Enterprise Diversified 10-K 18 Jul 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jul. 18, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	SITESTAR CORP
Entity Central Index Key	1,096,934
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 2,239,778
Entity Common Stock, Shares Outstanding		77,404,010
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 184,731	$ 339,694
Accounts receivable, net	14,428	21,811
Other current assets	1,081	8,021
Total current assets	200,240	369,526
Real estate - held for resale	2,671,311	2,079,514
Real estate - held for investment, net	911,162	1,185,588
Property and equipment, net		129,750
Goodwill, net	212,445	1,166,494
Other assets	200,055	200,055
TOTAL ASSETS	4,195,213	5,130,927
Current Liabilities:
Deferred revenue	246,262	273,440
Notes payable, current	90,000
Accounts payable	58,094	21,644
Accrued expenses	49,812	79,659
Total current liabilities	444,168	374,743
Notes payable		90,000
Total Liabilities	444,168	464,743
Stockholders' equity
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding
Common Stock, $0.001 par value, 300,000,000 shares authorized and 91,326,463 shares issued in 2015 and 2014 (As restated); 77,404,010 shares outstanding in 2015 and 2014 (As restated).	91,327	91,327
Additional paid-in capital	13,728,989	13,728,989
Treasury stock, at cost, 13,922,453 common shares in 2015 and 2014 (as restated)	(637,561)	(637,561)
Accumulated other comprehensive income	3,415	(768)
Accumulated deficit	(9,435,125)	(8,515,803)
Total stockholders' equity	3,751,045	4,666,184
Total Liabilities and Stockholders' Equity	$ 4,195,213	$ 5,130,927

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred Stock Par Value	$ 0.001	$ 0.001
Preferred Stock Shares Authorized	10,000,000	10,000,000
Preferred Stock Shares Issued	0	0
Preferred Stock Shares Outstanding	0	0
Common Stock Par Value	$ 0.001	$ 0.001
Common Stock Shares Authorized	300,000,000	300,000,000
Common Stock Shares Issued	91,326,463	77,404,010
Common Stock Shares Outstanding	91,326,463	77,404,010
Common Shares Treasury Stock	13,922,453	13,922,453

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues	$ 1,735,203	$ 2,391,196
Cost of revenue	886,932	1,244,241
Gross Profit	848,271	1,146,955
Selling, general and administrative expenses	760,760	706,336
Total operating expenses	760,760	706,336
Income from operations	87,511	440,619
Other (expense) income, net
Goodwill impairment	(52,784)	679,671
Interest expense	(954,049)
(Loss) income before income taxes	(919,321)	1,120,290
Income tax benefit (expense)
Net (loss) income	(919,321)	1,120,290
Other comprehensive income (expense) – foreign exchange translation	4,183	(205)
Comprehensive (loss) income	$ (915,139)	$ 1,120,085
Earnings per share, basic and diluted	$ (0.01)	$ 0.01

Shareholders Equity

Shareholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2013	74,085,705
Beginning Balance, Amount at Dec. 31, 2013	$ 91,327	$ 13,880,947	$ (789,518)		$ (9,484,099)	$ 3,698,657
Opening balance adjustment, Shares	3,318,305
Opening balance adjustment, Amount		(151,958)	151,958	(563)	(151,995)	(152,558)
Beginning Balance, Shares	77,404,010
Beginning Balance, Value	$ 91,327	13,728,989	(637,561)	(563)	(9,636,093)	3,546,099
Net income					1,120,290	1,120,290
Gain (loss) on foreign currency translation adjustments				(205)		(205)
Ending Balance, Shares	77,404,010
Ending Balance, Value	$ 91,327	13,728,989	(637,561)	(8,515,803)	(768)	4,666,184
Beginning Balance, Shares at Dec. 31, 2014	77,404,010
Beginning Balance, Amount at Dec. 31, 2014	$ 91,327	13,728,989	(637,561)	(8,515,803)	(768)	4,666,184
Net income					(919,322)	(919,321)
Gain (loss) on foreign currency translation adjustments				4,183		4,183
Ending Balance, Shares	77,404,010
Ending Balance, Value	$ 91,327	$ 13,728,989	$ (637,561)	$ 3,415	$ (9,435,125)	$ 3,751,045

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (919,321)	$ 1,120,290
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	50,179	39,364
Gain on legal settlement		(810,615)
Gain on sale of real estate		(30,787)
Bad debt	27,163	1,413
Real estate valuation adjustment	228,352	18,941
Goodwill impairment	954,049
(Increase) decrease in:
Accounts receivable, net	(19,780)	(6,896)
(Increase) decrease in prepaid expenses	6,940	7,303
Other current assets
Deferred revenue, net	(22,995)	(39,663)
Accounts payable	36,450	(34,188)
Accrued expenses	(29,847)	15,592
Net cash provided by (used in) operating activities	311,190	280,754
Cash flows from investing activities:
Proceeds from sale of real estate held for resale		303,209
Purchases of real estate held for resale	(106,096)	(168,092)
Improvements to real estate held for resale	(295,655)	(118,457)
Purchases of real estate held for investment	(41,588)
Improvements to real estate held for investment	(22,814)	(26,190)
Net cash provided by investing activities	(466,153)	(9,530)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on note payable		(50,000)
Net cash used in financing activities		(50,000)
Net increase (decrease) in cash	(154,963)	221,224
Cash and cash equivalents at beginning of the year	339,694	118,470
Cash and cash equivalents at end of the year	184,731	339,694
Supplemental information:
Interest paid		13,867
Non-cash supplemental information:
Transfer of real estate held for investment to held for resale	316,680
Transfer of property and equipment to real estate held for resale	$ 100,000

