10-Q Filing

FULLNET COMMUNICATIONS INC CIK: 1092570 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001254089-14-000029`
Period End Date	20140930
Filing Date	20141113
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	fulo-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 72 Cash Flow Statement 56 Stockholders Equity 16

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$10.85K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$18.66K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$30.07K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.21K	USD	Point-in-time
Preferred stock Series A convertible, shares outstanding	`PreferredStockSharesOutstanding`	987,102.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$9.53K	USD	Point-in-time
Preferred stock Series A convertible, shares outstanding	`PreferredStockSharesOutstanding`	987,102.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNet`	$17.54K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.75K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.73K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$56.34K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.50K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.12M	shares	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$44.63K	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$115.55K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.12M	shares	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`OtherAssetsNoncurrent`	$10.95K	USD	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`OtherAssetsNoncurrent`	$6.52K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$151.56K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$111.92K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$193.72K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$127.08K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$410.76K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$482.03K	USD	Point-in-time
Convertible notes payable, related party - current portion	`ConvertibleNotesPayableCurrent`	$45.06K	USD	Point-in-time
Convertible notes payable, related party - current portion	`ConvertibleNotesPayableCurrent`	$46.81K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$347.70K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$302.13K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$885.03K	USD	Point-in-time
CONVERTIBLE NOTES PAYABLE, related party - less current portion	`ConvertibleLongTermNotesPayable`	$207.00K	USD	Point-in-time
CONVERTIBLE NOTES PAYABLE, related party - less current portion	`ConvertibleLongTermNotesPayable`	$230.13K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.12M	USD	Point-in-time
Preferred stock	`PreferredStockValueOutstanding`	$430.38K	USD	Point-in-time
Preferred stock	`PreferredStockValueOutstanding`	$475.77K	USD	Point-in-time
Common stock	`CommonStockValueOutstanding`	$91.00	USD	Point-in-time
Common stock	`CommonStockValueOutstanding`	$91.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.69M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.29M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.13M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-1.00M	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$111.92K	USD	Point-in-time
TOTAL LIABILITES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$151.56K	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Access service revenues	`SalesRevenueNet`	$65.77K	USD	3 Qtrs
Access service revenues	`SalesRevenueNet`	$22.70K	USD	1 Quarter
Access service revenues	`SalesRevenueNet`	$29.64K	USD	1 Quarter
Access service revenues	`SalesRevenueNet`	$95.94K	USD	3 Qtrs
Co-location and other revenues	`OtherSalesRevenueNet`	$1.23M	USD	3 Qtrs
Co-location and other revenues	`OtherSalesRevenueNet`	$391.88K	USD	1 Quarter
Co-location and other revenues	`OtherSalesRevenueNet`	$393.36K	USD	1 Quarter
Co-location and other revenues	`OtherSalesRevenueNet`	$1.13M	USD	3 Qtrs
Total revenues	`Revenues`	$421.52K	USD	1 Quarter
Total revenues	`Revenues`	$416.06K	USD	1 Quarter
Total revenues	`Revenues`	$1.30M	USD	3 Qtrs
Total revenues	`Revenues`	$1.22M	USD	3 Qtrs
Cost of access service revenues	`CostOfGoodsAndServicesSold`	$24.56K	USD	1 Quarter
Cost of access service revenues	`CostOfGoodsAndServicesSold`	$27.82K	USD	1 Quarter
Cost of access service revenues	`CostOfGoodsAndServicesSold`	$83.83K	USD	3 Qtrs
Cost of access service revenues	`CostOfGoodsAndServicesSold`	$76.18K	USD	3 Qtrs
Cost of co-location and other revenues	`OtherCostOfOperatingRevenue`	$259.95K	USD	3 Qtrs
Cost of co-location and other revenues	`OtherCostOfOperatingRevenue`	$87.46K	USD	1 Quarter
Cost of co-location and other revenues	`OtherCostOfOperatingRevenue`	$267.69K	USD	3 Qtrs
