maniaTV 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 10, 2013	Oct. 10, 2013
		Class A Common Stock	Class B Common Stock
Entity Registrant Name	'maniaTV Inc.	'	'
Entity Central Index Key	'0001559954	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Sep-13	'	'
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 Common Stock, Shares Outstanding	'	1,127,779	7,205,555
Document Fiscal Period Focus	'Q3	'	'
Document Fiscal Year Focus	'2013	'	'

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets	'	'
Cash	$120,394	$94,730
Accounts receivable	251,459	196,419
Total current assets	371,853	291,149
Fixed assets	80,392	80,392
Less accumulated depreciation	-24,086	-12,026
Total noncurrent assets	56,306	68,366
Total Assets	428,159	359,515
Current liabilities	'	'
Accounts payable	102,995	89,424
Payroll tax liabilities	5,323	62,952
Notes payable	100,000	100,000
Accrued interest payable	15,826	11,326
Income tax payable	45,932	18,545
Accrued compensation	'	12,500
Total current liabilities	270,076	294,747
Total Liabilities	270,076	294,747
Stockholders' Equity	'	'
Preferred stock, no par value; 5,000,000 shares authorized; No shares issued & outstanding	'	'
Common stock, Class A, no par value; 100,000,000 shares authorized; 1,127,779 shares issued and outstanding and Class B, no par value; convertible; 10,000,000 shares authorized; 7,205,555 shares issued and outstanding	10	10
Additional paid in capital	20,819	20,819
Deferred compensation expense	-3,904	-5,704
Retained earnings (deficit)	141,158	49,643
Total Stockholders' Equity	158,083	64,768
Total Liabilities and Stockholders' Equity	428,159	359,515
Class A Common Stock	'	'
Stockholders' Equity	'	'
Common stock, Class A, no par value; 100,000,000 shares authorized; 1,127,779 shares issued and outstanding and Class B, no par value; convertible; 10,000,000 shares authorized; 7,205,555 shares issued and outstanding	1	1
Class B Common Stock	'	'
Stockholders' Equity	'	'
Common stock, Class A, no par value; 100,000,000 shares authorized; 1,127,779 shares issued and outstanding and Class B, no par value; convertible; 10,000,000 shares authorized; 7,205,555 shares issued and outstanding	$9	$9

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	'	'
Preferred stock, outstanding	'	'
Class A Common Stock	'	'
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	1,127,779	1,127,779
Common stock, outstanding	1,127,779	1,127,779
Class B Common Stock	'	'
Common stock, authorized	10,000,000	10,000,000
Common stock, issued	7,205,555	7,205,555
Common stock, outstanding	7,205,555	7,205,555

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]	'	'	'	'
Sales (net of returns)	$277,825	$227,264	$593,503	$485,797
Cost of sales	102,977	88,984	215,186	186,092
Gross profit	174,848	138,280	378,317	299,705
Operating expenses:	'	'	'	'
Depreciation and amortization	4,020	1,673	12,060	2,673
Stock option expense	600	600	1,800	1,800
General and administrative	3,274	48,680	10,886	28,393
Payroll expenses	58,334	45,812	209,685	100,000
Professional fees	2,715	10,465	13,696	13,940
Travel expense	2,789	1,870	6,788	7,851
Total operating expenses	71,732	109,100	254,915	154,657
Income (loss) from operations	103,116	29,180	123,402	145,048
Other income (expense):	'	'	'	'
Interest expense	-1,500	-1,529	-4,500	-4,521
Total income (expense)	-1,500	-1,529	-4,500	-4,521
Income (loss) before provision for income taxes	101,616	27,651	118,902	140,527
Provision for income tax	'	13,129	'	36,345
Net income (loss)	$101,616	$14,522	$118,902	$104,182
Net income (loss) per share	'	'	'	'
(Basic)	$0.09	$0	$0.11	$0.01
(Fully Diluted)	$0.01	$0	$0.01	$0.01
Weighted average number of common shares outstanding	'	'	'	'
(Basic)	1,127,779	5,852,470	1,127,779	7,477,058
(Fully Diluted)	8,333,334	8,333,334	8,333,334	8,333,334

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows From Operating Activities:	'	'
Net income (loss)	$118,902	$104,182
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:	'	'
Depreciation and amortization	12,060	2,673
Compensatory equity issuances	1,800	1,800
Accounts receivable	-55,040	-146,224
Accounts payable	13,571	68,654
Payroll tax liability	-57,629	'
Accrued interest payable	4,500	4,521
Accrued compensation	-12,500	'
Taxes payable	'	35,301
Net cash provided by (used for) operating activities	25,664	70,907
Cash Flows From Investing Activities:	'	'
Net cash provided by (used for) investing activities	'	'
Cash Flows From Financing Activities:	'	'
Net cash provided by (used for) financing activities	'	'
Net Increase (Decrease) In Cash	25,664	515
Cash At The Beginning Of The Period	94,730	102,896
Cash At The End Of The Period	120,394	103,411
Supplemental Disclosure	'	'
Cash paid for interest	'	'
Cash paid for income taxes	'	'