1. ORGANIZATION AND SIGNIFICANT

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Lines of Business Sitestar Corporation (formerly White Dove Systems, Inc., and then Interfoods Consolidated, Inc.) was incorporated in Nevada on December 17, 1992. On July 26, 1999 the Company restated its Articles of Incorporation to change the name of the Company to “Sitestar Corporation.” The Company formerly was in the International specialty foods distribution business. In 1999, through the acquisition of two Internet Service Providers, the Company changed from a food distribution company to an internet holding company. The Company services customers throughout the U.S. and Canada with multiple sites of operation. Effective October 15, 2008 pursuant to the approval of the board of directors, the Company’s management implemented a program to purchase real estate with the Company’s surplus cash flows. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including: Sitestar.net, Inc. (formerly known as Neocom Microspecialists, Inc.), FRE Enterprises, Inc., Advanced Internet Services, Inc. and NetRover Inc. All intercompany accounts and transactions have been eliminated.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates In accordance with Generally Accepted Accounting Principles (GAAP), the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, goodwill valuation, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in the notes to the consolidated financial statements. Fair Value of Financial Instruments For certain of the Company's assets and liabilities, including cash, accounts receivable, accounts payable, accrued expenses and deferred revenue, the carrying amounts approximate fair value due to their short maturities. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company defines cash equivalents as all highly liquid instruments purchased with a maturity of three months or less. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and accounts receivable. The Company places its cash with high quality financial institutions and, at times, may exceed the FDIC and CDIC insurance limit. The Company extends credit based on an evaluation of the customers’ financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. Accounts Receivable The Company grants credit in the form of unsecured accounts receivable to its customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are charged off to the allowance for doubtful accounts when determined uncollectible. Sales of Internet services, which are not automatically processed via credit card or bank account drafts, have been the Company’s highest exposure to collection risk. The Company attempts to reduce this risk by including a late payment fee and a manual processing payment fee to accounts. Receivables more than ninety days past due are no longer included in accounts receivable and are turned over to a collection agency. Accounts more than 30 days are considered past due. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on estimated useful lives from three to seven years for equipment, fifteen years for building improvements, and thirty-nine years for buildings. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized. Gains and losses on disposals are included in the results of operations. Impairment of Long-Lived Assets In accordance with GAAP, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. Long-lived assets to be disposed are reported at the lower of carrying amount or fair value of the asset less cost to sell. Goodwill and Other Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method of accounting. The Company does not amortize goodwill. The Company tests its goodwill annually during the fourth quarter of its fiscal year or when events and circumstances indicate that those assets might not be recoverable. Impairment testing of goodwill is required at the reporting unit level (operating segment or one level below operating segment) and involves a two-step process. Prior to performing the two-step impairment test, the Company may make a qualitative assessment of the likelihood of goodwill impairment in order to determine whether a detailed quantitative analysis is required. The first step of the impairment test involves comparing the estimated fair values of the Company's reporting units with the reporting units' carrying amounts, including goodwill. The Company estimates the fair value of its reporting units using discounted expected future cash flows. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to compare the carrying amount of goodwill to the implied fair value of that goodwill. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. The Company completed an analysis of its goodwill as of December 31, 2015 and 2014 (as restated). For the year ended December 31, 2015 we recorded a goodwill impairment of $954,049. No impairment was recorded in 2014 (as restated). This non-cash expense was the result of revenue and cash flow declines in the internet segment. Additionally, new management implemented changes to the annual goodwill impairment analysis to more accurately reflect the value of the Company’s goodwill in 2015. Other intangible assets consist of customer relationships, developed technology and software, trade names and other assets acquired in conjunction with the purchases of businesses or purchases of assets from other companies. When management determines material intangible assets are acquired in conjunction with the purchase of a business, the Company determines the fair values of the identifiable intangible assets by taking into account management's own analysis and an independent third party valuation specialist's appraisal. Intangible assets determined to have definite lives are amortized over their estimated useful lives. The Company owns approximately 100 domain names, including first.com, first.net, and forsalebyowner.net. These domains are valued at historical cost. Real Estate Real estate held for sale properties are carried at the lower of cost or fair market value. All costs directly related to the improvement and carrying of real estate are capitalized, including renovations and property taxes, to the extent the capitalized costs of the property do not exceed the estimated fair value of the property. If the cost of the real estate exceeds the estimated fair value, the excess is charged to expense. Fair value is estimated based on comparable sales in the geographic area the real estate is located and tax assessed values, and is evaluated annually, or when events or changes in circumstances indicate the carrying value of the real estate may not be recoverable. Real estate held for investment are carried at the cost basis plus additional expenses where the expense extended the life or added value to the property. Otherwise, the expense is not capitalized and is charged to expense. Properties categorized as real estate held for investment are not expected by management to be sold in the next 12 months. This determination is periodically reviewed by management. Accrued Expenses Accrued expenses represent accrued but not yet paid expenses from Sales and Use taxes for ISP services, vacation accruals, and other payroll accruals. Deferred Revenue Deferred revenue represents collections from customers in advance for services not yet performed and are recognized as revenue in the period service is provided. Revenue Recognition Internet Operations The Company sells Internet services under annual and monthly contracts. Under the annual contracts, the subscriber pays a one-time annual fee, which is recognized as revenue ratably over the life of the contract. Under the monthly contracts, the subscriber is billed monthly and revenue is recognized for the period to which the service relates. Sales of computer hardware are recognized as revenue upon delivery and acceptance of the product by the customer. Sales are adjusted for any returns or allowances. The Company generates revenue in its internet segment from consumer and business-grade internet access, wholesale managed modem services for downstream ISPs, Web hosting, and various ancillary services in the United States and Canada. Services include narrow-band (dial-up and ISDN) and broadband services (DSL, fiber-optic and wireless), web hosting and related services to consumers and businesses and broadband services. Customers may downgrade from internet access to web hosting plans, to include email access and storage. In some years the customer changes can be significant. Internet revenue is affected by the changing composition of revenue sources. Real Estate Operations Revenue from real estate is recognized upon closing of the sale, as all conditions for full revenue recognition have been met at that time. All costs associated with the property sold are removed from the consolidated balance sheets and charged to cost of revenue at that time. Rental revenue from real estate is recognized when it is due, generally on the first of each month or at another regular period agreed upon between the Company and the tenant. If payments are not provided in a timely manner, the amount due is designated as an account receivable. Accounts receivable from rental revenue are generally considered unrecoverable after 90 days unless the Company reasonably believes that recovery is probable. Tenants generally provide a security deposit at the time of possession. This deposit is held separate from revenue and only applied to revenue when rental payment comparable to the security deposit amount is not provided in a timely manner and considered unlikely to be recovered. Otherwise, the security deposit is returned in a timely manner after the property is surrendered back to the Company. Income Taxes Deferred taxes are provided on the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The last three tax years are open to potential IRS examination. Income Per Share The basic income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed similar to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company has no potentially dilutive securities. Comprehensive Income The comprehensive income is the result of foreign currency translations related to the Company’s operations in Canada. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 842, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are required to adopt this standard in the first quarter of 2019. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” by one year. As a result, the ASU is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. ASU No. 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. Early adoption is not permitted. We are required to adopt this standard in the first quarter of 2017. The initial application of the standard is not expected to significantly impact the Company. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes” (Topic 740). The ASU provides guidance related to the classifications of deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. Deferred tax assets and liabilities are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. Deferred tax assets and liabilities that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are required to adopt this standard in the first quarter of 2018. The initial application of the standard is not expected to significantly impact the Company.

3. REAL ESTATE

3. REAL ESTATE	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
3. REAL ESTATE	NOTE 3 – REAL ESTATE As of December 31, 2015, the Company owned 42 residential properties, one commercial property, and interests in several lots. The Company acquired three residential real estate properties in 2015 for a total gross purchase amount of $147,684. The Company acquired two residential real estate properties and land in 2014 for a total gross purchase amount of $168,092. The Company made no sales of assets in the year ended December 31, 2015. The Company sold two pieces of residential real estate for gross proceeds of $303,209 in the year ended December 31, 2014 (as restated). The real estate valuation was adjusted downward on December 31, 2015 and 2014 in the amounts of $228,352 and $18,941, respectively. These downward revisions were made to reflect the fair market value of the assets. Depreciation expense totaled $44,770 for the year ended December 31, 2015 and $33,344 for the year ended December 31, 2014 (as restated). Total accumulated depreciation as of December 31, 2015 and 2014 totaled $92,627 and $70,479, respectively. In 2015 certain real estate held for investment assets were transferred to real estate held for resale, and as a result decreased accumulated depreciation by $22,513. Real Estate Held for Investment As of December 31, 2015, the Company held 14 residential properties and several lots as held for investments. Of these, nine properties had tenants and were current with regards to tenant payments as of December 31, 2015. Properties held for investment were carried on the balance sheet at $911,162. Four other properties that were available to rent were held in real estate for resale. As of December 31, 2014 (as restated), the Company held 18 residential properties and several lots as held for investments. These properties held for investment were carried on the balance sheet at $1,185,588. The leases in effect as of the year ended December 31, 2015 are based on either annual or multi-year time periods and include month-to-month provisions after the completion of the initial term. An outside property management company has been engaged subsequent to the year-end. The property management company has introduced updated and renewed leases for existing rental properties. The future anticipated minimum rental revenue based on leases in place as of December 31, 2015 is as follows: 2016 $ 108,900 2017 36,800 2018 2,520 Total $ 148,220 Real Estate Held for Resale As of December 31, 2015, the Company held 28 residential properties and one commercial property as held for resale. These properties held for resale were carried on the balance sheet at $2,671,311. During the course of 2015, we adjusted the carrying value of these properties downward by $228,352 to reflect their fair market value. As of December 31, 2014 (as restated), the Company held 23 residential properties as held for resale. These properties held for resale were carried on the balance sheet at $2,079,514. During the course of 2014, we adjusted the carrying value of these properties downward by $18,941 to reflect the fair market value. In the year ended December, 31 2015 the Company transferred land and buildings, which were reported as property and equipment as of December 31, 2014, to real estate held for resale. The property has been marked to fair market value of $100,000, and is being marketed for sale.

4. PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property And Equipment
4. PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT The cost of property and equipment at December 31, 2015 and December 31, 2014 (as restated) consisted of the following: 2015 2014 As Restated Land $ — $ 10,000 Building — 213,366 Automobile 9,500 9,500 Computer equipment — — Furniture and fixtures 13,788 13,788 23,288 246,654 Less accumulated depreciation (23,288 ) (116,904 ) Property and equipment, net $ — $ 129,750 Depreciation expense was $5,518 and $6,020 In the year ended December, 31 2015 we transferred all land and building assets to real estate held for resale.

