Debut Broadcasting Corporation, Inc.

CIK:0001254371|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Net Revenue	$ 154,244	$ 566,743	$ 848,284	$ 1,506,546
Operating Expenses:
Advertising		2,681	15,300	17,420
Operating expense	364,379	386,793	1,088,443	1,381,002
Depreciation expense	30,123	30,123	81,971	71,406
Total operating expenses	394,502	419,597	1,185,714	1,469,828
Operating income (loss)	(240,258)	147,146	(337,430)	36,718
Other income and expense:
Interest expense	17,500	48,292	83,316	139,612
Income tax				1,300
Interest income	(5,282)	(1,472)	(9,541)	(5,659)
Total other (income) and expenses	12,218	46,820	73,774	135,253
Net income (loss)	$ (252,477)	$ 100,326	$ (411,205)	$ (98,535)
Weighted Average Shares Outstanding (in Shares)	48,238,431	27,179,407	36,365,847	27,023,147
Net (Income) Loss Per Share (in Dollars per share)	$ (0.005)	$ 0.004	$ (0.011)	$ (0.004)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating Activities:
Net Loss	$ (411,205)	$ (98,535)
Adjustments to reconcile net loss to net cash provided by/used in operating activities:
Depreciation and amortization	81,971	71,406
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	439,822	(152,488)
(Increase) decrease in other current assets	(108,957)	5,018
Increase (decrease) in accounts payable	(4,515)	7,173
Increase (decrease) in accrued expenses and taxes	(106,159)	299,278
Net cash provided by (used in) operating activities	(109,043)	131,852
Investing Activities:
Purchases of property and equipment	24,635	(55,264)
Net cash used in investing activities	24,635	(55,264)
Financing Activities:
Proceeds from issuance of stock warrants	0	0
Proceeds from bank credit facility	9,592	4,780
Proceeds from stockholder notes	0	0
Repayment of long-term debt	(766,939)	(475,913)
Proceeds from issuance of common stock	763,303	369,937
Net cash provided by financing activities	5,956	(101,196)
Net (decrease) increase in cash and cash equivalents	(78,452)	(24,608)
Cash and cash equivalents at beginning of period	45,388	62,471
Cash and cash equivalents at end of period	$ (33,065)	$ 37,863

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ (33,065)	$ 45,388
Accounts receivable, net	280,787	720,608
Prepaid expenses	10,325	6,606
Unexercised stock warrants	1,004,657	1,004,658
Total current assets	1,262,704	1,777,260
Property and equipment, net	569,023	607,002
Deposits		9,273
Goodwill	443,919	459,280
FCC licenses	1,509,500	1,509,500
Other intangible assets, net	1,953,419	1,968,780
Total assets	3,785,146	4,362,315
Current liabilities
Accounts payable	890,786	895,300
Accrued expenses and taxes	143,036	249,195
Notes payable to shareholders	361,032	1,081,888
Lines of credit	478,764	437,242
Current portion of long-term debt	4,225	13,639
Unrecognized stock warrant loss	1,035,523	1,035,523
Total current liabilities	2,913,366	3,712,787
Long term liabilities
Leases payable	0	0
Long-term debt	696,985	749,917
Total long term liabilities	696,985	749,917
Total liabilities	3,610,351	4,462,704
Stockholders' deficit
Common stock - $.003 par value, 100,000,000 shares authorized; 48,238,431 and 27,179,407 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	144,715	81,538
Additional paid in capital	4,124,584	3,496,871
Accumulated deficit	(4,094,503)	(3,678,798)
Total stockholders' deficit	174,796	(100,389)
Total liabilities and stockholders' deficit	$ 3,785,146	$ 4,362,315