10-Q Filing

FULLNET COMMUNICATIONS INC CIK: 1092570 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001376474-20-000123`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	fulo-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 28 Cash Flow Statement 52 Stockholders Equity 16

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	875,054.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$842.65K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$612.00K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	875,054.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$466.49K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	875,054.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	875,054.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.16K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$943.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$33.52K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$19.99K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$632.93K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$882.33K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$57.75K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	14.54M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	14.54M	shares	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$60.61K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	14.54M	shares	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$18.25K	USD	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$18.25K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	14.54M	shares	Point-in-time
RIGHT OF USE LEASED ASSET	`CapitalLeasedAssetsGross`	$618.33K	USD	Point-in-time
RIGHT OF USE LEASED ASSET	`CapitalLeasedAssetsGross`	$593.24K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.55M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$60.21K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.79K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$475.78K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$505.21K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$103.65K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$105.87K	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$508.86K	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$670.42K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.34M	USD	Point-in-time
OPERATING LEASE LIABILITY - net of current portion	`OperatingLeaseLiabilityNoncurrent`	$514.68K	USD	Point-in-time
OPERATING LEASE LIABILITY - net of current portion	`OperatingLeaseLiabilityNoncurrent`	$487.37K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.65M	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	$557.39K	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	$554.52K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$145.00	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$145.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.94M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.77M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.82M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-274.65K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-326.49K	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.55M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.33M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`TotalRevenue`	$714.35K	USD	1 Quarter
Total revenue	`TotalRevenue`	$599.83K	USD	1 Quarter
Cost of revenue	`CostOfRevenue1`	$108.67K	USD	1 Quarter
Cost of revenue	`CostOfRevenue1`	$76.79K	USD	1 Quarter
Selling, general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$554.66K	USD	1 Quarter
Selling, general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$490.01K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.18K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.19K	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$570.99K	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$665.52K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$48.82K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$28.84K	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncome`	$1.78K	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncome`	$89.96K	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	-	USD	1 Quarter
INTEREST EXPENSE	`InterestExpense`	$277.00	USD	1 Quarter
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$50.61K	USD	1 Quarter
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$118.53K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$20.64K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$20.38K	USD	1 Quarter
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$30.23K	USD	1 Quarter
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$97.89K	USD	1 Quarter
Net income - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Net income - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	13.74M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.54M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.50M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.25M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$50.61K	USD	1 Quarter
Net income	`ProfitLoss`	$118.53K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.19K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.18K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$25.10K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$36.63K	USD	1 Quarter
Stock options and warrants expense	`StockOptionsAndWarrantsExpense`	$1.23K	USD	1 Quarter
Stock options and warrants expense	`StockOptionsAndWarrantsExpense`	$33.29K	USD	1 Quarter
Provision for (recovery of) uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$-2.00K	USD	1 Quarter
Provision for (recovery of) uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$1.81K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.03K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.87K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.54K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$10.76K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$9.43K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-289.00	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-1.00K	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$29.43K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$19.05K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$74.30K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$161.56K	USD	1 Quarter
Operating lease obligation	`OperatingLeaseObligation`	$-32.56K	USD	1 Quarter
Operating lease obligation	`OperatingLeaseObligation`	$-25.10K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$246.25K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$235.69K	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.05K	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.05K	USD	1 Quarter
Principal payments on borrowings under notes payable - related party	`RepaymentsOfRelatedPartyDebt`	$27.89K	USD	1 Quarter
Principal payments on borrowings under notes payable - related party	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Exercise of warrants	`ExerciseOfWarrants`	$1.90K	USD	1 Quarter
Exercise of warrants	`ExerciseOfWarrants`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.99K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$230.64K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$220.26K	USD	1 Quarter
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$842.65K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$612.00K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$466.49K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$842.65K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$612.00K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$466.49K	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	USD	Point-in-time
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	`InterestPaid`	$277.00	USD	1 Quarter
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	`InterestPaid`	-	USD	1 Quarter
Right of use assets and operating lease liabilities recognized	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$1.08M	USD	1 Quarter
Right of use assets and operating lease liabilities recognized	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	-	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$3.36K	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$2.87K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-733.26K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-579.55K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-274.65K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-326.49K	USD	Point-in-time
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$1.23K	USD	1 Quarter
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$17.93K	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfIncreasingDividendRatePreferredStockDiscount2`	-	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$50.61K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$118.53K	USD	1 Quarter
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-733.26K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-579.55K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-274.65K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-326.49K	USD	Point-in-time
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfIncreasingDividendRatePreferredStockDiscount3`	-	USD	1 Quarter
Warrants issued, amount	`WarrantsIssuedAmount`	$15.36K	USD	1 Quarter
Warrants exercised, amount	`WarrantsExercisedAmount`	$1.90K	USD	1 Quarter

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