5. FAIR VALUE OF ASSETS AND LIA

5. FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
5. FAIR VALUE OF ASSETS AND LIABILITIES	NOTE 5 – FAIR VALUE OF ASSETS AND LIABILITIES The Company has adopted FASB ASC 820, Fair Value Measurements · Level 1 inputs are quoted prices in active markets as of the measurement date for identical assets and liabilities that the Company has the ability to access. This category includes exchange-traded mutual funds and equity securities. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates or yield curves, that are observable at commonly quoted intervals. This category includes mortgage-backed securities, asset-backed securities, corporate debt securities, certificates of deposit, commercial paper, U.S. agency and municipal debt securities, U.S. Treasury securities and derivative contracts. · Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The measurements are highly subjective. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2015 and 2014 (as restated). Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company had no significant assets or liabilities that were measured at fair value on a recurring basis during 2015 or 2014. Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). Asset fair values are measured as Level 3 using a market approach. Market values are derived from the most recent tax assessed value on an individual asset basis. The carrying values and fair values of the Company’s real estate – held for resale and real estate – held for investment values as of December 31, 2015 and 2014 (as restated), respectively, are as follows: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total at (Level 1) (Level 2) (Level 3) Fair Value December 31, 2015 Real estate held for investment $ - $ - $ 911,162 $ 911,162 Real estate held for sale - - 2,671,311 2,671,311 Goodwill, net 212,445 212,445 Total - - 3,794,918 3,794,918 December 31, 2014 (As restated) Real estate held for investment - - 1,185,588 1,185,588 Real estate held for sale - - 2,079,514 2,079,514 Goodwill, net - - 1,166,494 1,166,494 Total $ - $ - $ 4,431,596 $ 4,431,596

6. NOTES PAYABLE

6. NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
6. NOTES PAYABLE	NOTE 6 – Notes payable at December 31, 2015 and 2014 (as restated) consist of the following: 2015 2014 (As Restated) Non-interest bearing amount due on acquisition of USA Telephone payable in thirty-six monthly installments starting January 2008. $ 90,000 $ 90,000 Less current portion 90,000 - Long-term portion $ - $ 90,000 On December 8, 2015, Sitestar settled a breach of contract claim with United Systems Access, Inc., et al. in connection with the matter, United Systems Access, Inc., et al. v. Sitestar Corporation, Civil Action, Docket No. CV-13-161, (York County, Maine Superior Court), previously commenced against the Company and whereby the plaintiff had alleged that the Company had failed to pay certain amounts owed on a promissory note. The settlement required Sitestar to pay $90,000 to United Systems Access. This claim by United Systems Access was accrued as a note payable in the amount of $900,615 as of December 31, 2013. Upon settlement of the agreement, the liability was marked to $90,000 as of December 31, 2014. The Company paid the settlement amount in three installments on January 4, 2016, January 15, 2016, and February 11, 2016.

7. NOTES PAYABLE - STOCKHOLDERS

7. NOTES PAYABLE - STOCKHOLDERS	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
7. NOTES PAYABLE - STOCKHOLDERS	NOTE 7 – NOTES PAYABLE - STOCKHOLDERS Notes payable - stockholders at December 31, 2015 and 2014 (as restated) consist of the following: 2015 2014 (As Restated) Note payable to stockholder. The note is payable on January 1, 2020 and bears interest at an annual rate of 6.0%. $ — 50,000 — Less current portion — 50,000 Long-term portion $ — $ — The Company previously entered into a promissory note dated March 1, 2013 with the former CEO’s mother, Linda Erhartic, who is also a former employee of the Company. Mrs. Erhartic loaned the Company $50,000 at an interest rate of 6% annually. This promissory note was not approved by the process required by the Company’s Code of Ethics. Additionally, the Company only possesses an unsigned copy of this promissory note. Furthermore, the interest rate paid to Mrs. Erhartic did not conform to the terms in the promissory note and did not conform to previous disclosures made by the Company. This promissory note was repaid completely by the Company during the period ended September 30, 2014. This transaction is the subject of litigation involving the former CEO. Additional information can be found in item 3.

8. ACCOUNTS RECEIVABLE AND BAD

8. ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
8. ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE	NOTE 8 – ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE For the years ended December 31, 2015 and 2014 (as restated), bad debt expense was $27,163 and $1,413 as of December 31, 2015 and 2014 as restated, accounts receivable consists of the following: 2015 2014 (As Restated) Gross accounts receivable $ 20,692 $ 22,934 Less allowance for doubtful accounts (6,264 ) (1,123 ) Accounts receivable, net $ 14,428 $ 21,811

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
9. COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Leases The Company previously leased certain facilities for its corporate offices and a storage facility from a related party. Total rent expense for the years ended December 31, 2015 and 2014 (as restated) was $56,100 and $44,545, respectively. The Company also rented an office in Chatham, Ontario in Canada. Total rent expense for this facility for the years ended December 31, 2015 and 2014 (as restated) was $18,000 CAD. These three facilities have been vacated as of July 18, 2016 and the Company has no future rent commitments. Litigation On April 12, 2016, Sitestar filed a civil action complaint against Frank Erhartic, Jr. (the “Former CEO”), the Company’s former CEO and director and currently an owner of record or beneficially of more than five percent of the Company’s Common Stock, alleging, among other things, that the Former CEO engaged in, and caused the Company to engage in to its detriment, a series of unauthorized and wrongful related party transactions, including causing the Company to borrow certain amounts from the Former CEO’s mother unnecessarily and at a commercially unreasonable rate of interest, converting certain funds of the Company for personal rent payments to the Former CEO, commingling in land trusts certain real properties owned by the Company and real properties owned by the Former CEO, causing the Company to pay certain amounts to the Former CEO for lease payments under an unauthorized lease as to a storage facility owned by the Former CEO, causing the Company to pay rent on its corporate headquarters owned by the Former CEO’s ex-wife in amounts commercially unreasonable and excessive and to make real estate tax payments thereon for the personal benefit of the Former CEO, converting to the Former CEO and/or [absconding with] five motor vehicles owned by the Company, causing the Company to pay real property and personal property taxes on numerous properties owned personally by the Former CEO, causing the Company to pay personal credit card debt of the Former CEO, causing the Company to significantly overpay the Former CEO’s health and dental insurance for the benefit of the Former CEO, and causing the Company to pay the Former CEO’s personal automobile insurance. The Company is seeking, among other relief available, monetary damages in excess of $350,000. This litigation matter is currently pending in the Circuit Court for the City of Lynchburg (Lynchburg, Virginia).

10. STOCKHOLDERS' EQUITY

10. STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
10. STOCKHOLDERS' EQUITY	NOTE 10 – STOCKHOLDERS' EQUITY Classes of Shares The Company's Articles of Incorporation authorize 310,000,000 shares, consisting of 10,000,000 shares of preferred stock, which have a par value of $0.001 per share and 300,000,000 shares of common stock, which have a par value of $0.001. Preferred Stock Preferred stock, any series, shall have the powers, preferences, rights, qualifications, limitations and restrictions as fixed by the Company's Board of Directors in its sole discretion. As of December 31, 2015, the Company's Board of Directors has not issued any Preferred Stock. Common Stock The Company has 300,000,000 authorized shares of Common Stock. As of December 31, 2015, 91,326,463 shares were issued and 77,404,010 shares were outstanding. Shortly after the change in management, we requested a shareholder report from our transfer agent and attempted to reconcile the number of shares outstanding. The Company determined that the Company had been inaccurately reporting the number of shares outstanding and the number of treasury shares. The Company adjusted the opening balance as of January 1, 2014 by restating the number of outstanding common shares to 77,404,010 from 74,085,705 and by restating the number of treasury shares to 13,922,453 from 17,240,758.

11. INCOME TAXES

11. INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
11. INCOME TAXES	NOTE 11 - INCOME TAXES The provision for federal and state income taxes for the years ended December 31, 2015 and 2014 included the following: 2015 2014 (As Restated) Current benefit (provision): Federal $ — — State — — Deferred provision: Federal (318,594 ) 114,529 State (5,359 ) 21,815 Valuation allowance 323,953 (136,344 ) Total income tax provision $ — Deferred tax assets and liabilities reflect the net effect of temporary differences between the carrying amount of assets and liabilities used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: 2015 2014 (As Restated) Net operating loss carryforward $ 560.137 287,099 Amortizations of intangible assets 1,383,166 1,331,837 Accrued vacation 293 707 Valuation allowance (1,943,596 ) (1,619,643 ) Deferred tax asset, net $ — $ —

