10-K Filing

FULLNET COMMUNICATIONS INC CIK: 1092570 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001376474-21-000113`
Period End Date	20201231
Filing Date	20210331
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	fulo-20201231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 34 Cash Flow Statement 72 Stockholders Equity 28

Balance Sheet 61 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	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`	$1.41M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	568,257.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$30.75K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	568,257.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$943.00	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	875,054.00	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$19.64K	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`	$1.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$632.93K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$62.97K	USD	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`	16.46M	shares	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$18.25K	USD	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$26.16K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	14.54M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	16.46M	shares	Point-in-time
RIGHT OF USE LEASED ASSET	`RightOfUseLeasedAsset`	$514.68K	USD	Point-in-time
RIGHT OF USE LEASED ASSET	`RightOfUseLeasedAsset`	$618.33K	USD	Point-in-time
DEFERRED TAX ASSET	`DeferredTaxAssetsNet`	-	USD	Point-in-time
DEFERRED TAX ASSET	`DeferredTaxAssetsNet`	$339.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.33M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.79K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.20K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$475.78K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$557.13K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$103.65K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$112.81K	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$508.86K	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$777.03K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	USD	Point-in-time
OPERATING LEASE LIABILITY - less current portion	`OperatingLeaseLiabilityNoncurrent`	$514.68K	USD	Point-in-time
OPERATING LEASE LIABILITY - less current portion	`OperatingLeaseLiabilityNoncurrent`	$401.87K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.65M	USD	Point-in-time
Preferred Stock, Value, Issued	`PreferredStockValue`	$554.52K	USD	Point-in-time
Preferred Stock, Value, Issued	`PreferredStockValue`	$353.50K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$165.00	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`	$9.06M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.92M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.82M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-326.49K	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$502.26K	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$2.40M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)	`LiabilitiesAndStockholdersEquity`	$1.33M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenues, net	`TotalRevenue`	$2.42M	USD	Annual
Total revenues, net	`TotalRevenue`	$3.50M	USD	Annual
Cost of revenue	`CostOfRevenue1`	$320.61K	USD	Annual
Cost of revenue	`CostOfRevenue1`	$502.50K	USD	Annual
Selling, general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$1.88M	USD	Annual
Selling, general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$2.26M	USD	Annual
Depreciation and amortization expenses	`DepreciationAndAmortization`	$15.79K	USD	Annual
Depreciation and amortization expenses	`DepreciationAndAmortization`	$8.97K	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$2.77M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$2.22M	USD	Annual
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$730.13K	USD	Annual
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$200.49K	USD	Annual
Other income	`OtherNonoperatingIncome`	$117.08K	USD	Annual
Other income	`OtherNonoperatingIncome`	$3.15K	USD	Annual
Interest expense	`InterestExpense`	$277.00	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
NET INCOME BEFORE INCOME TAX	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$733.29K	USD	Annual
NET INCOME BEFORE INCOME TAX	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$317.29K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-339.20K	USD	Annual
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$317.29K	USD	Annual
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$1.07M	USD	Annual
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$81.73K	USD	Annual
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$59.77K	USD	Annual
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$235.56K	USD	Annual
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.01M	USD	Annual
basic	`ContinuingOperationsBasic`	$0.07	USD	Annual
basic	`ContinuingOperationsBasic`	$0.02	USD	Annual
diluted	`ContinuingOperationsDiluted`	$0.01	USD	Annual
diluted	`ContinuingOperationsDiluted`	$0.06	USD	Annual
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.28M	shares	Annual
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.91M	shares	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.53M	shares	Annual
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.78M	shares	Annual

