16

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$125.00K	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`	$2.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Accounts receivable, net of allowance of $125,000	`AccountsReceivableNetCurrent`	$2.30M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	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	`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
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$518.05K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$207.06K	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$195.78K	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
Deferred tax asset current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$38.00K	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred tax asset current	`DeferredTaxAssetsLiabilitiesNetCurrent`	$38.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.45M	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.87M	USD	Point-in-time
Issued	`CommonStockSharesIssued`	4.33M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$281.72K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$295.05K	USD	Point-in-time
Issued	`CommonStockSharesIssued`	3.96M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$990.73K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	3.96M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$809.48K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	4.33M	shares	Point-in-time
Goodwill	`Goodwill`	$56.00K	USD	Point-in-time
Goodwill	`Goodwill`	$56.00K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$190.50K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$26.73K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$28.99K	USD	Point-in-time
Total assets	`Assets`	$7.00M	USD	Point-in-time
Total assets	`Assets`	$5.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	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`	$690.54K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$14.48K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$14.72K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$76.00K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$291.08K	USD	Point-in-time
Long term debt - current portion	`LongTermDebtCurrent`	$186.61K	USD	Point-in-time
Long term debt - current portion	`LongTermDebtCurrent`	$174.58K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$65.27K	USD	Point-in-time
Capital lease obligations current portion	`CapitalLeaseObligationsCurrent`	$58.10K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.47M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.73M	USD	Point-in-time
Long term debt, net of current portion	`LongTermDebtNoncurrent`	$343.54K	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`	$54.58K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.62M	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 4,331,252 and 3,959,064 shares issued and outstanding	`CommonStockValue`	$44.00	USD	Point-in-time
Par value $.00001; authorized 75,000,000 shares 4,331,252 and 3,959,064 shares issued and outstanding	`CommonStockValue`	$40.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.02M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$5.06M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$7.00M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Software product, net	`SalesRevenueGoodsNet`	$1.38M	USD	1 Quarter
Software product, net	`SalesRevenueGoodsNet`	$609.97K	USD	1 Quarter
Service, net	`SalesRevenueServicesNet`	$5.10M	USD	1 Quarter
Service, net	`SalesRevenueServicesNet`	$4.31M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$4.92M	USD	1 Quarter
Total revenues, net	`SalesRevenueNet`	$6.48M	USD	1 Quarter
Product	`CostOfGoodsSold`	$327.40K	USD	1 Quarter
Product	`CostOfGoodsSold`	$637.51K	USD	1 Quarter
Service	`CostOfServices`	$3.05M	USD	1 Quarter
Service	`CostOfServices`	$2.49M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$3.68M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$2.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.80M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$912.13K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$732.27K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.19M	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$30.41K	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$11.28K	USD	1 Quarter
Depreciation and amortization	`OtherDepreciationAndAmortization`	$111.96K	USD	1 Quarter
Depreciation and amortization	`OtherDepreciationAndAmortization`	$77.73K	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$1.90M	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$2.24M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$201.64K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$557.97K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-9.99K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-12.22K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-9.99K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-12.22K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$545.75K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$191.65K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$70.91K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$24.58K	USD	1 Quarter
Net income	`ProfitLoss`	$192.90K	USD	Annual
Net income	`ProfitLoss`	$521.17K	USD	1 Quarter
Net income	`ProfitLoss`	$120.74K	USD	1 Quarter
Net income per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.03	USD	1 Quarter
Net income per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.13	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.04M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.93M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.05M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.93M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$192.90K	USD	Annual
Net income	`ProfitLoss`	$521.17K	USD	1 Quarter
Net income	`ProfitLoss`	$120.74K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$24.11K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-190.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.21K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.33K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$49.40K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$73.75K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$30.41K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$11.28K	USD	1 Quarter
Common stock issued in exchange for services	`IssuanceOfCommonStockForServicesOrClaims`	-	USD	1 Quarter
Common stock issued in exchange for services	`IssuanceOfCommonStockForServicesOrClaims`	$20.98K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$207.18K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.83K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInUnbilledReceivables`	$288.06K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInUnbilledReceivables`	$25.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$62.48K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$11.28K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$2.26K	USD	1 Quarter
Deposits and other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-62.03K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$119.28K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$135.59K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-103.61K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$215.08K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-271.00	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-232.00	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$169.81K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$255.99K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$400.63K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$450.76K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.87K	USD	1 Quarter
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	$80.00K	USD	1 Quarter
Acquisition of new business	`PaymentsToAcquireBusinessesGross`	-	USD	1 Quarter
Net cash (used in) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-104.87K	USD	1 Quarter
Net cash (used in) in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$41.99K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$62.36K	USD	1 Quarter
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$19.51K	USD	1 Quarter
Principal payments under capital leases obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$14.62K	USD	1 Quarter
Issuance of common stock and warrants, net of fees	`ProceedsFromIssuanceOrSaleOfEquity`	$812.02K	USD	1 Quarter
Issuance of common stock and warrants, net of fees	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Issuance of common stock and warrants, net of fees	`ProceedsFromIssuanceOrSaleOfEquity`	$812.02K	USD	Point-in-time
Net cash provided by (used in) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$730.15K	USD	1 Quarter
Net cash provided by (used in) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-56.61K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$344.02K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.08M	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.38M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.38M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$762.89K	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Interest	`InterestPaid`	$4.50K	USD	1 Quarter
Interest	`InterestPaid`	$13.14K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$27.73K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$22.14K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38M	USD	Point-in-time
Issuance of common stock, net of fees	`StockIssuedDuringPeriodValueNewIssues`	$812.02K	USD	1 Quarter
Issuance of common stock, net of fees (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	363,490.00	shares	1 Quarter
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
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$30.41K	USD	1 Quarter
Share-Based Compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$130.25K	USD	Annual
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$69.50K	USD	Annual
Net income (loss)	`ProfitLoss`	$192.90K	USD	Annual
Net income (loss)	`ProfitLoss`	$521.17K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$120.74K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.61K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-399.84K	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38M	USD	Point-in-time

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