ORGANIZATION_OPERATIONS_AND_SU

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1.  ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	ManiaTV Inc. (the “Company”), was incorporated in the state of Colorado in April 2009. The Company provides a library of shows for online and application based viewing by consumers. The Company delivers its library of entertainment programming directly to consumers via the internet.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Cash and cash equivalents
	The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

UNAUDITED_FINANCIAL_INFORMATIO

UNAUDITED FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
UNAUDITED FINANCIAL INFORMATION	'
	NOTE 2. Unaudited Financial Information
	The unaudited financial information included for the three and nine month interim periods ended September 30, 2013 was taken from the books and records without audit. However, such information reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to reflect properly the results of the interim periods presented. The results of operations for the three and nine month interim periods ended September 30, 2013 are not necessarily indicative of the results expected for the fiscal year ending December 31, 2013.

NOTE_PAYABLE

NOTE PAYABLE	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
NOTE PAYABLE	'
	NOTE 3. NOTE PAYABLE
	At September 30, 2013 and December 31, 2012 the Company owed a creditor $100,000 under a convertible note payable, unsecured, bearing interest at 6% per annum. The note principal and interest are to be repaid in common stock of the Company, and the due date is the earlier of (i) December 31, 2013 or (ii) the closing of a “qualified offering”, defined as any sale of shares of stock of the Company with aggregate gross proceeds (including conversion of any outstanding shares) in an amount not less than five hundred thousand dollars ($500,000). If the note is converted pursuant to a qualified offering having taken place, then the amount of interest accrued and converted shall be the greater of (i) the amount of interest accrued through the conversion date or (ii) 20% of the principal amount of the note, being $20,000.
	According to the terms of the note, the conversion price of the note shall be (i) if the note is converted pursuant to a qualified offering having taken place, then the conversion price is the price per share of the qualified offering, or (ii) if the note is converted pursuant to the maturity date being reached, the note shall automatically be converted into such number of shares of common stock that would equal a pre-money valuation of the Company equal to fifteen million dollars ($15,000,000). The Company recorded no beneficial conversion expense on the conversion feature as the specific conversion price is currently not determinable. Accrued interest on the note at September 30, 2013 and December 31, 2012 was $15,826 and $11,326 respectively, and interest expense for September 30, 2013 and 2012 was $4,500 and $4,521 respectively.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
STOCKHOLDERS' EQUITY	'
	NOTE 4. STOCKHOLDERS' EQUITY
	Common stock
	The Company has 100,000,000 authorized shares of no par value Class A common stock (“Class A”) and 10,000,000 authorized shares of no par value convertible Class B common stock (“Class B”). Each Class B share is entitled to ten votes per share and is convertible into one Class A share anytime at the holder’s option, and automatically converts upon its issuance, sale, assignment, gift or transfer to a person or entity other than the person to whom such share was initially issued. Prior to August 31, 2012 there was no Class A or Class B common, only common stock. As pre-August 31, 2012 common and post-August 31, 2012 Class A common are essentially the same, no distinction has been made in these financial statements between them. All common share figures in these financial statements including stock options have been retroactively restated for a 5 for 1 forward stock split in April 2010 and a 1 for 12 reverse stock split in August 2012.
	Preferred stock
	The Company has 5,000,000 authorized shares of no par value preferred stock, to have such preferences as the Board of Directors may set from time to time, with no shares issued and outstanding.
	Stock options
	The Company accounts for employee and non-employee stock options under ASC 718, whereby option costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
	At September 30, 2013 and December 31, 2012 the Company had stock options outstanding as described below.
	Non-employee stock options
	In November 2010 the Company adopted an incentive stock option plan and granted 363,333 options, allowing the holder to purchase one share of common stock per option, exercisable at $.12 per share with the option term expiring in November 2020. The fair value of the 363,333 options granted in 2010 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 2.64%, dividend yield of 0%, expected life of ten years, volatility of 33%. Of the 363,333 options granted, 138,333 options vested immediately and are exercisable anytime at the holder’s discretion, 212,500 options vested partially at 25% in April 2011 (53,125 options) with the remaining 159,375 options vesting over the subsequent 48 months, and 12,500 options vested partially at 20% in April 2011 (2,500 options) with the remaining 10,000 options vesting over the subsequent 60 months.
	At the beginning of 2012 the Company had 363,333 non-employee stock options outstanding, with 221,854 options exercisable and 141,479 remaining to vest. Of the 141,479 deferred options, 41,844 options vested in year ended December 2012 leaving a remainder to vest of 99,635 options at December 31, 2012. During 2012 in connection with the vested options $1,800 was accreted to expense from deferred compensation, leaving a December 31, 2012 balance in deferred compensation of $6,304. During 2012 no options were exercised, expired or were canceled, leaving a September 30, 2013 and December 31, 2012 outstanding balance of 363,333 non-employee stock options.