Cost of co-location and other revenues	`OtherCostOfOperatingRevenue`	$90.82K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.06M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$343.56K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.01M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$357.41K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.60K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$29.43K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$22.37K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.97K	USD	1 Quarter
Total operating costs and expenses	`OperatingCostsAndExpenses`	$480.03K	USD	1 Quarter
Total operating costs and expenses	`OperatingCostsAndExpenses`	$1.39M	USD	3 Qtrs
Total operating costs and expenses	`OperatingCostsAndExpenses`	$469.16K	USD	1 Quarter
Total operating costs and expenses	`OperatingCostsAndExpenses`	$1.42M	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-47.64K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-162.71K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-127.39K	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-63.97K	USD	1 Quarter
GAIN ON SERIES A CONVERTIBLE PREFERRED STOCK ISSUED IN EXCHANGE FOR INDEBTEDNESS	`GainsLossesOnRestructuringOfDebt`	-	USD	3 Qtrs
GAIN ON SERIES A CONVERTIBLE PREFERRED STOCK ISSUED IN EXCHANGE FOR INDEBTEDNESS	`GainsLossesOnRestructuringOfDebt`	$401.00K	USD	3 Qtrs
GAIN ON SERIES A CONVERTIBLE PREFERRED STOCK ISSUED IN EXCHANGE FOR INDEBTEDNESS	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
GAIN ON SERIES A CONVERTIBLE PREFERRED STOCK ISSUED IN EXCHANGE FOR INDEBTEDNESS	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	$11.98K	USD	3 Qtrs
INTEREST EXPENSE	`InterestExpense`	$4.29K	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	$15.40K	USD	3 Qtrs
INTEREST EXPENSE	`InterestExpense`	$3.89K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$222.90K	USD	3 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-67.85K	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-139.37K	USD	3 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-51.93K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStock`	$-37.61K	USD	3 Qtrs
Preferred stock dividends	`DividendsPreferredStock`	$-15.13K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStock`	$-45.39K	USD	3 Qtrs
Preferred stock dividends	`DividendsPreferredStock`	$-29.00K	USD	1 Quarter
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-82.98K	USD	1 Quarter
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-80.93K	USD	1 Quarter
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$185.29K	USD	3 Qtrs
Net income (loss) available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-184.76K	USD	3 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$0.02	USD	3 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.02	USD	3 Qtrs
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share - assuming dilution	`EarningsPerShareDiluted`	$0.02	USD	3 Qtrs
Net income (loss) per share - assuming dilution	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per share - assuming dilution	`EarningsPerShareDiluted`	$-0.02	USD	3 Qtrs
Net income (loss) per share - assuming dilution	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.12M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.12M	shares	3 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.12M	shares	3 Qtrs
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.12M	shares	1 Quarter
Weighted average shares outstanding - assuming dilution	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.61M	shares	3 Qtrs
Weighted average shares outstanding - assuming dilution	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.12M	shares	1 Quarter
Weighted average shares outstanding - assuming dilution	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.12M	shares	1 Quarter
Weighted average shares outstanding - assuming dilution	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.12M	shares	3 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$222.90K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-67.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-139.37K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-51.93K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.60K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$29.43K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$22.37K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.97K	USD	1 Quarter
Stock options compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$16.91K	USD	3 Qtrs
Stock options compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$45.88K	USD	3 Qtrs
Stock warrants issued for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	-	USD	3 Qtrs
Stock warrants issued for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$6.18K	USD	3 Qtrs
Provision for uncollectible accounts receivable	`ProvisionForDoubtfulAccounts`	$15.45K	USD	3 Qtrs
Provision for uncollectible accounts receivable	`ProvisionForDoubtfulAccounts`	$-11.00K	USD	3 Qtrs
