UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: November 30, 2015
or
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from: ______ to ______
PROFIT
PLANNERS MANAGEMENT, INC.
(Exact
name of registrant as specified in its charter)
Nevada
(State
or other Jurisdiction of
Incorporation
or Organization)
1001
Avenue of the Americas, 2nd Floor, New York, New York 10018
(Address
of Principal Executive Offices) (Zip Code)
(646)
289-5358
(Registrant’s
telephone number, including area code)
(Former
name or former address and former fiscal year, if changed since last report)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company.
Large Accelerated Filer ☐ |
Accelerated Filer ☐ |
Non-Accelerated
Filer ☐ |
Smaller
Reporting Company ☒ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act). Yes ☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS
Indicate
the number of shares outstanding of the issuer's common stock, as of the latest practical date: As of January 11, 2016 the issuer
had 5,430,279 outstanding shares of Common Stock.
Profit
Planners Management, Inc.
TABLE
OF CONTENTS
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PART I |
Page |
Item 1. |
Condensed Consolidated Financial Statements |
|
|
|
|
|
Condensed Consolidated Balance Sheets as of November 30, 2015 (Unaudited) and May 31, 2015 (Audited) |
1 |
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months and six months ended November 30, 2015 and 2014 (Unaudited) |
2 |
|
Condensed Consolidated Statements of Cash Flows for the six months ended November 30, 2015 and 2014 (Unaudited) |
3 |
|
Notes to the Condensed Consolidated Financials (Unaudited) |
4 |
|
|
|
Item 2. |
Management’s Discussion and Analysis or Plan of Operation |
6 |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
11 |
Item 4T. |
Controls and Procedures |
11 |
|
|
|
|
PART II |
|
Item 1. |
Legal Proceedings |
12 |
Item 1A. |
Risk Factors |
12 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
12 |
Item 3. |
Defaults Upon Senior Securities |
12 |
Item 4. |
Submission of Matters to a Vote of Security Holders |
12 |
Item 5. |
Other Information |
12 |
Item 6. |
Exhibits |
12 |
|
|
SIGNATURES |
13 |
PART
I.
ITEM
1. FINANCIAL INFORMATION
Profit
Planners Management, Inc.
Condensed
Consolidated Balance Sheets
| |
(Unaudited) | | |
| |
| |
November 30, 2015 | | |
May 31,
2015 | |
Assets | |
| | |
| |
Current assets: | |
| | |
| |
Cash | |
$ | 143,077 | | |
$ | 57,906 | |
Accounts receivable (net of allowance of $57,212 and $34,079, respectively) | |
| 134,569 | | |
| 99,497 | |
Other current assets | |
| 6,195 | | |
| 6,991 | |
Total current assets | |
| 283,841 | | |
| 164,394 | |
| |
| | | |
| | |
Property and equipment: | |
| | | |
| | |
Property and equipment | |
| 15,661 | | |
| 13,172 | |
Less: accumulated depreciation | |
| (12,556 | ) | |
| (10,998 | ) |
Net property and equipment | |
| 3,105 | | |
| 2,174 | |
| |
| | | |
| | |
Total Assets | |
$ | 286,946 | | |
$ | 166,568 | |
| |
| | | |
| | |
Liabilities and Stockholders' Deficit | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 170,753 | | |
$ | 161,290 | |
Accounts payable and accrued expenses - related parties | |
| 51,392 | | |
| 74,712 | |
Accrued expenses - employee compensation | |
| 25,000 | | |
| 25,000 | |
Accrued expenses - officer's compensation | |
| 552,971 | | |
| 466,907 | |
Deferred revenue | |
| - | | |
| 2,850 | |
Total current liabilities | |
| 800,116 | | |
| 730,759 | |
| |
| | | |
| | |
Accrued expenses - employee compensation, less current portion | |
| 88,513 | | |
| 101,000 | |
| |
| | | |
| | |
Total Liabilities | |
| 888,629 | | |
| 831,759 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' Deficit | |
| | | |
| | |
Preferred stock - $.001 par value; 50,000,000 shares authorized; none issued and outstanding | |
| - | | |
| - | |
Common stock - $.001 par value; 50,000,000 shares authorized; 5,430,279 issued and outstanding | |
| 5,430 | | |
| 5,430 | |
Additional paid-in capital | |
| 301,766 | | |
| 301,766 | |
Accumulated deficit | |
| (908,879 | ) | |
| (972,387 | ) |
Net Stockholders' Deficit | |
| (601,683 | ) | |
| (665,191 | ) |
Total Liabilities And Stockholders' Deficit | |
$ | 286,946 | | |
$ | 166,568 | |
See
accompanying notes to condensed consolidated financial statements
Profit
Planners Management, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
| |
Three Months Ended | | |
Six Months Ended | |
| |
November 30, 2015 | | |
November 30, 2014 | | |
November 30, 2015 | | |
November 30, 2014 | |
| |
| | |
| | |
| | |
| |
Revenues - consulting and management services fees | |
$ | 346,943 | | |
$ | 167,092 | | |
$ | 611,025 | | |
$ | 303,060 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues - personnel and overhead costs | |
| 154,702 | | |
| 119,078 | | |
| 273,775 | | |
| 225,706 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 192,241 | | |
| 48,014 | | |
| 337,250 | | |
| 77,354 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses: | |
| | | |
| | | |
| | | |
| | |
Corporate management | |
| 59,020 | | |
| 61,719 | | |
| 118,015 | | |
| 131,074 | |
Consulting and professional expenses | |
| 7,389 | | |
| 36,410 | | |
| 35,408 | | |
| 51,502 | |
Other operating expenses | |
| 55,368 | | |
| 49,465 | | |
| 120,319 | | |
| 79,269 | |