12. RELATED PARTY TRANSACTIONS

12. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
12. RELATED PARTY TRANSACTIONS	NOTE 12 - RELATED PARTY TRANSACTIONS As of the year ended December 31, 2015, the Company previously purported to lease its office building in Lynchburg, Virginia from the former CEO of the Company. Public records indicate that the owner of this property from at least January 1, 2014 through December 31, 2015 was the former CEO’s ex-wife. We have filed a lawsuit against the former CEO in order to recover the payments made to the former CEO. Additional information on this lawsuit can be found in item 3. We vacated the building as of January 15, 2016. The Company also leased a storage facility in Salem, Virginia from the former CEO. We are attempting to recover the payments made to the former CEO related to this facility. The lease was not approved by the process required by the Company’s Code of Ethics. The former CEO has refused to provide access to the storage facility to the management and has not returned Company-owned equipment located at the storage facility. The value of this equipment is also included in the lawsuit. Additional information can be found in item 3. The Company paid a total of $56,100 in rent to the former CEO related to the office building in Lynchburg, Virginia and the storage facility in Salem, Virginia for the year ended December 31, 2015. The Company paid a total of $44,545 in rent to the former CEO related to the office building in Lynchburg, Virginia and the storage facility in Salem, Virginia for the year ended December 31, 2014. The Company previously entered into a promissory note dated March 1, 2013 with the former CEO’s mother, Linda Erhartic, who is also a former employee of the Company. Mrs. Erhartic loaned the Company $50,000 at an interest rate of 6% annually. This promissory note was not approved by the process required by the Company’s Code of Ethics. Additionally, the Company only possesses an unsigned copy of this promissory note. Furthermore, the interest rate paid to Mrs. Erhartic did not conform to the terms in the promissory note and did not conform to previous disclosures made by the Company. This promissory note was repaid completely by the Company during the period ended September 30, 2014. This transaction is the subject of litigation involving the former CEO. Additional information can be found in item 3. The former CEO created several land trusts and designated the Company as the trustee. The former CEO and, we believe, the former CFO placed personally owned properties within these land trusts. This activity was not approved by the process required by the Company’s Code of Ethics. This activity is the subject of litigation involving the former CEO. Additional information can be found in item 3.

13. SEGMENT INFORMATION

13. SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
13. SEGMENT INFORMATION	NOTE 13 - SEGMENT INFORMATION The Company has three business units with separate management and reporting infrastructures that offer different products and services. The business units have been aggregated into three reportable segments: Corporate, Real estate and Internet. The Corporate group is the holding company which oversees the operating of the Internet group and arranges financing. The real estate group invests in, refurbishes and markets real estate for resale. The Internet group provides internet access to customers throughout the U.S. and Canada. The Company evaluates the performance of its operating segments based on income from operations, before income taxes, accounting changes, non-recurring items, and interest income and expense. In 2015 the Company generated revenue of $1,621,516 in the United States and $113,687 USD in Canada. In 2014 the Company generated revenue of $2,242,952 in the United States and $148,244 USD in Canada. Summarized financial information concerning the Company's reportable segments is shown in the following table for the years ended December 31, 2015 and 2014: As of December 31, 2015 Corporate Real Estate Internet Consolidated Revenues $ — $ 132,680 $ 1,602,523 $ 1,735,203 Cost of revenue — 346,998 539,934 886,932 Gross profit — (214,318 ) 1,062,589 848,271 Operating expenses 428,244 48,079 284,437 760,759 Income (loss) from operations (428,244 ) (262,397 ) 778,152 87,511 Other income (expense) (48,601 ) — (954,049 ) (1,002,650 ) Net income $ (476,845 ) $ (262,397 ) $ (175,897 ) $ (915,139 ) Identifiable assets $ 184,786 $ 3,582,473 $ 427,954 $ 4,195,213 As of December 31, 2014 (As restated) Corporate Real Estate Internet Consolidated Revenues $ — $ 468,751 $ 1,922,292 $ 2,391,043 Cost of revenue — 576,291 667,950 1,244,241 Gross profit — (107,540 ) 1,254,495 1,146,955 Operating expenses 266,974 15,181 424,181 706,336 Income (loss) from operations (266,974 ) (122,721 ) 830,314 440,619 Other income (expense) (68,771 ) — 810,615 679,466 Net income $ (335,745 ) $ (122,721 ) $ 1,640,929 $ 1,120,085 Identifiable assets $ 348,477 $ 3,265,102 $ 1,517,349 $ 5,130,927

14. RESTATED UNAUDITED INTERIM

14. RESTATED UNAUDITED INTERIM FINANCIAL DATA	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
14. RESTATED UNAUDITED INTERIM FINANCIAL DATA	NOTE 14 – RESTATED UNAUDITED INTERIM FINANCIAL DATA Adjustments to asset and liability balances are related primarily to previous errors related to the fair value analysis and capitalization policy for real estate properties held for investment and resale, errors in the revenue recognition criteria, errors in the calculation of depreciation, errors in the calculation of tax expenses, and cut-off deficiencies related to quarter-end accruals. Adjustments to revenue are related to previous errors to internet billings, errors in the calculation of accounts receivables, and errors in the calculation of real estate rent and security deposits. Adjustments to cost of revenue are related to previous errors in the accrual of expenses. Adjustments to operating expenses are related to errors in the accrual of salaries, errors in the accrual of expenses, errors in the calculation of bad debts, errors in the calculation of depreciation in the real estate segment and in property and equipment, reclassifications of expenses related to disputed use of funds by the former CEO, and clerical errors specific to the quarters ending March 31, 2015, June 30, 2015 and September 30, 2015. Adjustments to other income are related to errors in the reporting of currency translations. Adjustments to taxes are related to errors in the calculation of deferred tax assets and liabilities. For the three months ended as of September 30, 2015 As Previously Reported Adjustments As Restated Assets $ 5,421,737 $ (118,499 ) $ 5,303,238 Liabilities 1,241,247 (738,419 ) 502,828 Stockholders' equity 4,180,490 619,920 4,800,410 Revenue 424,957 — 424,957 Cost of revenue 171,007 (91,086 ) 79,921 Gross profit 253,950 91,086 345,036 Operating expenses 196,851 (31,723 ) 165,128 Income from operations 57,099 122,809 179,908 Other income (expense) 1,302 (11,369 ) (10,067 ) Income before taxes 58,401 111,440 169,841 Tax (expense) benefit — — — Net income $ 58,401 $ 111,440 $ 169,841 For the three months ended as of June 30, 2015 As Previously Reported Adjustments As Restated Assets $ 5,366,316 $ (239,250 ) $ 5,127,066 Liabilities 1,267,466 (770,970 ) 496,496 Stockholders' equity 4,098,850 531,719 4,630,569 Revenue 430,902 753 431,655 Cost of revenue 145,653 3,295 148,948 Gross profit 285,249 (2,542 ) 282,707 Operating expenses 203,828 (69,266 ) 134,562 Income from operations 81,421 (66,723 ) 148,144 Other income (expense) (452 ) (11,489 ) (11,941 ) Income before taxes 80,969 55,234 136,203 Tax (expense) benefit — — — Net income $ 80,969 $ 55,234 $ 136,203 For the three months ended as of March 31, 2015 As Previously Reported Adjustments As Restated Assets $ 5,266,747 $ (231,246 ) $ 5,035,501 Liabilities 1,312,106 (770,971 ) 541,135 Stockholders' equity 3,954,641 539,725 4,494,366 Revenue 456,949 2,000 458,949 Cost of revenue 169,919 44,240 214,159 Gross profit 287,030 (42,240 ) 244,790 Operating expenses 413,306 (10,394 ) 402,912 Income from operations (126,276 ) (31,846 ) (158,122 ) Other income (expense) (1,922 ) (11,774 ) (13,696 ) Income before taxes (128,198 ) (43,620 ) (171,818 ) Tax (expense) benefit — — — Net income $ (128,198 ) $ (43,620 ) $ (171,818 ) Full year ended December 31, 2014 As Previously Reported Adjustments As Restated Assets $ 5,306,172 $ (175,245 ) $ 5,130,927 Liabilities 1,223,333 (758,590 ) 464,743 Stockholders' equity 4,082,839 583,345 4,666,184 Revenue 2,383,696 7,500 2,391,196 Cost of revenue 1,106,083 138,158 1,244,241 Gross profit 1,277,613 (130,658 ) 1,146,955 Operating expenses 817,403 (111,067 ) 706,336 Income from operations 460,210 (19,591 ) 440,619 Other income (expense) (1,752 ) 681,218 679,466 Income before taxes 458,458 661,627 1,120,085 Tax (expense) benefit (74,275 ) 74,275 — Net income $ 384,183 $ 735,902 $ 1,120,085 For the three months ended as of September 30, 2014 As Previously Reported Adjustments As Restated Assets $ 5,234,370 $ (312,168 ) $ 4,922,202 Liabilities 1,308,845 36,944 1,345,789 Stockholders' equity 3,925,525 (349,112 ) 3,576,413 Revenue 497,666 1,000 498,666 Cost of revenue 158,187 22,002 180,189 Gross profit 339,479 (21,002 ) 318,477 Operating expenses 245,151 (34,400 ) 210,751 Income from operations 94,328 13,398 107,726 Other income (expense) 2,066 (65,905 ) (63,839 ) Income before taxes 96,394 (52,507 ) 43,887 Tax (expense) benefit — — — Net income $ 96,394 $ (52,207 ) $ 43,887 For the three months ended as of June 30, 2014 As Previously Reported Adjustments As Restated Assets $ 5,182,957 $ (248,773 ) $ 4,934,184 Liabilities 1,353,826 47,832 1,401,658 Stockholders' equity 3,829,131 (296,605 ) 3,532,526 Revenue 531,438 4,000 535,438 Cost of revenue 189,983 81,606 271,589 Gross profit 341,455 (77,606 ) 263,849 Operating expenses 187,632 (13,071 ) 174,561 Income from operations 153,823 (64,535 ) 89,288 Other income (expense) (1,255 ) (14,576 ) (15,831 ) Income before taxes 152,568 (79,111 ) 73,457 Tax (expense) benefit 74,275 (74,275 ) — Net income $ 78,293 $ (4,836 ) $ 73,457 For the three months ended as of March 31, 2014 As Previously Reported Adjustments As Restated Assets $ 5,078,032 $ (249,844 ) $ 4,828,188 Liabilities 1,327,194 41,925 1,369,119 Stockholders' equity 3,750,838 (291,769 ) 3,459,069 Revenue 679,124 — 679,124 Cost of revenue 337,456 137,207 474,663 Gross profit 341,668 (137,207 ) 204,461 Operating expenses 288,908 (10,833 ) 278,075 Income from operations 52,760 (126,374 ) (73,614 ) Other income (expense) (578 ) (12,838 ) (13,416 ) Income before taxes 52,182 (139,212 ) (87,030 ) Tax (expense) benefit — — — Net income $ 52,182 $ (139,212 ) $ (87,030 )

15. SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
15. SUBSEQUENT EVENTS	NOTE 15 - SUBSEQUENT EVENTS As previously indicated, an Audit Committee was formed on December 14, 2015. Jeremy Gold was elected to be the Chairman of the Audit Committee at that meeting. An Audit Committee charter was adopted on January 5, 2016. On February 23, 2016 Mr. Malouf resigned as a Director and was replaced by Chris Payne. Mr. Payne is considered an Audit Committee Financial Expert and was appointed to serve on the Audit Committee. On January 15, 2016 we vacated the Company’s headquarters located at 7109 Timberlake Rd. in Lynchburg, Virginia. As previously reported in our Current Report of Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on February 18, 2016, on February 11, 2016, the Company’s former auditor resigned. As previously reported, this resignation followed communications between the former auditor and the Company in which the Company informed the former auditor, among other things, that (i) the former auditor had not been selected as the Company’s independent auditor for 2016; and (ii) following receipt of the former auditor’s letter of December 21, 2015 stating that the Company should take action to prevent reliance on the previously issued financial statements for the year ended December 31, 2014 as contained in the Annual Report on Form 10-K as of and for the year ended December 31, 2014, the Company had retained an external accountant to conduct an investigation based on certain agreed upon procedures. On February 17, 2016, Jeff Moore was elected to serve as the Chairman of the Board. On February 29, 2016 we vacated our office in Chatham, ON Canada and terminated the employment of two full time employees associated with our Canadian operations. We have retained one full time employee and one part-time employee in Canada, each of whom are working remotely. On March 1, 2016, Steven Kiel was appointed as the permanent President and CEO. As previously reported in our Current Report of Form 8-K filed with the SEC on March 7, 2016, on March 3, 2016, Cherry Bekaert LLP was selected as the Company’s new independent auditor for the year ended December 31, 2015. It was determined that Cherry Bekaert LLP should carry out an audit for 2014 in addition to 2015. On March 23, 2016, we engaged a broker to market for sale the premium domain that we own, First.com. This marketing process is ongoing. Also at the December 14, 2015 meeting, Directors agreed to engage outside legal counsel to lead an investigation into the allegations by the Company’s former auditor. Legal counsel engaged an accounting firm to carry out an analysis of a range of transactions over the previous five years. A final report was delivered to management in February 2016. This report served as the basis for a lawsuit filed by the Company against the former CEO, Mr. Erhartic, in April 2016. On April 12, 2016, Sitestar filed a civil action complaint against Frank Erhartic, Jr. (the “Former CEO”), the Company’s former CEO and director and currently an owner of record or beneficially of more than five percent of the Company’s Common Stock, alleging, among other things, that the Former CEO engaged in, and caused the Company to engage in to its detriment, a series of unauthorized and wrongful related party transactions, including causing the Company to borrow certain amounts from the Former CEO’s mother unnecessarily and at a commercially unreasonable rate of interest, converting certain funds of the Company for personal rent payments to the Former CEO, commingling in land trusts certain real properties owned by the Company and real properties owned by the Former CEO, causing the Company to pay certain amounts to the Former CEO for lease payments under an unauthorized lease as to a storage facility owned by the Former CEO, causing the Company to pay rent on its corporate headquarters owned by the Former CEO’s ex-wife in amounts commercially unreasonable and excessive and to make real estate tax payments thereon for the personal benefit of the Former CEO, converting to the Former CEO five motor vehicles owned by the Company, causing the Company to pay real property and personal property taxes on numerous properties owned personally by the Former CEO, causing the Company to pay personal credit card debt of the Former CEO, causing the Company to significantly overpay the Former CEO’s health and dental insurance for the benefit of the Former CEO, and causing the Company to pay the Former CEO’s personal automobile insurance. The Company is seeking, among other relief available, monetary damages in excess of $350,000. This litigation matter is currently pending in the Circuit Court for the City of Lynchburg (Lynchburg, Virginia). Also at the Board of Directors meeting on December 14, 2015 the Company’s former CFO, Dan Judd, was placed on probation in light of the circumstances that had led to the termination of the former CEO. New management engaged an outside financial consultant to review the Company’s accounting practices and to assist Mr. Judd in carrying out his duties. Mr. Judd subsequently was terminated on March 3, 2016. The Board has requested that he resign as a Director, but Mr. Judd has not responded favorably to that request and has not participated in Board meetings since his dismissal as CFO. Subsequent to December 31, 2015, and as of July 18, 2016, we have sold 21 residential properties including four properties that are pending closing. Of the 17 properties that have closed, the net proceeds total $1,399,121. This compares to their carrying value as of the year ended December 31, 2015 of $1,338,495. Subsequent to December 31, 2015, and as of July 18, 2016, we have engaged the services of a property manager to manage our rental portfolio. We have eight active rental properties. All other properties held for resale are either actively for sale or being prepared for sale. As previously reported in our Current Report on Form 8-K filed with the SEC on June 14, 2016, we organized, along with JNJ Investments, LLC, HVAC Value Fund, LLC. The purpose of this entity is to acquire and manage companies in the Heating, Ventilation, and Air Conditioning (“HVAC”) industry. As of July 18, 2016, HVAC Value Fund, LLC has consummated or entered into contracts with four acquisitions in the HVAC industry. It has yet to carry out any material business.

