10-Q Filing

BRIGHT MOUNTAIN MEDIA, INC. CIK: 1568385 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001553350-16-002015`
Period End Date	20160331
Filing Date	20160511
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	bmtm-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 23

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	5.20M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$198.62K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$437.11K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$590.24K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	5.20M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$416.19K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$32.51K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$42.45K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	5.20M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	5.20M	shares	Point-in-time
Prepaid Costs and Expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$91.47K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid Costs and Expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$109.93K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	324.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.05M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	324.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.02M	USD	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	35.89M	shares	Point-in-time
Common shares, shares issued	`CommonStockSharesIssued`	37.15M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.62M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.34M	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	37.15M	shares	Point-in-time
Fixed Assets, net	`PropertyPlantAndEquipmentNet`	$53.59K	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	35.89M	shares	Point-in-time
Fixed Assets, net	`PropertyPlantAndEquipmentNet`	$51.30K	USD	Point-in-time
Website Acquisition Assets, net	`FiniteLivedIntangibleAssetsNet`	$799.71K	USD	Point-in-time
Website Acquisition Assets, net	`FiniteLivedIntangibleAssetsNet`	$630.29K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$15.55K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$15.55K	USD	Point-in-time
Total Assets	`Assets`	$2.32M	USD	Point-in-time
Total Assets	`Assets`	$2.21M	USD	Point-in-time
Total Assets	`Assets`	$2.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$372.11K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$323.78K	USD	Point-in-time
Premium Finance Loan Payable	`LoansPayableCurrent`	$25.37K	USD	Point-in-time
Premium Finance Loan Payable	`LoansPayableCurrent`	$52.41K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$376.19K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$397.48K	USD	Point-in-time
Long Term Debt to Related Parties, net	`NotesPayableRelatedPartiesClassifiedCurrent`	$188.31K	USD	Point-in-time
Long Term Debt to Related Parties, net	`NotesPayableRelatedPartiesClassifiedCurrent`	$122.26K	USD	Point-in-time
Total Liabilities	`Liabilities`	$498.45K	USD	Point-in-time
Total Liabilities	`Liabilities`	$585.79K	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.01, 20,000,000 shares authorized, 5,200,000 issued and 5,200,000 outstanding respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01, 20,000,000 shares authorized, 5,200,000 issued and 5,200,000 outstanding respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $.01, 324,000,000 shares authorized, 37,150,621 issued and outstanding, and 35,885,059 issued and outstanding, respectively.	`CommonStockValue`	$358.85K	USD	Point-in-time
Common stock, par value $.01, 324,000,000 shares authorized, 37,150,621 issued and outstanding, and 35,885,059 issued and outstanding, respectively.	`CommonStockValue`	$371.51K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$7.57M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$8.01M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-6.16M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.62M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.82M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.32M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.21M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Product Sales	`SalesRevenueGoodsNet`	$347.78K	USD	1 Quarter
Product Sales	`SalesRevenueGoodsNet`	$261.72K	USD	1 Quarter
Revenues from Services	`SalesRevenueServicesNet`	$48.36K	USD	1 Quarter
Revenues from Services	`SalesRevenueServicesNet`	$76.64K	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$310.08K	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$424.42K	USD	1 Quarter
Cost of sales - Product	`CostOfGoodsSold`	$270.54K	USD	1 Quarter
Cost of sales - Product	`CostOfGoodsSold`	$188.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$153.88K	USD	1 Quarter
Gross profit	`GrossProfit`	$121.97K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$786.71K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$455.74K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-632.83K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-333.77K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00	USD	1 Quarter
Interest expense	`InterestExpense`	$16.13K	USD	1 Quarter
Interest expense	`InterestExpense`	$445.00	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-16.12K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-437.00	USD	1 Quarter
Net loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-648.96K	USD	1 Quarter
Net loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-334.21K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-648.96K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-334.21K	USD	1 Quarter
Series A, Series B, Series C & Series D preferred	`PreferredStockDividendsIncomeStatementImpact`	$90.10K	USD	1 Quarter
Series A, Series B, Series C & Series D preferred	`PreferredStockDividendsIncomeStatementImpact`	$72.82K	USD	1 Quarter
Total preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$90.10K	USD	1 Quarter
Total preferred stock dividends	`PreferredStockDividendsAndOtherAdjustments`	$72.82K	USD	1 Quarter
Net loss attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-407.02K	USD	1 Quarter
Net loss attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-739.06K	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.56M	shares	1 Quarter
Weighted average shares outstanding - Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	36.48M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-648.96K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-334.21K	USD	1 Quarter
Depreciation	`Depreciation`	$3.33K	USD	1 Quarter
Depreciation	`Depreciation`	$3.34K	USD	1 Quarter