Total selling, general and administrative expenses | |
| 121,777 | | |
| 147,594 | | |
| 273,742 | | |
| 261,845 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) and comprehensive income (loss) | |
$ | 70,464 | | |
$ | (99,580 | ) | |
$ | 63,508 | | |
$ | (184,491 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per weighted-average shares common stock - basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | 0.01 | | |
$ | (0.02 | ) | |
$ | 0.01 | | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average number of shares of common stock issued and outstanding - basic and diluted | |
| 5,430,279 | | |
| 5,411,390 | | |
| 5,430,279 | | |
| 5,408,284 | |
See
accompanying notes to condensed consolidated financial statements
Profit
Planners Management, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
Six Months Ended | | |
Six Months Ended | |
| |
November 30, 2015 | | |
November 30, 2014 | |
| |
| | |
| |
Net cash provided by (used in) operating activities | |
$ | 87,660 | | |
$ | (10,076 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (2,489 | ) | |
| - | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| - | | |
| 5,000 | |
| |
| | | |
| | |
Net change in cash | |
| 85,171 | | |
| (5,076 | ) |
Cash, beginning of period | |
| 57,906 | | |
| 39,982 | |
Cash, end of period | |
$ | 143,077 | | |
$ | 34,906 | |
See
accompanying notes to condensed consolidated financial statements
Profit
Planners Management, Inc.
Notes
to Condensed Consolidated Financial Statements
November
30, 2015
(Unaudited)
NOTE
1 - BASIS OF PRESENTATION
The
accompanying unaudited condensed consolidated financial information of Profit Planners Management, Inc. (the Company) have been
prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations
of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q
and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive
presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that all
material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement
presentation.
The
condensed consolidated financial information for the three months and six months ended November 30, 2015 include the accounts
of the Company and its wholly-owned subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
The
balance sheet at May 31, 2015 has been derived from the audited consolidated financial statements at that date, but does not include
all of the information and footnotes required by accounting principles generally accepted in the United States of America for
complete financial statements.
The
unaudited interim financial information should be read in conjunction with the Company’s Form 10-K, which contains the audited
consolidated financial statements and notes thereto, together with Management’s Discussion and Analysis, for the year ended
May 31, 2015. The interim results for the six months ended November 30, 2015 are not necessarily indicative of the results for
the full fiscal year.
NOTE
2 – RECENT ISSUED ACCOUNTING PRONOUNCEMENTS
In
May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09: Revenue from Contracts with
Customers. The standard outlines a five-step model for revenue recognition with the core principle being that a company should
recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to
which it expects to be entitled in exchange for those goods or services. Companies can choose to apply the standard using either
the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be
prepared for the year of adoption using the new standard but prior periods presented will not be adjusted. Instead, companies
will recognize a cumulative catch-up adjustment to the opening balance of retained earnings. This new guidance is effective for
annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early
adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within
that reporting period. The Company has not yet made a determination as to the method of application (full retrospective or modified
retrospective). It is too early to assess whether the impact of the adoption of this new guidance will have a material impact
on the Company's results of operations, financial position or cash flows.
NOTE
3 – NEW LOSS PER COMMON SHARE
Basic
net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock
outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average
number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially
dilutive shares outstanding as of November 30, 2015 and November 30, 2014, respectively.
NOTE
4 - GOING CONCERN
As
reflected in the accompanying financial statements, the Company has a net income (loss) and comprehensive income (loss) of $63,508
and ($184,491) for the six months ended November 30, 2015 and November 30, 2014, respectively; and an accumulated deficit of $908,879
at November 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going
concern.
Management
believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company
to continue as a going concern. These actions include continuing to grow the Company’s revenues to sufficiently support
its cost structure through existing and new clients while actively seeking channels to develop business. Management may seek additional
financing using equity or debt instruments in the future through additional private placement offerings.
