UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 26, 2014
Integrated
Inpatient Solutions, Inc.
(Exact name of registrant
as specified in its charter)
Nevada
(State or Other Jurisdiction of Incorporation)
333-191564 65-1011679
(Commission File Number) (IRS Employer
Identification Number)
100 Linton Boulevard, Suite 213-B, Delray Beach,
FL 33483 (Address of Principal Executive Offices)
561-276-3737 (Registrant’s Telephone
Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13-e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquire.
On August 26, 2014, Integrated Inpatient Solutions, Inc. (the “Company”),
consummated the transactions described in Item 1.01, Item 2.01 and Item 3.02 of the Current Report on Form 8-K filed August 29,
2014. The financial statements of Integrated Timeshare Solutions, Inc., a Nevada corporation (“ITS”) and a wholly
owned subsidiary of the Company, are filed as an amendment to such Form 8-K pursuant to Item 9.01(a)(4) (included herein as Exhibit
99.1).
(b) Pro Forma Financial Information
As ITS was formed on July 2, 2014
there are no pro forma financial statements applicable to this transaction.
(c) Exhibits
* Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed
with the Securities and Exchange Commission on August 29, 2014.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
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INTEGRATED INPATIENT SOLUTIONS, INC. |
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Dated: |
November 10, 2014 |
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By: |
/s/ Osnah Bloom |
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Name: |
Osnah Bloom |
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Title: |
CEO |
INTEGRATED TIMESHARE SOLUTIONS, INC.
CONTENTS
PAGE | | 1 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
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PAGE | | 2 |
BALANCE SHEET AS OF AUGUST 15 , 2014 |
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PAGE | | 3 |
STATEMENT OF OPERATIONS FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014 |
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PAGE | | 4 |
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014 |
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PAGE | | 5 |
STATEMENT OF CASH FLOWS FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014 |
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PAGES | | 6 - 9 |
NOTES TO FINANCIAL STATEMENTS |
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Board of Directors of:
Integrated Timeshare Solutions, Inc.
We have audited the accompanying balance
sheet of Integrated Timeshare Solutions, Inc. (the “Company”) as of August 15, 2014 and the related statements of
operations, changes in stockholders’ deficit and cash flows for the period from July 2, 2014 (Inception) to August 15, 2014.
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements
referred to above present fairly in all material respects, the financial position of Integrated Timeshare Solutions, Inc. as of
August 15, 2014 and the results of its operations and its cash flows for the period from July 2, 2014 (Inception) to August 15,
2014 in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 5 to the financial statements,
the Company has used cash in operations of $11,030 and has a net loss of $83,544. These factors raise substantial doubt about
the Company's ability to continue as a going concern. Management's plans concerning these matters are also described in Note 5.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Liggett, Vogt & Webb, P.A.
LIGGETT, VOGT & WEBB, P.A.
Certified Public Accountants
Boynton Beach, Florida
September 15, 2014
Integrated Timeshare Solutions, Inc. |
Balance Sheet |
August 15, 2014 |
|
ASSETS | |
| | |
Current Assets | |
| | |
Cash and cash equivalents | |
$ | 27,970 | |
Total Current Assets | |
| 27,970 | |
| |
| | |
Equipment and software | |
| | |
Computer software | |
| 4,000 | |
| |
| | |
Other Assets | |
| | |
Notes Receivable - related party | |
| 7,000 | |
| |
| | |
Total Assets | |
$ | 38,970 | |
| |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | |
| |
| | |
Current Liabilities | |
| | |
Accounts Payable and accrued expenses | |
$ | 11,514 | |
Total Liabilities | |
| 11,514 | |
| |
| | |
Commitments and Contingencies (See Note 3) | |
| — | |
| |
| | |
Stockholders' Equity | |
| | |
Common stock, $0.001 par value; 1,000,000 shares authorized,
1,000,000 shares issued and outstanding | |
