UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-09370
RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION
(Name of Small Business Issuer in its Charter)
| | |
Delaware | | 13-3186327 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
60 E. 42nd Street, 46th Floor New York, NY | | 10165 |
(Address of principal Executive Offices) | | (Zip Code) |
(212) 796-4097
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 Par Value Per Share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
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 [X] 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
| |
Large accelerated filer [ ] | Accelerated filer [ ] |
| |
Non-accelerated filer [ ] (Do not check if a smaller reporting company) | Smaller reporting company [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes [ ] No [X]
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average of the bid and asked price of such common equity, as of the last business day of the registrants most recently completed second fiscal quarter (June 30, 2015) was $4,555,298.
As of March 15, 2016, there were 200,512,159 shares of the registrants common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE - None
TABLE OF CONTENTS
ii
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
In this annual report, references to Receivable Acquisition & Management Corporation, CSEI, the Company, we, us, and our refer to Receivable Acquisition & Management Corporation and its wholly owned subsidiaries, Cornerstone Program Advisors LLC and Sustainable Energy Industries, Inc.
Except for the historical information contained herein, some of the statements in this Report contain forward-looking statements that involve risks and uncertainties. These statements are found in the sections entitled Business, Managements Discussion and Analysis of Financial Condition and Results of Operation, and Risk Factors. They include statements concerning: our business strategy; expectations of market and customer response; liquidity and capital expenditures; future sources of revenues; expansion of our proposed product line; and trends in industry activity generally. In some cases, you can identify forward-looking statements by words such as may, will, should, expect, plan, could, anticipate, intend, believe, estimate, predict, potential, goal, or continue or similar terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined under Risk Factors, that may cause our or our industrys actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For example, assumptions that could cause actual results to vary materially from future results include, but are not limited to: our ability to successfully develop and market our products to customers; our ability to generate customer demand for our products in our target markets; the development of our target markets and market opportunities; our ability to manufacture suitable products at competitive cost; market pricing for our products and for competing products; the extent of increasing competition; technological developments in our target markets and the development of alternate, competing technologies in them; and sales of shares by existing shareholders. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Unless we are required to do so under federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.
iii
PART I
ITEM 1. BUSINESS
We are a Delaware corporation whose principal office is located at 60 E. 42nd Street, 46th Floor, New York, NY. Unless the context otherwise requires, the terms we, us, our, or the Company as used herein refer to Receivable Acquisition & Management Corporation and our subsidiaries, Cornerstone Program Advisors LLC and Sustainable Energy Industries, Inc. (Sustainable). The Company does business as Cornerstone Sustainable Energy.
Description of the Business
The Company specializes in delivering energy infrastructure and alternative energy solutions to a wide range of commercial customers and institutions such as hospitals and universities. The Company has begun to expand and transform its business to take advantage of opportunities in the alternative energy and clean energy arenas.
The Company has two major business components. The first business component is the management of infrastructure projects for commercial and institutional customers. These projects typically involve some combination of energy infrastructure components, including electrical power generation, steam production, or chilled water production, as well as the infrastructure to distribute these services. Generally, the Company acts as the representative of the customer in overseeing and managing an infrastructure project, or can take the role of project developer under an agreement with the customer. The Company has competitors, some of which are very large and well-recognized, but, in the non-profit hospital and university market in its geographical scope of operation, has developed a reputation for excellence and an established market position. The Company operates in this first business component under its subsidiary, Cornerstone Program Advisors LLC, a Delaware limited liability company (Cornerstone), which it acquired in a merger on May 15, 2013 (the Merger). As part of this component, the Company offers to arrange leasing and other financing arrangements for projects and equipment, and participations in power purchase agreements from developed projects, for fees and financial participations. The Company has the capability of arranging very favorable financing for projects involving non-profits.
The second business component is the anticipated commercialization of engine technology which converts low-grade heat to mechanical energy. The Company is actively marketing the technology particularly for power generation. While the Company has not yet manufactured or deployed an engine specifically configured for power generation, significant progress has been made on the engineering of such an engine, and has existing engines it is using for testing and demonstration purposes. The technology is non-polluting and entirely green, and Management believes, based on its knowledge of the industry, is arguably superior to all other lower-temperature engine technologies, such as those utilizing the organic Rankine physical cycle, and operates at lower temperature ranges and heat flow volume than any others in the market. The engines in this configuration promise to deliver substantial cost savings in most client applications, and are not unusually costly as compared to competing technologies. Although the engine is readily built to order of common parts and components, a material investment may be required by the Company. The Company has not yet generated any revenues through this business component.