There
can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing
will be available in the future, at terms satisfactory to the Company. Failure to achieve the equity and financing at satisfactory
terms and amounts could have a material adverse effect on the Company’s ability to continue as a going concern. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE
5 – RELATED PARTY
The
Company had accrued officer’s salary expense payable to the CEO, who has a controlling ownership interest in the Company.
The net compensation owed to the CEO totaled $552,971 and $466,907 as of November 30, 2015 and May 31, 2015, respectively.
The
Company had accrued compensation expense payable to a former Director of the Company for providing legal counsel services for
$1,000 per month. The compensation obligations owed to the Director totaled $28,000 and $22,000 as of November 30, 2015 and May
31, 2015, respectively.
NOTE
6 – INCOME TAXES
The
Company has not recorded any income tax expense or benefit for the three months and six months ended November 30, 2015. Any taxable
income generated will be offset by net operating losses (“NOL”) generated in previous years. At the present time,
management cannot determine if the Company will be able to generate sufficient taxable income to realize the benefit of the NOL
carryforwards; accordingly, a valuation allowance has been established to offset the asset.
NOTE
7 – CONTINGENT EMPLOYEE BONUS
On
January 1, 2013, the Company entered into a compensation agreement with an employee that provided for a bonus based upon certain
performance requirements. Although since inception of the compensation agreement, management had evaluated the results of the
employee’s performance and determined the employee did not meet the minimum performance requirements, as a result of an
expected settlement, the Company expensed $130,000 during 2014.
The
employee and management agreed to settle for a $130,000 bonus for past services. $16,487 has been paid out related to the bonus
as of November 30, 2015. The outstanding balance as of November 30, 2015 is $113,513.
NOTE
8 – EQUITY
On
April 24, 2015, the Company’s Board of Directors approved a One (1) for Ten (10) reverse stock split of the Company’s
authorized and issued and outstanding par value $.001 per share common stock (the “Reverse Stock Split”). Under the
terms of the Reverse Stock Split, (i) each Ten (10) shares of common stock held by the Company’s shareholders shall be reclassified
and converted to One (1) common share, (ii) the number of shares of common stock authorized by the Company’s Articles of
Incorporation shall be reduced from 500,000,000 shares to 50,000,000 shares. All periods presented in the accompanying condensed
consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking
Statements
The
information in this report contains forward-looking statements. All statements other than statements of historical fact made in
this report are forward looking. In particular, the statements herein regarding industry prospects and future results of operations
or financial position are forward-looking statements. These forward-looking statements can be identified by the use of words such
as “believes,” “estimates,” “could,” “possibly,” “probably,” “anticipates,”
“projects,” “expects,” “may,” “will,” or “should” or other variations
or similar words. No assurances can be given that the future results anticipated by the forward-looking statements will be achieved.
Forward-looking statements reflect management’s current expectations and are inherently uncertain. Our actual results may
differ significantly from management’s expectations.
The
following discussion and analysis should be read in conjunction with our accompanying condensed consolidated financial statements
and the notes to those financial statements included in this filing. The following discussion includes forward-looking statements
that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below
and elsewhere in this filing.
Operations
We
are a Nevada Corporation founded in January 2009 with offices in New York and Florida.
Our
Business
Our
operations are focused on the following major business areas:
|
● |
CFO,
Accounting and Tax Services; |
|
● |
Insurance
and Healthcare Insurance Services; |
|
● |
Advisory
Consulting Services; |
|
● |
Management
Services |
CFO,
Accounting and Tax Services
Our
CFO, Accounting and Financial Services division provides management, staffing, payroll, human resources, billing and tax services
to our clients. We provide short-term engagements of outside management services to help companies complete certain transactions
or restructurings. Additionally, we provide monthly accounting, payroll, tax and billing services to businesses that do not have
those departments.
Clients
are billed either on an hourly basis for the accounting and financial services we provide or under a monthly retainer, if the
engagement is to be for an extended period of time. The hourly rates that we charge our clients for these services depends on
the complexity of the work being done and the experience level of the persons assigned to the work.
Our
CFO, Accounting and Tax Services division is currently our main revenue generator with more than 90% of our revenues coming from
these services. In the future, we expect this percentage to go down as our other business divisions gain traction in the market
place.
Insurance
and Healthcare Insurance Services
Our
Insurance and Healthcare Insurance division, Profit Planners Group, is a licensed insurance brokerage. We offer a wide array of
insurance and insurance related products such as life insurance, annuities, health insurance, healthcare discount benefit cards
and programs as well as self-funded health insurance accounts. Our Insurance and Healthcare Insurance division offers insurance
services to our corporate clients as part of our consulting services. It also sells insurance products and services directly to
individuals and companies that have not engaged us for other consulting services.
We
will receive commission from the insurance carrier based on the premium of the product being purchased.
As
the operation has yet to generate any revenues, we are re-evaluating our approach.