2. SUMMARY OF SIGNIFICANT ACC22

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization and Lines of Business	Organization and Lines of Business Sitestar Corporation (formerly White Dove Systems, Inc., and then Interfoods Consolidated, Inc.) was incorporated in Nevada on December 17, 1992. On July 26, 1999 the Company restated its Articles of Incorporation to change the name of the Company to “Sitestar Corporation.” The Company formerly was in the International specialty foods distribution business. In 1999, through the acquisition of two Internet Service Providers, the Company changed from a food distribution company to an internet holding company. The Company services customers throughout the U.S. and Canada with multiple sites of operation. Effective October 15, 2008 pursuant to the approval of the board of directors, the Company’s management implemented a program to purchase real estate with the Company’s surplus cash flows.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including: Sitestar.net, Inc. (formerly known as Neocom Microspecialists, Inc.), FRE Enterprises, Inc., Advanced Internet Services, Inc. and NetRover Inc. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates In accordance with Generally Accepted Accounting Principles (GAAP), the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, goodwill valuation, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in the notes to the consolidated financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments For certain of the Company's assets and liabilities, including cash, accounts receivable, accounts payable, accrued expenses and deferred revenue, the carrying amounts approximate fair value due to their short maturities.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the statements of cash flows, the Company defines cash equivalents as all highly liquid instruments purchased with a maturity of three months or less.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and accounts receivable. The Company places its cash with high quality financial institutions and, at times, may exceed the FDIC and CDIC insurance limit. The Company extends credit based on an evaluation of the customers’ financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses.
Accounts Receivable	Accounts Receivable The Company grants credit in the form of unsecured accounts receivable to its customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt expense, is based on management’s assessment of current economic conditions and historical collection experience with each customer. Specific customer receivables are considered past due when they are outstanding beyond their contractual terms and are charged off to the allowance for doubtful accounts when determined uncollectible. Sales of Internet services, which are not automatically processed via credit card or bank account drafts, have been the Company’s highest exposure to collection risk. The Company attempts to reduce this risk by including a late payment fee and a manual processing payment fee to accounts. Receivables more than ninety days past due are no longer included in accounts receivable and are turned over to a collection agency. Accounts more than 30 days are considered past due.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method based on estimated useful lives from three to seven years for equipment, fifteen years for building improvements, and thirty-nine years for buildings. Expenditures for maintenance and repairs are charged to operations as incurred while renewals and betterments are capitalized. Gains and losses on disposals are included in the results of operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets In accordance with GAAP, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. Long-lived assets to be disposed are reported at the lower of carrying amount or fair value of the asset less cost to sell.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the acquisition method of accounting. The Company does not amortize goodwill. The Company tests its goodwill annually during the fourth quarter of its fiscal year or when events and circumstances indicate that those assets might not be recoverable. Impairment testing of goodwill is required at the reporting unit level (operating segment or one level below operating segment) and involves a two-step process. Prior to performing the two-step impairment test, the Company may make a qualitative assessment of the likelihood of goodwill impairment in order to determine whether a detailed quantitative analysis is required. The first step of the impairment test involves comparing the estimated fair values of the Company's reporting units with the reporting units' carrying amounts, including goodwill. The Company estimates the fair value of its reporting units using discounted expected future cash flows. If the carrying amount of the reporting unit exceeds its fair value, a second step is performed to compare the carrying amount of goodwill to the implied fair value of that goodwill. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to the excess. The Company completed an analysis of its goodwill as of December 31, 2015 and 2014 (as restated). For the year ended December 31, 2015 we recorded a goodwill impairment of $954,049. No impairment was recorded in 2014 (as restated). This non-cash expense was the result of revenue and cash flow declines in the internet segment. Additionally, new management implemented changes to the annual goodwill impairment analysis to more accurately reflect the value of the Company’s goodwill in 2015. Other intangible assets consist of customer relationships, developed technology and software, trade names and other assets acquired in conjunction with the purchases of businesses or purchases of assets from other companies. When management determines material intangible assets are acquired in conjunction with the purchase of a business, the Company determines the fair values of the identifiable intangible assets by taking into account management's own analysis and an independent third party valuation specialist's appraisal. Intangible assets determined to have definite lives are amortized over their estimated useful lives. The Company owns approximately 100 domain names, including first.com, first.net, and forsalebyowner.net. These domains are valued at historical cost.
Real Estate	Real Estate Real estate held for sale properties are carried at the lower of cost or fair market value. All costs directly related to the improvement and carrying of real estate are capitalized, including renovations and property taxes, to the extent the capitalized costs of the property do not exceed the estimated fair value of the property. If the cost of the real estate exceeds the estimated fair value, the excess is charged to expense. Fair value is estimated based on comparable sales in the geographic area the real estate is located and tax assessed values, and is evaluated annually, or when events or changes in circumstances indicate the carrying value of the real estate may not be recoverable. Real estate held for investment are carried at the cost basis plus additional expenses where the expense extended the life or added value to the property. Otherwise, the expense is not capitalized and is charged to expense. Properties categorized as real estate held for investment are not expected by management to be sold in the next 12 months. This determination is periodically reviewed by management.
Accrued Expenses	Accrued Expenses Accrued expenses represent accrued but not yet paid expenses from Sales and Use taxes for ISP services, vacation accruals, and other payroll accruals.
Deferred Revenue	Deferred Revenue Deferred revenue represents collections from customers in advance for services not yet performed and are recognized as revenue in the period service is provided.
Revenue Recognition	Revenue Recognition Internet Operations The Company sells Internet services under annual and monthly contracts. Under the annual contracts, the subscriber pays a one-time annual fee, which is recognized as revenue ratably over the life of the contract. Under the monthly contracts, the subscriber is billed monthly and revenue is recognized for the period to which the service relates. Sales of computer hardware are recognized as revenue upon delivery and acceptance of the product by the customer. Sales are adjusted for any returns or allowances. The Company generates revenue in its internet segment from consumer and business-grade internet access, wholesale managed modem services for downstream ISPs, Web hosting, and various ancillary services in the United States and Canada. Services include narrow-band (dial-up and ISDN) and broadband services (DSL, fiber-optic and wireless), web hosting and related services to consumers and businesses and broadband services. Customers may downgrade from internet access to web hosting plans, to include email access and storage. In some years the customer changes can be significant. Internet revenue is affected by the changing composition of revenue sources. Real Estate Operations Revenue from real estate is recognized upon closing of the sale, as all conditions for full revenue recognition have been met at that time. All costs associated with the property sold are removed from the consolidated balance sheets and charged to cost of revenue at that time. Rental revenue from real estate is recognized when it is due, generally on the first of each month or at another regular period agreed upon between the Company and the tenant. If payments are not provided in a timely manner, the amount due is designated as an account receivable. Accounts receivable from rental revenue are generally considered unrecoverable after 90 days unless the Company reasonably believes that recovery is probable. Tenants generally provide a security deposit at the time of possession. This deposit is held separate from revenue and only applied to revenue when rental payment comparable to the security deposit amount is not provided in a timely manner and considered unlikely to be recovered. Otherwise, the security deposit is returned in a timely manner after the property is surrendered back to the Company.
Income Taxes	Income Taxes Deferred taxes are provided on the liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The last three tax years are open to potential IRS examination.
Income Per Share	Income Per Share The basic income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed similar to basic income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company has no potentially dilutive securities.
Comprehensive Income	Comprehensive Income The comprehensive income is the result of foreign currency translations related to the Company’s operations in Canada.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC Topic 842, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are required to adopt this standard in the first quarter of 2019. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” by one year. As a result, the ASU is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. ASU No. 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The ASU also provides guidance on accounting for certain contract costs, and requires new disclosures. Early adoption is not permitted. We are required to adopt this standard in the first quarter of 2017. The initial application of the standard is not expected to significantly impact the Company. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes” (Topic 740). The ASU provides guidance related to the classifications of deferred income tax assets and liabilities into current and noncurrent amounts in a classified statement of financial position. Deferred tax assets and liabilities are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. Deferred tax assets and liabilities that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are required to adopt this standard in the first quarter of 2018. The initial application of the standard is not expected to significantly impact the Company.

3. REAL ESTATE (Tables)

3. REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Held for Investment	2016 $ 108,900 2017 36,800 2018 2,520 Total $ 148,220

4. PROPERTY AND EQUIPMENT (Tabl

4. PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	2015 2014 As Restated Land $ — $ 10,000 Building — 213,366 Automobile 9,500 9,500 Computer equipment — — Furniture and fixtures 13,788 13,788 23,288 246,654 Less accumulated depreciation (23,288 ) (116,904 ) Property and equipment, net $ — $ 129,750

5. FAIR VALUE OF ASSETS AND L25

5. FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
5. FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total at (Level 1) (Level 2) (Level 3) Fair Value December 31, 2015 Real estate held for investment $ - $ - $ 911,162 $ 911,162 Real estate held for sale - - 2,671,311 2,671,311 Goodwill, net 212,445 212,445 Total - - 3,794,918 3,794,918 December 31, 2014 (As restated) Real estate held for investment - - 1,185,588 1,185,588 Real estate held for sale - - 2,079,514 2,079,514 Goodwill, net - - 1,166,494 1,166,494 Total $ - $ - $ 4,431,596 $ 4,431,596

6. NOTES PAYABLE (Tables)

6. NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Notes Payable	2015 2014 (As Restated) Non-interest bearing amount due on acquisition of USA Telephone payable in thirty-six monthly installments starting January 2008. $ 90,000 $ 90,000 Less current portion 90,000 - Long-term portion $ - $ 90,000

7. NOTES PAYABLE - STOCKHOLDE27

7. NOTES PAYABLE - STOCKHOLDERS (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Notes Payable - Stockholders	2015 2014 (As Restated) Note payable to stockholder. The note is payable on January 1, 2020 and bears interest at an annual rate of 6.0%. $ — 50,000 — Less current portion — 50,000 Long-term portion $ — $ —