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$317.29K	USD	Annual
Net income	`ProfitLoss`	$1.07M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.79K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.97K	USD	Annual
Noncash lease expense	`NoncashLeaseExpense`	$103.65K	USD	Annual
Noncash lease expense	`NoncashLeaseExpense`	$146.53K	USD	Annual
Gain from partial termination of right of use leased asset	`GainFromPartialTerminationOfRightOfUseLeasedAsset`	-	USD	Annual
Gain from partial termination of right of use leased asset	`GainFromPartialTerminationOfRightOfUseLeasedAsset`	$-16.31K	USD	Annual
Deferred taxes	`DeferredOtherTaxExpenseBenefit`	-	USD	Annual
Deferred taxes	`DeferredOtherTaxExpenseBenefit`	$-339.20K	USD	Annual
Stock options and warrants expense	`StockOptionsAndWarrantsExpense`	$39.15K	USD	Annual
Stock options and warrants expense	`StockOptionsAndWarrantsExpense`	$26.55K	USD	Annual
Provision for (recovery of) uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$-1.52K	USD	Annual
Provision for (recovery of) uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$1.28K	USD	Annual
Common stock issued for prior preferred stock repurchase charged to expense	`CommonStockIssuedForPriorPreferredStockRepurchaseChargedToExpense`	-	USD	Annual
Common stock issued for prior preferred stock repurchase charged to expense	`CommonStockIssuedForPriorPreferredStockRepurchaseChargedToExpense`	$3.28K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-581.00	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-10.55K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-4.00K	USD	Annual
Accounts payable, related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-14.21K	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$740.00	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$66.09K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$268.17K	USD	Annual
Operating lease liability	`OperatingLeaseLiability1`	$-103.65K	USD	Annual
Operating lease liability	`OperatingLeaseLiability1`	$-130.23K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.09K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.60K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.14K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.56K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$988.10K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$426.46K	USD	Annual
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.54K	USD	Annual
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.19K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.54K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.19K	USD	Annual
Principal payments on borrowings under notes payable - related party	`RepaymentsOfOtherLongTermDebt`	$27.89K	USD	Annual
Principal payments on borrowings under notes payable - related party	`RepaymentsOfOtherLongTermDebt`	-	USD	Annual
Proceeds from exercise of options	`ProceedsFromExerciseOfOptions`	-	USD	Annual
Proceeds from exercise of options	`ProceedsFromExerciseOfOptions`	$-116.00	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromExerciseOfWarrants`	$-400.00	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromExerciseOfWarrants`	$-1.90K	USD	Annual
Repurchase of preferred stock for cash	`RepurchaseOfPreferredStockForCash`	$20.28K	USD	Annual
Repurchase of preferred stock for cash	`RepurchaseOfPreferredStockForCash`	$178.40K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-178.00K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-46.15K	USD	Annual
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$365.77K	USD	Annual
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$795.91K	USD	Annual
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	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`	$1.41M	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value, Ending Balance	`CashAndCashEquivalentsAtCarryingValue`	$246.24K	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`	$1.41M	USD	Point-in-time
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	`InterestPaid`	$277.00	USD	Annual
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	`InterestPaid`	-	USD	Annual
ROU assets and operating lease obligations recognized	`RouAssetsAndOperatingLeaseObligationsRecognized`	$1.08M	USD	Annual
ROU assets and operating lease obligations recognized	`RouAssetsAndOperatingLeaseObligationsRecognized`	-	USD	Annual
ROU assets and lease liability remeasurement adjustment	`RouAssetsAndLeaseLiabilityRemeasurementAdjustment`	-	USD	Annual
ROU assets and lease liability remeasurement adjustment	`RouAssetsAndLeaseLiabilityRemeasurementAdjustment`	$328.56K	USD	Annual
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$13.29K	USD	Annual
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$7.19K	USD	Annual
Preferred stock returned	`PreferredStockReturned`	-	USD	Annual
Preferred stock returned	`PreferredStockReturned`	$78.20K	USD	Annual
Preferred stock issued to settle related party liability	`PreferredStockIssuedToSettleRelatedPartyLiability`	$53.83K	USD	Annual
Preferred stock issued to settle related party liability	`PreferredStockIssuedToSettleRelatedPartyLiability`	$67.15K	USD	Annual
Common stock issued in connection with repurchase of preferred stock	`CommonStockIssuedInConnectionWithRepurchaseOfPreferredStock`	-	USD	Annual
Common stock issued in connection with repurchase of preferred stock	`CommonStockIssuedInConnectionWithRepurchaseOfPreferredStock`	$19.62K	USD	Annual
Exercise of options by reducing deferred compensation payable	`ExerciseOfOptionsByReducingDeferredCompensationPayable`	$18.69K	USD	Annual
Exercise of options by reducing deferred compensation payable	`ExerciseOfOptionsByReducingDeferredCompensationPayable`	$1.44K	USD	Annual
Preferred stock dividend declared	`PreferredStockDividendDeclared`	$168.08K	USD	Annual
Preferred stock dividend declared	`PreferredStockDividendDeclared`	-	USD	Annual

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-733.26K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$502.26K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-326.49K	USD	Point-in-time
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$23.80K	USD	Annual
Stock Issued During Period, Value, Stock Options Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$116.00	USD	Annual
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.36M	shares	Annual
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	`StockIssuedDuringPeriodSharesStockOptionsExercised`	518,666.00	shares	Annual
Stock options exercised by reducing deferred compensation payable, Value	`StockOptionsExercisedByReducingDeferredCompensationPayableValue`	$1.44K	USD	Annual
Warrants expense, Value	`WarrantsExpenseValue1`	$15.36K	USD	Annual
Warrants exercised, Value	`WarrantsExercisedValue1`	$1.90K	USD	Annual
Preferred stock repurchased, Value	`PreferredStockRepurchasedValue1`	$-20.28K	USD	Annual
Preferred stock returned, Value	`PreferredStockReturnedValue1`	-	USD	Annual
Preferred stock issued to settle related party liability, Value	`PreferredStockIssuedToSettleRelatedPartyLiabilityValue1`	$67.15K	USD	Annual
Amortization of increasing dividend rate preferred stock discount, Value	`AmortizationOfIncreasingDividendRatePreferredStockDiscountValue1`	-	USD	Annual
Stock options expense, Value	`StockOptionsExpenseValue`	$24.59K	USD	Annual
Warrants expense, Value	`WarrantsExpenseValue2`	$1.96K	USD	Annual
Stock options exercised by reducing deferred compensation payable	`StockholdersEquityOther`	$18.69K	USD	Annual
Common stock issued for repurchase of preferred stock, Value	`CommonStockIssuedForRepurchaseOfPreferredStockValue`	$22.90K	USD	Annual
Preferred stock repurchased, Value	`PreferredStockRepurchasedValue2`	$-198.02K	USD	Annual
Repurchased preferred stock assigned to settle related party liability, Value	`RepurchasedPreferredStockAssignedToSettleRelatedPartyLiabilityValue`	$53.83K	USD	Annual
Warrants exercised, Value	`WarrantsExercisedValue`	$400.00	USD	Annual
Amortization of increasing dividend rate preferred stock discount, Value	`AmortizationOfIncreasingDividendRatePreferredStockDiscountValue`	-	USD	Annual
Preferred stock dividends declared, Value	`PreferredStockDividendsDeclaredValue`	$-168.08K	USD	Annual
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$1.07M	USD	Annual
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$317.29K	USD	Annual
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-733.26K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$502.26K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-326.49K	USD	Point-in-time

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