Advisory
Consulting Services
Our
Advisory Consulting Services Practice, PPMT Strategic Group, supplies strategic and financial consulting services to companies
looking to raise capital in the debt and equity markets. Our knowledge and access to experienced personnel can provide the planning,
financial modeling and advice to middle market companies.
Clients
are billed either on an hourly basis for these services we provide or under a monthly retainer, if the engagement is to be for
an extended period of time. The hourly rates that we charge our clients for these services depends on the complexity of the work
being done and the experience level of the persons assigned to the work.
Management
Services
Our
Management Services division provides budgeting and asset allocation and control advice to professional athletes, entertainers
and other high earning individuals. The services that our Management Services division provides include reviewing a client’s
current earnings and expenses and advising on what changes need to be made to create long-term financial stability. The main goal
of our Management Services division is to create a solid long-term financial plan for these high earning individuals and to create
the budgeting discipline needed for these clients to retire comfortably.
The
Management Services that we provide are billed either on an hourly basis or under a monthly retainer depending on the length of
the engagement. We may also generate revenue from the sale of insurance products to our Management Services clients if such products
are needed as part of the long-term financial plan that has been created.
Growth
and Profitability Strategy
Our
objective is to increase our revenue, profitability and cash flow by offering our clients a wide array of essential services in
a “one-stop-shopping” framework. By doing so we can simplify the logistics of our client’s purchases of these
essential services, eliminate redundant services and streamline the business operations of our corporate clients.
Marketing
Our
marketing focus depends on the business and consumer market. For our CFO, Accounting and Tax Services business, our marketing
efforts are targeted at small to midsized companies that are known to, located or identified by our finders’ network. We
also utilize our contacts with other professional service firms (law firms, investment bankers, venture capital firms and CPA
audit firms) that provide services to the small and middle market sector for referrals of potential clients. We plan to expand
and leverage our current clientele in our CFO, Accounting and Tax services group for potential leads and referrals. We
also intend to explore alliances or potential acquisitions of small accounting, or other consulting firms, to access their customer
lists so that we can expand our client base.
Although
our target market has been on companies that have sales of less than $100 million and are based in North America, we plan to expand
to larger companies as our consulting staff grows. We also focus our efforts on Private Equity and Investment Banking firms, who
generally require the skill base we possess for some of their investments. Our industry focus is professional services and products
related to our businesses. Although we focus on these industries we will look at opportunities in other industries if it makes
economic sense.
We
currently own and operate various web-sites, with the following being the more prominent ones:
|
● |
www.profitplannersmgt.com |
|
● |
www.profitplannersinsurancegroup.com |
|
● |
www.ppmtgroup.com |
We
use these web-sites as part of our marketing strategy. In addition, we work to expand our communications through various
channels of social and business media that include our web-sites, other sites such as LinkedIn, Facebook and Twitter, and through
press releases and articles. We will continue to maintain all of our websites.
Our
marketing costs for the six months ended November 30, 2015 related to our continuing business operations were $4,286. Ongoing
marketing expenses consisted of e-mails, promotions and use of social media to communicate to potential customers.
We
believe that these strategies will provide the best results given our limited marketing budget.
Critical
Accounting Policies
Accounts
receivable
Accounts
receivable represents open invoices from customers. The Company periodically evaluates the collectability of its accounts receivable
and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and
specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that as of November
30, 2015, an allowance for doubtful accounts of $57,212 was required as a result of the Company believing certain receivables
for consulting services will no longer be collected either fully or partially. The Company does not require collateral to support
customer receivables.
Revenue
recognition
The
Company’s revenues are derived from management, financial and accounting advisory services. The Company will
recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned
when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed
or determinable, and collectability is reasonably assured.
Net
income (loss) per common share
Basic
net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock
outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average
number of shares of common stock and potentially outstanding shares of common stock during each period. There were 5,430,279 shares
outstanding as of November 30, 2015 and November 30, 2014.
Going
Concern
As
reflected in the accompanying financial statements, the Company had a net income (loss) and comprehensive income (loss) of $63,508
and ($184,491) for the six months ended November 30, 2015 and November 30, 2014, respectively; and an accumulated deficit of $908,879
at November 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going
concern.
Management
believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company
to continue as a going concern. These actions include continuing to grow the Company’s revenues to sufficiently support
its cost structure through existing and new clients while actively seeking channels to develop business. Management may seek additional
financing using equity or debt instruments in the future through additional private placement offerings.