FINANCIAL_STATEMENTS

FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
FINANCIAL STATEMENTS	'
	NOTE 5. Financial Statements
	For a complete set of footnotes, reference is made to the Company’s Report on Form S-1 for the year ended December 31, 2012 as filed with the Securities and Exchange Commission and the audited financial statements included therein.

ORGANIZATION_OPERATIONS_AND_SU1

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	'
	Cash and cash equivalents
	The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

NOTE_PAYABLE_Details_Narrative

NOTE PAYABLE (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Debt Disclosure [Abstract]	'	'	'	'	'
Convertible Note Payable	$100,000	'	$100,000	'	$100,000
Interest Rate	6.00%	'	6.00%	'	'
Maturity date	'	'	31-Dec-13	'	'
Payment Terms	'	'	'The note principal and interest are to be repaid in common stock of the Company, and the due date is the earlier of (i) December 31, 2013 or (ii) the closing of a Bqualified offeringB, defined as any sale of shares of stock of the Company with aggregate gross proceeds (including conversion of any outstanding shares) in an amount not less than five hundred thousand dollars ($500,000). If the note is converted pursuant to a qualified offering having taken place, then the amount of interest accrued and converted shall be the greater of (i) the amount of interest accrued through the conversion date or (ii) 20% of the principal amount of the note, being $20,000. According to the terms of the note, the conversion price of the note shall be (i) if the note is converted pursuant to a qualified offering having taken place, then the conversion price is the price per share of the qualified offering, or (ii) if the note is converted pursuant to the maturity date being reached, the note shall automatically be converted into such number of shares of common stock that would equal a pre-money valuation of the Company equal to fifteen million dollars ($15,000,000).	'	'
Accrued Interest	15,826	'	15,826	'	11,326
Interest Expense	($1,500)	($1,529)	($4,500)	($4,521)	'

STOCKHOLDERS_EQUITY_Details_Na

STOCKHOLDERS' EQUITY (Details Narrative) (USD $)	1 Months Ended	9 Months Ended	12 Months Ended		1 Months Ended				6 Months Ended
	Nov. 30, 2010	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2011	Apr. 30, 2011	Apr. 30, 2011	Sep. 30, 2013	Dec. 31, 2012	Jun. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
					212,500 Stock Options	12,500 Stock Options	Class A Common Stock	Class A Common Stock	Class B Common Stock	Class B Common Stock	Class B Common Stock
Common stock authorized	'	'	'	'	'	'	100,000,000	100,000,000	'	10,000,000	10,000,000
Voting rights	'	'	'	'	'	'	'	'	'Each Class B share is entitled to ten votes per share and is convertible into one Class A share anytime at the holderBs option, and automatically converts upon its issuance, sale, assignment, gift or transfer to a person or entity other than the person to whom such share was initially issued.	'	'
Preferred stock, authorized	'	5,000,000	5,000,000	'	'	'	'	'	'	'	'
Stock split	'	'Prior to August 31, 2012 there was no Class A or Class B common, only common stock. As pre-August 31, 2012 common and post-August 31, 2012 Class A common are essentially the same, no distinction has been made in these financial statements between them. All common share figures in these financial statements including stock options have been retroactively restated for a 5 for 1 forward stock split in April 2010 and a 1 for 12 reverse stock split in August 2012.	'	'	'	'	'	'	'	'	'
Options granted	363,333	'	'	'	'	'	'	'	'	'	'
Exercise price	$0.12	'	'	'	'	'	'	'	'	'	'
Option term	'10 years	'	'	'	'	'	'	'	'	'	'
Vesting Term	'	'	'	'	'4 years	'5 years	'	'	'	'	'
Pricing model used in calculation of grant-date fair value	'Black-Scholes	'	'	'	'	'	'	'	'	'	'
Risk free interest rate	2.64%	'	'	'	'	'	'	'	'	'	'
Dividend yield	0.00%	'	'	'	'	'	'	'	'	'	'
Volatility rate	33.00%	'	'	'	'	'	'	'	'	'	'
Percentage vested	'	'	'	'	25.00%	20.00%	'	'	'	'	'
Options vested	138,333	'	41,844	'	53,125	2,500	'	'	'	'	'
Options still to vest	'	'	99,635	'	159,375	10,000	'	'	'	'	'
Number of Options	'	'	'	'	'	'	'	'	'	'	'
Outstanding at beginning of period	'	363,333	363,333	'	'	'	'	'	'	'	'
Exercised	'	'	'	'	'	'	'	'	'	'	'
Forfeited	'	'	'	'	'	'	'	'	'	'	'
Outstanding at end of period	'	363,333	363,333	'	'	'	'	'	'	'	'
Exercisable at end of period	'	'	'	221,854	'	'	'	'	'	'	'
Deferred compensation expense	'	'	$1,800	'	'	'	'	'	'	'	'
Deferred compensation	'	'	$6,304	'	'	'	'	'	'	'	'