8. ACCOUNTS RECEIVABLE AND BA28

8. ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
8. ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE (Tables)	2015 2014 (As Restated) Gross accounts receivable $ 20,692 $ 22,934 Less allowance for doubtful accounts (6,264 ) (1,123 ) Accounts receivable, net $ 14,428 $ 21,811

11. INCOME TAXES (Tables)

11. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision for Income Taxes	2015 2014 (As Restated) Current benefit (provision): Federal $ — — State — — Deferred provision: Federal (318,594 ) 114,529 State (5,359 ) 21,815 Valuation allowance 323,953 (136,344 ) Total income tax provision $ —
Significant Components of Deferred Tax Assets	2015 2014 (As Restated) Net operating loss carryforward $ 560.137 287,099 Amortizations of intangible assets 1,383,166 1,331,837 Accrued vacation 293 707 Valuation allowance (1,943,596 ) (1,619,643 ) Deferred tax asset, net $ — $ —

13. SEGMENT INFORMATION (Tables

13. SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	As of December 31, 2015 Corporate Real Estate Internet Consolidated Revenues $ — $ 132,680 $ 1,602,523 $ 1,735,203 Cost of revenue — 346,998 539,934 886,932 Gross profit — (214,318 ) 1,062,589 848,271 Operating expenses 428,244 48,079 284,437 760,759 Income (loss) from operations (428,244 ) (262,397 ) 778,152 87,511 Other income (expense) (48,601 ) — (954,049 ) (1,002,650 ) Net income $ (476,845 ) $ (262,397 ) $ (175,897 ) $ (915,139 ) Identifiable assets $ 184,786 $ 3,582,473 $ 427,954 $ 4,195,213 As of December 31, 2014 (As restated) Corporate Real Estate Internet Consolidated Revenues $ — $ 468,751 $ 1,922,292 $ 2,391,043 Cost of revenue — 576,291 667,950 1,244,241 Gross profit — (107,540 ) 1,254,495 1,146,955 Operating expenses 266,974 15,181 424,181 706,336 Income (loss) from operations (266,974 ) (122,721 ) 830,314 440,619 Other income (expense) (68,771 ) — 810,615 679,466 Net income $ (335,745 ) $ (122,721 ) $ 1,640,929 $ 1,120,085 Identifiable assets $ 348,477 $ 3,265,102 $ 1,517,349 $ 5,130,927

14. RESTATED UNAUDITED INTERI31

14. RESTATED UNAUDITED INTERIM FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
14. RESTATED UNAUDITED INTERIM FINANCIAL DATA (Tables)	For the three months ended as of September 30, 2015 As Previously Reported Adjustments As Restated Assets $ 5,421,737 $ (118,499 ) $ 5,303,238 Liabilities 1,241,247 (738,419 ) 502,828 Stockholders' equity 4,180,490 619,920 4,800,410 Revenue 424,957 — 424,957 Cost of revenue 171,007 (91,086 ) 79,921 Gross profit 253,950 91,086 345,036 Operating expenses 196,851 (31,723 ) 165,128 Income from operations 57,099 122,809 179,908 Other income (expense) 1,302 (11,369 ) (10,067 ) Income before taxes 58,401 111,440 169,841 Tax (expense) benefit — — — Net income $ 58,401 $ 111,440 $ 169,841 For the three months ended as of June 30, 2015 As Previously Reported Adjustments As Restated Assets $ 5,366,316 $ (239,250 ) $ 5,127,066 Liabilities 1,267,466 (770,970 ) 496,496 Stockholders' equity 4,098,850 531,719 4,630,569 Revenue 430,902 753 431,655 Cost of revenue 145,653 3,295 148,948 Gross profit 285,249 (2,542 ) 282,707 Operating expenses 203,828 (69,266 ) 134,562 Income from operations 81,421 (66,723 ) 148,144 Other income (expense) (452 ) (11,489 ) (11,941 ) Income before taxes 80,969 55,234 136,203 Tax (expense) benefit — — — Net income $ 80,969 $ 55,234 $ 136,203 For the three months ended as of March 31, 2015 As Previously Reported Adjustments As Restated Assets $ 5,266,747 $ (231,246 ) $ 5,035,501 Liabilities 1,312,106 (770,971 ) 541,135 Stockholders' equity 3,954,641 539,725 4,494,366 Revenue 456,949 2,000 458,949 Cost of revenue 169,919 44,240 214,159 Gross profit 287,030 (42,240 ) 244,790 Operating expenses 413,306 (10,394 ) 402,912 Income from operations (126,276 ) (31,846 ) (158,122 ) Other income (expense) (1,922 ) (11,774 ) (13,696 ) Income before taxes (128,198 ) (43,620 ) (171,818 ) Tax (expense) benefit — — — Net income $ (128,198 ) $ (43,620 ) $ (171,818 ) Full year ended December 31, 2014 As Previously Reported Adjustments As Restated Assets $ 5,306,172 $ (175,245 ) $ 5,130,927 Liabilities 1,223,333 (758,590 ) 464,743 Stockholders' equity 4,082,839 583,345 4,666,184 Revenue 2,383,696 7,500 2,391,196 Cost of revenue 1,106,083 138,158 1,244,241 Gross profit 1,277,613 (130,658 ) 1,146,955 Operating expenses 817,403 (111,067 ) 706,336 Income from operations 460,210 (19,591 ) 440,619 Other income (expense) (1,752 ) 681,218 679,466 Income before taxes 458,458 661,627 1,120,085 Tax (expense) benefit (74,275 ) 74,275 — Net income $ 384,183 $ 735,902 $ 1,120,085 For the three months ended as of September 30, 2014 As Previously Reported Adjustments As Restated Assets $ 5,234,370 $ (312,168 ) $ 4,922,202 Liabilities 1,308,845 36,944 1,345,789 Stockholders' equity 3,925,525 (349,112 ) 3,576,413 Revenue 497,666 1,000 498,666 Cost of revenue 158,187 22,002 180,189 Gross profit 339,479 (21,002 ) 318,477 Operating expenses 245,151 (34,400 ) 210,751 Income from operations 94,328 13,398 107,726 Other income (expense) 2,066 (65,905 ) (63,839 ) Income before taxes 96,394 (52,507 ) 43,887 Tax (expense) benefit — — — Net income $ 96,394 $ (52,207 ) $ 43,887 For the three months ended as of June 30, 2014 As Previously Reported Adjustments As Restated Assets $ 5,182,957 $ (248,773 ) $ 4,934,184 Liabilities 1,353,826 47,832 1,401,658 Stockholders' equity 3,829,131 (296,605 ) 3,532,526 Revenue 531,438 4,000 535,438 Cost of revenue 189,983 81,606 271,589 Gross profit 341,455 (77,606 ) 263,849 Operating expenses 187,632 (13,071 ) 174,561 Income from operations 153,823 (64,535 ) 89,288 Other income (expense) (1,255 ) (14,576 ) (15,831 ) Income before taxes 152,568 (79,111 ) 73,457 Tax (expense) benefit 74,275 (74,275 ) — Net income $ 78,293 $ (4,836 ) $ 73,457 For the three months ended as of March 31, 2014 As Previously Reported Adjustments As Restated Assets $ 5,078,032 $ (249,844 ) $ 4,828,188 Liabilities 1,327,194 41,925 1,369,119 Stockholders' equity 3,750,838 (291,769 ) 3,459,069 Revenue 679,124 — 679,124 Cost of revenue 337,456 137,207 474,663 Gross profit 341,668 (137,207 ) 204,461 Operating expenses 288,908 (10,833 ) 278,075 Income from operations 52,760 (126,374 ) (73,614 ) Other income (expense) (578 ) (12,838 ) (13,416 ) Income before taxes 52,182 (139,212 ) (87,030 ) Tax (expense) benefit — — — Net income $ 52,182 $ (139,212 ) $ (87,030 )

3. REAL ESTATE (Details)

3. REAL ESTATE (Details)	Dec. 31, 2015USD ($)
Real Estate Details
2,016	$ 108,900
2,017	36,800
2,018	2,520
Total	$ 148,220

4. PROPERTY AND EQUIPMENT - Pro

4. PROPERTY AND EQUIPMENT - Property and Equipment (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property and Equipment, Gross	$ 23,288	$ 246,654
Less accumulated depreciation	(23,288)	(116,904)
Property and Equipment, Net		129,750
Land
Property and Equipment, Gross		10,000
Building
Property and Equipment, Gross		213,366
Automobile
Property and Equipment, Gross	9,500	9,500
Computer Equipment
Property and Equipment, Gross
Furniture and Fixtures
Property and Equipment, Gross	$ 13,788	$ 13,788