There
can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing
will be available in the future, at terms satisfactory to the Company. Failure to achieve the equity and financing at satisfactory
terms and amounts could have a material adverse effect on the Company’s ability to continue as a going concern. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Recently
Issued Accounting Pronouncements
In
May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09: Revenue from Contracts with
Customers. The standard outlines a five-step model for revenue recognition with the core principle being that a company should
recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to
which it expects to be entitled in exchange for those goods or services. Companies can choose to apply the standard using either
the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be
prepared for the year of adoption using the new standard but prior periods presented will not be adjusted. Instead, companies
will recognize a cumulative catch-up adjustment to the opening balance of retained earnings. This new guidance is effective for
annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early
adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within
that reporting period. The Company has not yet made a determination as to the method of application (full retrospective or modified
retrospective). It is too early to assess whether the impact of the adoption of this new guidance will have a material impact
on the Company's results of operations, financial position or cash flows.
Results
of Operations
Three
Months Ended November 30, 2015 and 2014
For
the three months ended November 30, 2015 and 2014, we had revenue of $346,943 and $167,092, respectively. Cost of revenues for
the three months ended November 30, 2015 and 2014 totaled $154,702 and $119,078, respectively. Selling, general and administrative
expenses for the three months ended November 30, 2015 and 2014 totaled $121,777 and $147,594, respectively, resulting in a net
income (loss) of $70,464 and ($99,580), respectively.
Consulting
service income for the three months ended November 30, 2015 consisted of Advisory, Accounting and Tax Services of $346,943. For
the comparable three months ended November 30, 2014, consulting service income consisted of CFO, Accounting and Tax Services of
$167,092. The increase in service income are attributable to new clients and increased billings to our existing clients.
Cost
of revenues for the three months ended November 30, 2015 was comprised of personnel and overhead costs of $154,702. The personnel
and overhead costs were comprised of salaries and compensation expenses of $76,188, and other expenses of $78,514. Cost of revenues
for the three months ended November 30, 2014 comprised of personnel and overhead costs of $119,078. The personnel and overhead
costs were comprised of salaries and compensation expenses of $84,383, and other expenses of $34,695. The increase is attributable
to our increase in revenues.
Selling,
general and administrative expenses for the three months ended November 30, 2015 was $121,777 comprised of net compensation expense
for corporate management of $59,020, consulting and professional expenses of $7,389, rent expense of $19,898, filing fee of $3,485,
bad debts of $6,060, office and IT related expenses of $8,861, travel-related expenses of $6,709 and other expenses of $10,355.
Selling,
general and administrative expenses for the three months ended November 30, 2014 was $147,594 comprised of net compensation expense
for corporate management of $61,719, consulting and professional expenses of $36,410, rent expense of $11,990, filing fee of $2,133,
bad debts of $8,448, office and IT related expenses of $3,694, travel-related expenses of $8,111 and other expenses of $15,089.
For
the three months ended November 30, 2015 as compared to same period ended November 30, 2014, there was an increase in selling,
general and administrative expenses of $19,942. Corporate management, consulting, and professional expenses, as compared to the
prior year, increased as management and consultants increased the time spent on business development and administration.
Six
Months Ended November 30, 2015 and 2014
Continuing
Operations
For
the six months ended November 30, 2015 and 2014, we had revenue of $611,025 and $303,060, respectively. Cost of revenues for the
six months ended November 30, 2015 and 2014 totaled $273,775 and $225,706, respectively. Selling, general and administrative expenses
for six months ended November 30, 2015 and 2014 totaled $273,742 and $261,845, respectively, resulting in a net income (loss)
of $63,508 and ($184,491), respectively.
Consulting
service income for the six months ended November 30, 2015 consisted of Advisory, Accounting and Tax Services of $611,025. For
the comparable six months ended November 30, 2014, consulting service income consisted of CFO, Accounting and Tax Services of
$303,060. The increase in service income are attributable to new clients and increased billings to our existing clients.
Cost
of revenues for the six months ended November 30, 2015 was comprised of personnel and overhead costs of $273,775. The personnel
and overhead costs were comprised of salaries and compensation expenses of $154,214 and other overhead expenses of $119,561. Cost
of revenues for the six months ended November 30, 2014 comprised of personnel and overhead expenses of $225,706. The personnel
and overhead expenses were comprised of salaries and compensation expenses of $184,690 and other overhead expenses of $41,016.
The increase in cost of revenues is directly related to our increased revenues.
Selling,
general and administrative expenses for the six months ended November 30, 2015 was $273,742 comprised of net compensation expense
for corporate management of $118,015, consulting and professional expenses of $35,408, rent expense of $39,812, office and IT
related expenses of $29,237, travel-related expenses of $12,360, bad debt expenses of $24,383 and other expenses of $14,527.
Selling,
general and administrative expenses for the six months ended November 30, 2014 was $261,845 comprised of net compensation expense
for corporate management of $131,074, consulting and professional expenses of $51,502, rent expense of $21,573, filing fee of
$5,870, bad debts of $8,448, office and IT related expenses of $5,366, travel-related expenses of $9,495, settlement fee of $18,000
and other expenses of $10,517.