(Gain) on Series A convertible preferred stock issued in exchange for indebtedness	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
(Gain) on Series A convertible preferred stock issued in exchange for indebtedness	`GainsLossesOnExtinguishmentOfDebt`	$-401.00K	USD	3 Qtrs
Net (increase) decrease in Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-14.87K	USD	3 Qtrs
Net (increase) decrease in Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.01K	USD	3 Qtrs
Net (increase) decrease in Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-4.02K	USD	3 Qtrs
Net (increase) decrease in Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-5.53K	USD	3 Qtrs
Net increase (decrease) in Accounts payable	`IncreaseDecreaseInAccountsPayable`	$30.11K	USD	3 Qtrs
Net increase (decrease) in Accounts payable	`IncreaseDecreaseInAccountsPayable`	$25.08K	USD	3 Qtrs
Net increase (decrease) in Accrued and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$82.12K	USD	3 Qtrs
Net increase (decrease) in Accrued and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$71.27K	USD	3 Qtrs
Net increase (decrease) in Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$32.42K	USD	3 Qtrs
Net increase (decrease) in Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$45.57K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$31.00K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.90K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-59.38K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-5.63K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.63K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-59.38K	USD	3 Qtrs
Principal payments on borrowings under notes payable - related party	`RepaymentsOfNotesPayable`	$-17.56K	USD	3 Qtrs
Principal payments on borrowings under notes payable - related party	`RepaymentsOfNotesPayable`	$-21.38K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.56K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.38K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-22.86K	USD	3 Qtrs
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.81K	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.85K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$30.07K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.21K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.85K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$30.07K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.21K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$11.98K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$14.01K	USD	3 Qtrs
Property and equipment purchased on accounts	`PropertyAndEquipmentPurchasedOnAccounts`	36,532.00	pure	3 Qtrs
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfPreferredStockDiscountOnShares`	$37.61K	USD	3 Qtrs
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfPreferredStockDiscountOnShares`	$45.39K	USD	3 Qtrs
Series A convertible preferred stock issued for settlement of debt and accrued interest	`SeriesAConvertiblePreferredStockIssuedForSettlementOfDebtAndAccruedInterest`	$59.64K	USD	3 Qtrs
Series A convertible preferree stock issued for settlement of accounts payable	`SeriesAConvertiblePreferreeStockIssuedForSettlementOfAccountsPayable`	$317.96K	USD	3 Qtrs
Series A convertible preferred stock issued for settlement of deferred compensation	`SeriesAConvertiblePreferredStockIssuedForSettlementOfDeferredCompensation`	$656.13K	USD	3 Qtrs
Increasing dividend rate preferred stock discount	`IncreasingDividendRatePreferredStockDiscount`	$-309.34K	USD	3 Qtrs
Reclassification of accounts payable to convertible debt - related party	`ReclassificationOfAccountsPayableToConvertibleDebtRelatedParty`	$50.00K	USD	3 Qtrs

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Stockholders' deficit	`StockholdersEquity`	$-1.13M	USD	Point-in-time
Stockholders' deficit	`StockholdersEquity`	$-1.00M	USD	Point-in-time
Shares outstanding	`SharesOutstanding`	10.11M	shares	Point-in-time
Shares outstanding	`SharesOutstanding`	10.11M	shares	Point-in-time
Stock options compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$16.91K	USD	3 Qtrs
Stock options compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$45.88K	USD	3 Qtrs
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfPreferredStockDiscountOnShares`	$37.61K	USD	3 Qtrs
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfPreferredStockDiscountOnShares`	$45.39K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$222.90K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-67.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-139.37K	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-51.93K	USD	1 Quarter
Stockholders' deficit	`StockholdersEquity`	$-1.13M	USD	Point-in-time
Stockholders' deficit	`StockholdersEquity`	$-1.00M	USD	Point-in-time
Shares outstanding	`SharesOutstanding`	10.11M	shares	Point-in-time
Shares outstanding	`SharesOutstanding`	10.11M	shares	Point-in-time

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