| 1,000 | |
Additional Paid in Capital | |
| 110,000 | |
Accumulated Deficit | |
| (83,544 | ) |
Total Stockholders' Equity | |
| 27,456 | |
| |
| | |
Total Liabilities and Stockholders' Equity | |
$ | 38,970 | |
Integrated Timeshare Solutions, Inc. |
Statement of Operations |
For the period from July 2, 2014 (Inception) to August 15, 2014 |
| |
| | |
Operating Expenses | |
| | |
Professional fees | |
$ | 8,295 | |
General and administrative | |
| 75,249 | |
Total Operating Expenses | |
| 83,544 | |
| |
| | |
LOSS FROM OPERATIONS BEFORE INCOME TAXES | |
| (83,544 | ) |
| |
| | |
| |
| | |
Provision for Income Taxes | |
| — | |
| |
| | |
NET LOSS | |
$ | (83,544 | ) |
| |
| | |
Net Loss Per Share - Basic and Diluted | |
$ | (0.08 | ) |
| |
| | |
Weighted average number of shares outstanding | |
| 1,000,000 | |
during the period - Basic and Diluted | |
| | |
Integrated Timeshare Solutions, Inc. |
Statement of Changes in Stockholders' Equity |
For the period from July 2, 2014 (Inception) to August 15, 2014 |
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Common stock | |
Additional | |
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Total |
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paid-in | |
Accumulated | |
Stockholders' |
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Shares | |
Amount | |
capital | |
Deficit | |
Equity |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance July 2, 2014 | |
| — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | | |
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Common stock issued for cash | |
| 450,000 | | |
| 450 | | |
| 49,550 | | |
| | | |
| 50,000 | |
| |
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| | | |
| | | |
| | | |
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Common stock issued for services | |
| 550,000 | | |
| 550 | | |
| 60,450 | | |
| | | |
| 61,000 | |
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| | | |
| | | |
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Net loss for the period July 2, 2014 (inception) to August 15, 2014 | |
| — | | |
| — | | |
| — | | |
| (83,544 | ) | |
| (83,544 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, August 15, 2014 | |
| 1,000,000 | | |
$ | 1,000 | | |
$ | 110,000 | | |
$ | (83,544 | ) | |
$ | 27,456 | |
Integrated Timeshare Solutions, Inc. |
Statement of Cash Flows |
For the period from July 2, 2014 (Inception) to August 15, 2014 |
| |
| | |
Cash Flows Used in Operating Activities: | |
| | |
Net Loss | |
$ | (83,544 | ) |
Adjustments to reconcile net loss to net cash used in operations | |
| | |
Stock issued for services | |
| 61,000 | |
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Changes in operating assets and liabilities: | |
| | |
(Decrease) Increase in accounts payable and accrued expenses | |
| 11,514 | |
Net Cash Used In Operating Activities | |
| (11,030 | ) |
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| | |
Cash Flows From Investing Activities: | |
| | |
Purchase of computer software | |
| (4,000 | ) |
Payment on note receivable- related party | |
| (7,000 | ) |
Net Cash Used In Investing Activities | |
| (11,000 | ) |
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| | |
Cash Flows From Financing Activities: | |
| | |
Common stock issued for cash | |
| 50,000 | |
Net Cash Provided by Financing Activities | |
| 50,000 | |
| |
| | |
Net Increase in Cash | |
| 27,970 | |
| |
| | |
Cash at Beginning of Period | |
| — | |
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Cash at End of Period | |
$ | 27,970 | |
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| | |
Supplemental Disclosure of Cash Flow Information: | |
| | |
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| | |
Cash paid for interest | |
$ | — | |
Cash paid for taxes | |
$ | — | |
NOTE
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(A) Organization
Integrated Timeshare Solutions, Inc.
(the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm
specializing in timeshare liquidation and mortgage relief.
(B) Use of Estimates
In preparing financial statements
in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial
statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant
estimates include the valuation of deferred taxes.
(C) Cash and Cash Equivalents
The Company considers all highly
liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014,
the Company had no cash equivalents.
(D)
Loss Per Share
In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014.
