10-Q Filing

FULLNET COMMUNICATIONS INC CIK: 1092570 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001376474-22-000246`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	fulo-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 36 Cash Flow Statement 48 Stockholders Equity 15

Balance Sheet 64 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`	$1.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.66M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	568,257.00	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.96M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	568,257.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$589.00	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	568,257.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$30.11K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$24.94K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$46.99K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.71M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.01M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	17.15M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	17.15M	shares	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$57.09K	USD	Point-in-time
PROPERTY AND EQUIPMENT, net	`PropertyPlantAndEquipmentNet`	$58.60K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	17.15M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	17.15M	shares	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$18.99K	USD	Point-in-time
OTHER ASSETS AND INTANGIBLE ASSETS	`Goodwill`	$20.64K	USD	Point-in-time
RIGHT OF USE LEASED ASSET	`CapitalLeasedAssetsGross`	$372.14K	USD	Point-in-time
RIGHT OF USE LEASED ASSET	`CapitalLeasedAssetsGross`	$401.87K	USD	Point-in-time
DEFERRED TAX ASSET	`DeferredTaxAssetsNet`	$38.36K	USD	Point-in-time
DEFERRED TAX ASSET	`DeferredTaxAssetsNet`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.46M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$53.15K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.05K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$478.12K	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$463.02K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$51.14K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$125.41K	USD	Point-in-time
Operating lease liability - current portion	`OperatingLeaseLiabilityCurrent`	$122.78K	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Deferred revenue	`OtherLiabilitiesCurrent`	$905.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.66M	USD	Point-in-time
OPERATING LEASE LIABILITY - net of current portion	`OperatingLeaseLiabilityNoncurrent`	$279.09K	USD	Point-in-time
OPERATING LEASE LIABILITY - net of current portion	`OperatingLeaseLiabilityNoncurrent`	$246.73K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.87M	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	$358.00K	USD	Point-in-time
Preferred Stock, Value	`PreferredStockValue`	$357.10K	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$171.00	USD	Point-in-time
Common Stock, Value	`CommonStockValue`	$171.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.07M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.88M	USD	Point-in-time
Accumulated deficit	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.07M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.35M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.56M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$3.23M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$3.46M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
REVENUE	`TotalRevenue`	$1.12M	USD	1 Quarter
REVENUE	`TotalRevenue`	$1.03M	USD	1 Quarter
COST OF REVENUE	`CostOfRevenue1`	$227.47K	USD	1 Quarter
COST OF REVENUE	`CostOfRevenue1`	$148.87K	USD	1 Quarter
Gross profit	`GrossProfit`	$888.98K	USD	1 Quarter
Gross profit	`GrossProfit`	$877.11K	USD	1 Quarter
Sales and marketing	`MarketingExpense`	$162.29K	USD	1 Quarter
Sales and marketing	`MarketingExpense`	$109.39K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$457.46K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$392.97K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.55K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.47K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$622.30K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$504.83K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$372.28K	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$266.68K	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncome`	$385.00	USD	1 Quarter
OTHER INCOME	`OtherNonoperatingIncome`	$326.00	USD	1 Quarter
NET INCOME BEFORE INCOME TAX	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$267.06K	USD	1 Quarter
NET INCOME BEFORE INCOME TAX	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$372.60K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$68.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$96.67K	USD	1 Quarter
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$275.93K	USD	1 Quarter
Net Income (Loss) Attributable to Parent	`NetIncomeLoss`	$199.06K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$15.11K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$13.69K	USD	1 Quarter
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$262.25K	USD	1 Quarter
Net income available to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$183.96K	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.15M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.47M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.67M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.34M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$275.93K	USD	1 Quarter
Net income	`ProfitLoss`	$199.06K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.55K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.47K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$27.31K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$29.73K	USD	1 Quarter
Provision for deferred tax expense	`DeferredOtherTaxExpenseBenefit`	$38.36K	USD	1 Quarter
Provision for deferred tax expense	`DeferredOtherTaxExpenseBenefit`	$96.67K	USD	1 Quarter
Stock options expense	`ShareBasedCompensation`	$3.22K	USD	1 Quarter
Stock options expense	`ShareBasedCompensation`	$1.47K	USD	1 Quarter
Provision for uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$-535.00	USD	1 Quarter
Provision for uncollectible accounts receivable	`ProvisionForLoanLeaseAndOtherLosses`	$-974.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.09K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-70.00	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$15.10K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$37.97K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$96.90K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredLiabilities`	$98.13K	USD	1 Quarter
Operating lease liability	`OperatingLeaseObligation`	$-29.73K	USD	1 Quarter
Operating lease liability	`OperatingLeaseObligation`	$-27.31K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.49K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.11K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.40K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.01K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$361.21K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$535.14K	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.04K	USD	1 Quarter
Cash paid for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.85K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.85K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.04K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$609.00	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Payment of dividends payable - preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$168.08K	USD	1 Quarter
Payment of dividends payable - preferred stock	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$51.14K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-51.14K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-167.47K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$309.03K	USD	1 Quarter
NET INCREASE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$361.82K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.77M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.66M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.96M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.77M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.66M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.96M	USD	Point-in-time
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$899.00	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$899.00	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$502.26K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.56M	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$780.27K	USD	Point-in-time
Equity Balance, Starting	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.35M	USD	Point-in-time
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$1.47K	USD	1 Quarter
Shares Granted, Value, Share-Based Payment Arrangement, after Forfeiture	`StockGrantedDuringPeriodValueSharebasedCompensation`	$3.22K	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfIncreasingDividendRatePreferredStockDiscount2`	-	USD	1 Quarter
Amortization of increasing dividend rate preferred stock discount	`AmortizationOfIncreasingDividendRatePreferredStockDiscount2`	-	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$275.93K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$199.06K	USD	1 Quarter
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$502.26K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.56M	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$780.27K	USD	Point-in-time
Equity Balance, Ending	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.35M	USD	Point-in-time
Stock Issued During Period, Value, Stock Options Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$609.00	USD	1 Quarter

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