For
the six months ended November 30, 2015 as compared to same period ended November 30, 2014, there was an increase in selling, general
and administrative expenses of $11,897. The increased in selling, general and administrative expenses resulted primarily because
of our revenue growth.
Liquidity
and Capital Resources
As
of November 30, 2015, we had cash of $143,077 as compared to cash of $57,906 as of May 31, 2015. The increase in net cash of $85,171
was the result of net cash generated by our operating activities totaling $87,660 and used in investing activities totaling ($2,489)
for the six months ended November 30, 2015.
For
the six months ended November 30, 2015, net cash generated by our operating activities was attributable to a net income of $63,508,
non-cash adjustments for depreciation of $1,558 and a net change in operating assets and liabilities of $22,594.
For
the six months ended November 30, 2014, net cash used in operating activities was attributable to a net loss of $184,491, non-cash
adjustments for depreciation of $2,195 and a net change in operating assets and liabilities of $172,220.
In
order for us to execute our business plan we will need to raise at least $500,000 in debt or equity. The funds are needed for
building out the management team, sales and marketing and working capital. There can be no assurance that we will be able to raise
the funds needed to execute our business plan.
If
we are unable to satisfy our cash requirements we may be unable to proceed with our plan of operations. We do not anticipate
the purchase or sale of any significant equipment. The foregoing represents our best estimate of our cash needs based on current
planning and business conditions. In the event we are not successful in reaching our initial revenue targets, additional
funds may be required, and we may not be able to proceed with our business plan for the development and marketing of our core
services. Should this occur, we will suspend or cease operations.
We
anticipate that depending on market conditions and our plan of operations, we may incur operating losses in the foreseeable future.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
N/A
ITEM
4T. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our President,
Chief Financial Officer and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and
procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange
Act”)) as of the end of the period covered by this report. Based upon that evaluation, our President, Chief Financial Officer
and Secretary concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective
such that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated
and communicated to our management to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance,
however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, within a company have been detected.
Changes
in Internal Control Over Financial Reporting. During the most recent quarter ended November 30, 2015, there has been no change
in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange
Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II
ITEM
1. LEGAL PROCEEDINGS.
We
were not a party to any material legal proceedings during the period covered by this Quarterly Report.
ITEM
1A. RISK FACTORS.
Our
Annual Report on Form 10K for the fiscal year ended May 31, 2015 contains a description of the risk factors relating to our operations
and to an investment in our common stock.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None
ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM
5. OTHER INFORMATION.
None
ITEM
6. EXHIBITS
Exhibit Number |
|
Description
of Exhibit |
|
|
|
31.1 |
|
Certification
required by Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification
of Chief Executive Officer and Principal Accounting Officer pursuant to 18 U.S.C.§ 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: January 11, 2016 |
Profit Planners Management, Inc. |
|
|
|
|
By: |
/s/ Wesley Ramjeet |
|
|
Wesley Ramjeet
Chief Executive Officer, Chief Financial,
Chief Accounting Officer,
Officer and Director |
13
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Wesley Ramjeet, certify that:
1. |
I have reviewed this Form 10-Q of Profit Planners Management, Inc. for the period ended November 30, 2015; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods present in this report; |
4. |
The small business issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the small business issuer and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; |
|
(c) |
Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the small business issuer’s internal control over financing reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and |
5. |
The small business issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involved management or other employees who have a significant role in the small business issuer’s internal control over financial reporting. |
Date: January 11, 2016 |
Profit Planners Management, Inc. |
|
|
|
By: |
/s/ Wesley Ramjeet |
|
|
Wesley Ramjeet |
|
|
Chief Executive Officer,
Chief Financial Officer,
Chief Accounting Officer and Director |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with this Quarterly Report of
Profit Planners Management, Inc. (the “Company”) on Form 10-Q for the period ending November 30, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Wesley Ramjeet, Chief Executive Officer
and Chief Financial Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant
to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
1. |
|
Such Quarterly Report on Form 10-Q
for the period ending November 30, 2015, fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and |
2. |
|
The information contained in such Quarterly Report
on Form 10-Q for the period ending November 30, 2015, fairly presents, in all material respects, the financial condition and
results of operations of Profit Planners Management, Inc. |