(E) Income Taxes
The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC
740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
The net deferred taxes in the accompanying
balance sheet includes the following amounts of deferred tax assets and liabilities:
| |
August 15, 2014 |
| |
| | |
Deferred tax liability | |
$ | — | |
Deferred tax asset | |
| | |
Net Operating Loss Carryforward | |
| 31,438 | |
Valuation Allowance | |
| (31,438 | ) |
Net deferred tax asset | |
| — | |
Net deferred tax liability | |
| — | |
| |
$ | — | |
As of August 15, 2014, the Company has a net operating loss
carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance
was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary
due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the
net operating loss carryforwards before they will expire through the year 2034. The Company’s
federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service
and State Taxing Authorities as of August 15, 2014.
The net change in the valuation allowance for the year ended August 15, 2014 was an
increase of $31,438.
The components of income tax expense related to continuing operations are as follows:
| |
| 2014 | |
Federal | |
| | |
Current | |
$ | — | |
Deferred | |
| — | |
| |
$ | — | |
State and Local | |
| | |
Current | |
$ | — | |
Deferred | |
| — | |
| |
$ | — | |
The Company's income tax expense differed from the statutory rates (federal 34% and
state 4.55%) as follows:
| |
August 15, 2014 |
| |
| | |
Statutory rate applied to earnings before income taxes: | |
$ | (28,405 | ) |
Increase (decrease) in income taxes resulting from: | |
| | |
State income taxes | |
| (3,033 | ) |
Change in deferred tax asset valuation allowance | |
| 31,438 | |
Income Tax Expense | |
$ | — | |
(F)
Business Segments
The
Company operates in one segment and therefore segment information is not presented.
(G) Revenue Recognition
The Company will recognize revenue
on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only
when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability
of the resulting receivable is reasonably assured.
(H) Recent Accounting Pronouncements
Recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management
to have a material impact on the Company’s present or future financial statements.
(I) Website Development Costs
The Company accounts for website development costs in accordance with Accounting Standards
Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed
as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized
and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be
amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense.
NOTE 2 STOCKHOLDERS’
DEFICIENCY
(A) Common Stock
The Company is authorized to issue
1,000,000 shares of common stock with a par value of $0.001 per share.
On August 7, 2014, the Company issued
450,000 shares of common stock to a founder for cash of $50,000.
On August 7, 2014, the Company issued
550,000 shares of common stock to founders for services and contributions of intellectual property. The shares were valued at
a recent cash offering price of $0.11 per share with a fair value of $61,000.
NOTE 3 COMMITMENTS
AND CONTINGENCIES
From time to time, the Company may
become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation
is subject to inherent uncertainties, and an adverse result in these or other matters may arise that may harm its business. The
Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate,
a material adverse effect on its business, financial condition or operating results.
NOTE 4 RELATED PARTY TRANSACTIONS
On July 2, 2014, the Company loaned
$5,000 to a related party. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due October 1,
2015.
On August 14, 2014, the Company loaned
$2,000 to a related party in exchange for an unsecured, non-interest bearing note, which is due October 1, 2015.
NOTE 5 GOING
CONCERN
As reflected in the accompanying
financial statements, the Company used cash in operations of $11,030 and has a net loss of $83,544. This raises substantial doubt
about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the
Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any
adjustments that might be necessary if the Company is unable to continue as a going concern.
Management believes that actions
presently being taken to complete the merger (see Note 6) and implement its strategic plans provide the opportunity for the Company
to continue as a going concern.
NOTE 6 SUBSEQUENT
EVENTS
On August 26, 2014, the Company was
acquired by Integrated Inpatient Solutions, Inc. (IIS). The Company’s shareholders received 47,278,938 shares of common
stock in Integrated Inpatient Solutions, Inc. for 100% of the issued and outstanding shares of the Company and the Company became
a wholly owned subsidy of Integrated IIS. The share exchange agreement also contains two milestones that would require ISS to
issue an additional 47,278,938 shares if the Company generates a minimum of $7,500,000 in gross revenue in twelve months and a
further 47,278,938 if the Company generates a minimum of $10,000,000 in 18 months. If both milestones are met, a total of 94,557,876
shares of common stock of IIS will be issued to the stockholders of the Company.
The Company evaluated subsequent events through September 15, 2014, the date the financial
statements are available to be issued.
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