Amortization of Debt Discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of Debt Discount	`AmortizationOfDebtDiscountPremium`	$7.78K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$40.34K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$62.84K	USD	1 Quarter
Stock option compensation expense	`StockOptionPlanExpense`	$17.57K	USD	1 Quarter
Stock option compensation expense	`StockOptionPlanExpense`	$13.73K	USD	1 Quarter
Impairment of Website Assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	1 Quarter
Impairment of Website Assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$300.00	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$44.48K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.94K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$847.00	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-36.32K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$140.11K	USD	1 Quarter
Prepaid costs and expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-18.45K	USD	1 Quarter
Prepaid costs and expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-9.18K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-67.17K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.63K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-420.91K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-515.41K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.39K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.62K	USD	1 Quarter
Purchase of websites	`PaymentsToAcquireIntangibleAssets`	$53.00K	USD	1 Quarter
Purchase of websites	`PaymentsToAcquireIntangibleAssets`	$119.50K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-125.12K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-59.39K	USD	1 Quarter
Sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$350.00K	USD	1 Quarter
Sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$350.00K	USD	1 Quarter
Payments on premium finance loan	`RepaymentsOfLongTermDebt`	$27.03K	USD	1 Quarter
Payments on premium finance loan	`RepaymentsOfLongTermDebt`	$22.82K	USD	1 Quarter
Long term Debt - Loan from related parties	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Long term Debt - Loan from related parties	`ProceedsFromRelatedPartyDebt`	$100.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$327.18K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$422.97K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-153.12K	USD	1 Quarter
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-217.56K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$198.62K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$437.11K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$590.24K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$416.19K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$198.62K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$437.11K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$590.24K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$416.19K	USD	Point-in-time
Cash paid for Interest	`InterestPaid`	$8.35K	USD	1 Quarter
Cash paid for Interest	`InterestPaid`	$445.00	USD	1 Quarter
Cash paid for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Premium finance loan payable recorded as prepaid	`PremiumFinanceLoanPayableRecordedAsPrepaid`	-	USD	1 Quarter
Premium finance loan payable recorded as prepaid	`PremiumFinanceLoanPayableRecordedAsPrepaid`	$63.06K	USD	1 Quarter
Payable for purchase of website	`PayableForAcquireIntangibleAssets`	-	USD	1 Quarter
Payable for purchase of website	`PayableForAcquireIntangibleAssets`	$150.00K	USD	1 Quarter
Beneficial conversion debt discount to additional paid-in-capital	`DebtInstrumentConvertibleBeneficialConversionFeature`	$39.00K	USD	1 Quarter
Beneficial conversion debt discount to additional paid-in-capital	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	1 Quarter
Common stock issued to due Series A, Series B, and Series C stockholders	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	501,562.00	shares	1 Quarter
Common stock issued to due Series A, Series B, and Series C stockholders	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	-	shares	1 Quarter
Present value of future monthly payments discount recorded	`PresentValueOfFutureMonthlyPaymentsDiscountRecorded`	$32.73K	USD	1 Quarter
Present value of future monthly payments discount recorded	`PresentValueOfFutureMonthlyPaymentsDiscountRecorded`	-	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Common stock issued for services, Price Per Share	`CommonStockIssuedForServicesPricePerShare`	$0.69	USD	Point-in-time
Balance, shares	`SharesOutstanding`	1.62M	shares	Point-in-time
Common stock issued for services, Price Per Share	`CommonStockIssuedForServicesPricePerShare`	$0.69	USD	Point-in-time
Common stock issued for cash, Price Per Share	`SharesIssuedPricePerShare`	$0.50	USD	Point-in-time
Balance	`StockholdersEquity`	$1.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.82M	USD	Point-in-time
Common stock issued for cash, Price Per Share	`SharesIssuedPricePerShare`	$0.50	USD	Point-in-time
Preferred Stock dividend rate	`PreferredStockDividendRatePercentage`	0.10	pure	1 Quarter
Preferred Stock dividend rate	`PreferredStockDividendRatePercentage`	0.10	pure	1 Quarter
Common stock issued for services ($.69/share), shares	`StockIssuedDuringPeriodSharesIssuedForServices3`	44,480.00	shares	1 Quarter
Sale of common stock for cash ($.50/share) pursuant to Subscription Agreement, shares	`StockIssuedDuringPeriodSharesNewIssues`	350,000.00	shares	1 Quarter
Sale of 10% Series A preferred stock for cash ($.50/share) pursuant to Subscription Agreement, shares	`StockIssuedDuringPeriodSharesSeriesAPreferredShares`	-	shares	1 Quarter
Sale of 10% Series B preferred stock for cash ($.50/share) pursuant to Subscription Agreement, shares	`StockIssuedDuringPeriodSharesSeriesBPreferredShares`	-	shares	1 Quarter
Sale of 10% Series C Preferred Stock for cash ($.50/share) pursuant to Subscription Agreement, shares	`StockIssuedDuringPeriodSharesSeriesCPreferredShares`	-	shares	1 Quarter
Sale of 10% Series D preferred stock for cash ($.50/share) pursuant to Subscription Agreement, shares	`StockIssuedDuringPeriodSharesPreferredShares`	-	shares	1 Quarter
Stock option compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$17.57K	USD	1 Quarter
Beneficial Conversion	`DebtInstrumentConvertibleBeneficialConversionFeature`	$39.00K	USD	1 Quarter
Beneficial Conversion	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-648.96K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-334.21K	USD	1 Quarter
Balance, shares	`SharesOutstanding`	1.62M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.82M	USD	Point-in-time

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