Date: January 11, 2016 |
Profit Planners Management,
Inc. |
|
|
|
|
By: |
/s/ Wesley Ramjeet |
|
|
Wesley Ramjeet
Chief Executive Officer,
Chief Financial Officer,
Chief
Accounting Officer and Director |
v3.3.1.900
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Current assets: |
|
|
Cash |
$ 143,077
|
$ 57,906
|
Accounts receivable (net of allowance of $57,212 and $34,079, respectively) |
134,569
|
99,497
|
Other current assets |
6,195
|
6,991
|
Total current assets |
283,841
|
164,394
|
Property and equipment: |
|
|
Property and equipment |
15,661
|
13,172
|
Less: accumulated depreciation |
(12,556)
|
(10,998)
|
Net property and equipment |
3,105
|
2,174
|
Total Assets |
286,946
|
166,568
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
170,753
|
161,290
|
Accounts payable and accrued expenses - related parties |
51,392
|
74,712
|
Accrued expenses - employee compensation |
25,000
|
25,000
|
Accrued expenses - officer's compensation |
$ 552,971
|
466,907
|
Deferred revenue |
|
2,850
|
Total current liabilities |
$ 800,116
|
730,759
|
Accrued expenses - employee compensation, less current portion |
88,513
|
101,000
|
Total Liabilities |
$ 888,629
|
$ 831,759
|
Commitments and contingencies |
|
|
Stockholders' Deficit |
|
|
Preferred stock - $.001 par value; 50,000,000 shares authorized; none issued and outstanding |
|
|
Common stock - $.001 par value; 50,000,000 shares authorized; 5,430,279 issued and outstanding |
$ 5,430
|
$ 5,430
|
Additional paid-in capital |
301,766
|
301,766
|
Accumulated deficit |
(908,879)
|
(972,387)
|
Net Stockholders' Deficit |
(601,683)
|
(665,191)
|
Total Liabilities And Stockholders' Deficit |
$ 286,946
|
$ 166,568
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Allowance for doubtful accounts |
$ 57,212
|
$ 34,079
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
50,000,000
|
50,000,000
|
Preferred stock, shares issued |
|
|
Preferred stock, shares outstanding |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
5,430,279
|
5,430,279
|
Common stock, shares outstanding |
5,430,279
|
5,430,279
|
X |
- DefinitionA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.
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v3.3.1.900
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Income Statement [Abstract] |
|
|
|
|
Revenues - consulting and management services fees |
$ 346,943
|
$ 167,092
|
$ 611,025
|
$ 303,060
|
Cost of revenues - personnel and overhead costs |
154,702
|
119,078
|
273,775
|
225,706
|
Gross Profit |
192,241
|
48,014
|
337,250
|
77,354
|
Selling, general and administrative expenses: |
|
|
|
|
Corporate management |
59,020
|
61,719
|
118,015
|
131,074
|
Consulting and professional expenses |
7,389
|
36,410
|
35,408
|
51,502
|
Other operating expenses |
55,368
|
49,465
|
120,319
|
79,269
|
Total selling, general and administrative expenses |
121,777
|
147,594
|
273,742
|
261,845
|
Net income (loss) and comprehensive income (loss) |
$ 70,464
|
$ (99,580)
|
$ 63,508
|
$ (184,491)
|
Net income (loss) per weighted-average shares common stock - basic and diluted: |
|
|
|
|
Net loss |
$ 0.01
|
$ (0.02)
|
$ 0.01
|
$ (0.03)
|
Weighted-average number of shares of common stock issued and outstanding - basic and diluted |
5,430,279
|
5,411,390
|
5,430,279
|
5,408,284
|
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Statement of Cash Flows [Abstract] |
|
|
Net cash provided by (used in) operating activities |
$ 87,660
|
$ (10,076)
|
Net cash used in investing activities |
$ (2,489)
|
|
Net cash provided by financing activities |
|
$ 5,000
|
Net change in cash |
$ 85,171
|
(5,076)
|
Cash, beginning of period |
57,906
|
39,982
|
Cash, end of period |
$ 143,077
|
$ 34,906
|
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v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Nov. 30, 2015 |
Basis of Presentation [Abstract] |
|
BASIS OF PRESENTATION |
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial information of Profit Planners Management, Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.
The condensed consolidated financial information for the three months and six months ended November 30, 2015 include the accounts of the Company and its wholly-owned subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
The balance sheet at May 31, 2015 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
The unaudited interim financial information should be read in conjunction with the Company’s Form 10-K, which contains the audited consolidated financial statements and notes thereto, together with Management’s Discussion and Analysis, for the year ended May 31, 2015. The interim results for the six months ended November 30, 2015 are not necessarily indicative of the results for the full fiscal year.
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v3.3.1.900
Recent Issued Accounting Pronouncements
|
6 Months Ended |
Nov. 30, 2015 |
Recent Issued Accounting Pronouncements [Abstract] |
|
RECENT ISSUED ACCOUNTING PRONOUNCEMENTS |
NOTE 2 – RECENT ISSUED ACCOUNTING PRONOUNCEMENTS
In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers. The standard outlines a five-step model for revenue recognition with the core principle being that a company should recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Companies can choose to apply the standard using either the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be prepared for the year of adoption using the new standard but prior periods presented will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings. This new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company has not yet made a determination as to the method of application (full retrospective or modified retrospective). It is too early to assess whether the impact of the adoption of this new guidance will have a material impact on the Company's results of operations, financial position or cash flows.