4. PROPERTY AND EQUIPMENT (Deta

4. PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 5,518	$ 6,020

5. FAIR VALUE OF ASSETS AND L35

5. FAIR VALUE OF ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Real estate held for investment	$ 911,162	$ 1,185,588
Real estate held for sale	2,671,311	2,079,514
Goodwill, net	212,445	1,166,494
Total	3,794,918	4,431,596
Fair Value, Inputs, Level 1
Real estate held for investment		911,162
Real estate held for sale		2,671,311
Goodwill, net		212,445
Total		3,794,918
Fair Value, Inputs, Level 2
Real estate held for investment
Real estate held for sale
Goodwill, net
Total
Fair Value, Inputs, Level 3
Real estate held for investment	911,162	1,185,588
Real estate held for sale	2,671,311	2,079,514
Goodwill, net	212,445	1,166,494
Total	$ 3,794,918	$ 4,431,596

6. NOTES PAYABLE - Notes Payabl

6. NOTES PAYABLE - Notes Payable (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Non-interest bearing amount due on acquisition of USA Telephone payable in thirty six monthly installments starting January 2008.	$ 90,000	$ 90,000
Less current portion	90,000
Long term portion		$ 90,000

6. NOTES PAYABLE (Details Narra

6. NOTES PAYABLE (Details Narrative)	Dec. 31, 2013USD ($)
Debt Disclosure [Abstract]
Potential Litigation Loss	$ 900,615

7. NOTES PAYABLE - STOCKHOLDE38

7. NOTES PAYABLE - STOCKHOLDERS - Notes Payable - Stockholders (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Note payable to stockholder. The note is payable on January 1, 2020 and bears interest at an annual rate of 6.0%.		$ 50,000
Less current portion		50,000
Long-term portion

8. ACCOUNTS RECEIVABLE AND BA39

8. ACCOUNTS RECEIVABLE AND BAD DEBT EXPENSE (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accounts Receivable And Bad Debt Expense Details
Gross accounts receivable	$ 20,692	$ 22,934
Less allowance for doubtful accounts	(6,264)	(1,123)
Accounts receivable, net	$ 14,428	$ 21,811

9. COMMITMENTS AND CONTINGENC40

9. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent Expense	$ 56,100	$ 44,545

11. INCOME TAXES - Provision fo

11. INCOME TAXES - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal
State
Federal	(318,594)	114,529
State	(5,359)	21,815
Valuation allowance	323,953	(136,344)
Total income tax provision

11. INCOME TAXES - Significant

11. INCOME TAXES - Significant Components of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 560,137	$ 287,099
Amortization of Intangible assets	1,383,166	1,331,837
Accrued vacation	293	707
Valuation allowance	(1,943,596)	(1,619,643)
Deferred tax asset

13. SEGMENT INFORMATION - Segme

13. SEGMENT INFORMATION - Segment Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cost of revenue	$ 886,932	$ 1,244,241
Gross profit	848,271	1,146,955
Operating expenses	760,760	706,336
Income (loss) from operations	(919,321)	1,120,290
Net income	(919,321)	1,120,290
Corporate [Member]
Revenue
Cost of revenue
Gross profit
Operating expenses		266,974
Income (loss) from operations	(428,244)	(266,974)
Other income (expense)	(48,601)	(68,771)
Net income	(476,845)	(335,745)
Identifiable assets	184,786	348,477
Real Estate [Member]
Revenue	132,680	468,751
Cost of revenue	346,998	576,291
Gross profit	(214,318)	(107,540)
Operating expenses	48,079	15,181
Income (loss) from operations	(262,397)	(122,721)
Other income (expense)
Net income	(262,397)	(122,721)
Identifiable assets	3,582,473	3,265,102
Internet [Member]
Revenue	1,602,523	1,922,292
Cost of revenue	539,934	667,950
Gross profit	1,062,589	1,254,495
Operating expenses	284,437	424,181
Income (loss) from operations	778,152	830,314
Other income (expense)	(954,049)	810,615
Net income	(175,897)	1,640,929
Identifiable assets	427,954	1,517,349
Consolidated [Member]
Revenue	1,735,203	2,391,043
Cost of revenue	886,932	1,244,241
Gross profit	848,271	1,146,955
Operating expenses	760,759	706,336
Income (loss) from operations	87,511	440,619
Other income (expense)	(1,002,650)	679,466
Net income	(915,139)	1,120,085
Identifiable assets	$ 4,195,213	$ 5,130,927

14. RESTATED UNAUDITED INTERI44

14. RESTATED UNAUDITED INTERIM FINANCIAL DATA (Details) - USD ($)	3 Months Ended						12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Assets							$ 4,195,213	$ 5,130,927
Liabilities							444,168	464,743
Revenue							1,735,203	2,391,196
Cost of revenue							886,932	1,244,241
Gross profit							848,271	1,146,955
Operating expenses							760,760	706,336
Income from operations							87,511	440,619
Income before taxes							(919,321)	1,120,290
Tax (expense) benefit
Net income							$ (919,321)	1,120,290
As Previously Reported
Assets	$ 5,421,737	$ 5,366,316	$ 5,266,747	$ 5,234,370	$ 5,182,957	$ 5,078,032		5,306,172
Liabilities	1,241,247	1,267,466	1,312,106	1,308,845	1,353,826	1,327,194		1,223,333
Stockholders' equity	4,180,490	4,098,850	3,954,641	3,925,525	3,829,131	3,750,838		4,082,839
Revenue	424,957	430,902	456,949	497,666	531,438	679,124		2,383,696
Cost of revenue	171,007	145,653	169,919	158,187	189,983	337,456		1,106,083
Gross profit	253,950	285,249	287,030	339,479	341,455	341,668		1,277,613
Operating expenses	196,851	203,828	413,306	245,151	187,632	288,908		817,403
Income from operations	57,099	81,421	(126,276)	94,328	153,823	52,760		460,210
Other income (expense)	1,302	(452)	(1,922)	2,066	(1,255)	(578)		(1,752)
Income before taxes	58,401	80,969	(128,198)	96,394	152,568	52,182		458,458
Tax (expense) benefit					74,275			(74,275)
Net income	58,401	80,969	(128,198)	96,394	78,293	52,182		384,183
Adjustments
Assets	(118,499)	(239,250)	(231,246)	(312,168)	(248,773)	(249,844)		(175,245)
Liabilities	(738,419)	(770,970)	(770,971)	36,944	47,832	41,925		(758,590)
Stockholders' equity	619,920	531,719	539,725	(349,112)	(296,605)	(291,769)		583,345
Revenue		753	2,000	1,000	4,000			7,500
Cost of revenue	(91,086)	3,295	44,240	22,002	81,606	137,207		138,158
Gross profit	91,086	(2,542)	(42,240)	(21,002)	(77,606)	(137,207)		(130,658)
Operating expenses	(31,723)	(69,266)	(10,394)	(34,400)	(13,071)	(10,833)		(111,067)
Income from operations	122,809	(66,723)	(31,846)	13,398	(64,535)	(126,374)		(19,591)
Other income (expense)	(11,369)	(11,489)	(11,774)	(65,905)	(14,576)	(12,838)		681,218
Income before taxes	111,440	55,234	(43,620)	(52,507)	(79,111)	(139,212)		661,627
Tax (expense) benefit					(74,275)			74,275
Net income	111,440	55,234	(43,620)	(52,207)	(4,836)	(139,212)		735,902
As Restated
Assets	5,303,238	5,127,066	5,035,501	4,922,202	4,934,184	4,828,188		5,130,927
Liabilities	502,828	496,496	541,135	1,345,789	1,401,658	1,369,119		464,743
Stockholders' equity	4,800,410	4,630,569	4,494,366	3,576,413	3,532,526	3,459,069		4,666,184
Revenue	424,957	431,655	458,949	498,666	535,438	679,124		2,391,196
Cost of revenue	79,921	148,948	214,159	180,189	271,589	474,663		1,244,241
Gross profit	345,036	282,707	244,790	318,477	263,849	204,461		1,146,955
Operating expenses	165,128	134,562	402,912	210,751	174,561	278,075		706,336
Income from operations	179,908	148,144	(158,122)	107,726	89,288	(73,614)		440,619
Other income (expense)	(10,067)	(11,941)	(13,696)	(63,839)	(15,831)	(13,416)		679,466
Income before taxes	169,841	136,203	(171,818)	43,887	73,457	(87,030)		1,120,085
Tax (expense) benefit
Net income	$ 169,841	$ 136,203	$ (171,818)	$ 43,887	$ 73,457	$ (87,030)		$ 1,120,085