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v3.3.1.900
New Loss Per Common Share
|
6 Months Ended |
Nov. 30, 2015 |
New Loss Per Common Share [Abstract] |
|
NEW LOSS PER COMMON SHARE |
NOTE 3 – NEW LOSS PER COMMON SHARE
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of November 30, 2015 and November 30, 2014, respectively.
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v3.3.1.900
Going Concern
|
6 Months Ended |
Nov. 30, 2015 |
Going Concern [Abstract] |
|
GOING CONCERN |
NOTE 4 - GOING CONCERN
As reflected in the accompanying financial statements, the Company has a net income (loss) and comprehensive income (loss) of $63,508 and ($184,491) for the six months ended November 30, 2015 and November 30, 2014, respectively; and an accumulated deficit of $908,879 at November 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
Management believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company to continue as a going concern. These actions include continuing to grow the Company’s revenues to sufficiently support its cost structure through existing and new clients while actively seeking channels to develop business. Management may seek additional financing using equity or debt instruments in the future through additional private placement offerings.
There can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing will be available in the future, at terms satisfactory to the Company. Failure to achieve the equity and financing at satisfactory terms and amounts could have a material adverse effect on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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v3.3.1.900
Related Party
|
6 Months Ended |
Nov. 30, 2015 |
Related Party [Abstract] |
|
RELATED PARTY |
NOTE 5 – RELATED PARTY
The Company had accrued officer’s salary expense payable to the CEO, who has a controlling ownership interest in the Company. The net compensation owed to the CEO totaled $552,971 and $466,907 as of November 30, 2015 and May 31, 2015, respectively.
The Company had accrued compensation expense payable to a former Director of the Company for providing legal counsel services for $1,000 per month. The compensation obligations owed to the Director totaled $28,000 and $22,000 as of November 30, 2015 and May 31, 2015, respectively.
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|
6 Months Ended |
Nov. 30, 2015 |
Income Taxes [Abstract] |
|
INCOME TAXES |
NOTE 6 – INCOME TAXES
The Company has not recorded any income tax expense or benefit for the three months and six months ended November 30, 2015. Any taxable income generated will be offset by net operating losses (“NOL”) generated in previous years. At the present time, management cannot determine if the Company will be able to generate sufficient taxable income to realize the benefit of the NOL carryforwards; accordingly, a valuation allowance has been established to offset the asset.
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Contingent Employee Bonus
|
6 Months Ended |
Nov. 30, 2015 |
Contingent Employee Bonus [Abstract] |
|
CONTINGENT EMPLOYEE BONUS |
NOTE 7 – CONTINGENT EMPLOYEE BONUS
On January 1, 2013, the Company entered into a compensation agreement with an employee that provided for a bonus based upon certain performance requirements. Although since inception of the compensation agreement, management had evaluated the results of the employee’s performance and determined the employee did not meet the minimum performance requirements, as a result of an expected settlement, the Company expensed $130,000 during 2014.
The employee and management agreed to settle for a $130,000 bonus for past services. $16,487 has been paid out related to the bonus as of November 30, 2015. The outstanding balance as of November 30, 2015 is $113,513.
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Equity
|
6 Months Ended |
Nov. 30, 2015 |
Equity [Abstract] |
|
Equity |
NOTE 8 – EQUITY
On April 24, 2015, the Company’s Board of Directors approved a One (1) for Ten (10) reverse stock split of the Company’s authorized and issued and outstanding par value $.001 per share common stock (the “Reverse Stock Split”). Under the terms of the Reverse Stock Split, (i) each Ten (10) shares of common stock held by the Company’s shareholders shall be reclassified and converted to One (1) common share, (ii) the number of shares of common stock authorized by the Company’s Articles of Incorporation shall be reduced from 500,000,000 shares to 50,000,000 shares. All periods presented in the accompanying condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split.
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|
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Going Concern (Textual) |
|
|
|
|
|
Net income (loss) and comprehensive income (loss) |
$ 70,464
|
$ (99,580)
|
$ 63,508
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$ (184,491)
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$ (908,879)
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$ (908,879)
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$ (972,387)
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Apr. 24, 2015 |
Board of Directors [Member] |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Reverse stock split, Description |
Company's Board of Directors approved a One (1) for Ten (10) reverse stock split of the Company's authorized and issued and outstanding par value $.001 per share common stock (the "Reverse Stock Split"). Under the terms of the Reverse Stock Split, (i) each Ten (10) shares of common stock held by the Company's shareholders shall be reclassified and converted to One (1) common share, (ii) the number of shares of common stock authorized by the Company's Articles of Incorporation shall be reduced from 500,000,000 shares to 50,000,000 shares.
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Profit Planners Management (CE) (USOTC:PPMT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Profit Planners Management (CE) (USOTC:PPMT)
Historical Stock Chart
From Sep 2023 to Sep 2024