The Companys primary markets are (i) large domestic non-profit institutions and organizations, particularly where electricity rates are high, and currently localized in the Northeast; (ii) the waste-heat-to-energy and geothermal marketplace primarily in the Western Hemisphere, typically power generation; and (iii) the independent power producer market, primarily domestic but extending through the Western Hemisphere. All of these markets are large and multifaceted with no dominant customers.
Cornerstone is an energy infrastructure project management company focused on healthcare and higher learning institutions. Sustainable is focused on the alternative energy business, with an emphasis on its licensed green engine technology.
Prior to 2013, the Company was in the business of acquiring and collecting portfolios of performing, sub-performing and non-performing consumer and commercial receivables. The Company is no longer in this business.
1
Strategy
The Company is pursuing 3 growth initiatives:
(1) Acquiring and applying cleantech solutions - technology, equipment and methods to solve client needs and provide a competitive advantage, such as cleantech engine technology. In the first such acquisition, the Company merged with the holder of manufacturing and sales rights for the engine technology described above. The Company has also finalized an exclusive manufacturing agreement for this engine with one of the countrys premier engineering and engine manufacturing companies.
(2) Making strategic acquisitions and entering into strategic joint ventures in and around its core areas of expertise. The first of these was in cleantech, described directly above. Other potential acquisition or merger targets are continually under review. They must meet rigorous financial and growth criteria, offer a strategic fit, and expand the market or competitive position of the Company. Targets include those in the clean water, bio incineration, waste heat recovery, and clean engine technologies.
(3) Establishing and leveraging alliances, a number of which are established or in some level of development. We also intend to source business by helping companies offer a uniquely competitive financing and development platform to existing and prospective non-profit clients such as universities, hospitals and municipalities.
For the most part, power technologies are well known and widely available. The Company is focused on selecting the right technology or technologies for each project, and maintaining a constant focus on both cost effectiveness for the client and financial returns to the Company. To enhance its competitive position, however, the Company will focus on obtaining exclusive market positions and enhancing its technological strengths.
Industry Overview
The general marketplace for the Companys offerings is composed of large consumers and producers of power which have an interest in (a) reducing energy consumption, (b) reducing the cost of energy, (c) improving the environmental profile of their energy production, or (d) some combination of these. The Company is engaged in this overall energy infrastructure industry at two separate points. These sub-industries, or markets, are relatively distinct, albeit related, so each will be described separately.
One market is the component composed of consumers of large amounts of energy, including large hospitals, colleges and universities. These institutions often operate large, and frequently aging, centralized utility plant and infrastructure installations which provide heat (typically steam), cooling (chilled water), and power to a sizeable campus of buildings. Energy infrastructure upgrades and improvements are often required to provide for expansion of campus facilities, replace aging equipment, and reduce the cost and/or the amount of their energy consumption. The Company, acting as the clients representative, helps design and develop upgrades to or replacements of such facilities, and then oversees the implementation projects for these institutions. The Company may act as project developer or co-developer, and offers to arrange or assist in the project financing. Projects are typically multi-year commitments and often complex.
The other market is the waste-heat-to-energy industry. The industry involves technologies for converting wasted heat or geothermal heat to power production. One example is the enormous and largely unexploited low-grade geothermal market. Vast geothermal resources are currently untapped because earlier technologies were incapable of converting low-grade heat and low volume heat flows into power. The Company has a technology that can be utilized to convert this enormous natural resource into baseload power.
This market, typical of the power production industry, relies heavily on experience, and the Companys technology is relatively new and has little track record. However, the scale of the available resource is so sizeable that there is a great deal of interest in developing it. The market potential has not been accurately measured because no technology existed to develop it. However, it is estimated that the energy available from lower temperature geothermal resources is a multiple of the energy tapped at higher temperature levels. The geothermal market in the U.S. alone has approximately 3200MW of installed capacity. Almost all the added capacity increase in the past two decades has utilized lower temperature resources, yet not as low as those at which the Companys technology can operate.
2
Currently, an additional 4300MW is in some stage of development, representing an anticipated investment of some $13-$17 billion. Although the Companys technology can be configured to operate in the entire range of temperatures, its prime market is in these untapped lower temperature resources. This is in addition to a related market opportunity for adding this technology to capture waste heat from existing higher-temperature geothermal plants in a bottoming cycle, enabling them to increase output from an already-tapped resource.
The Company's technology is also well suited to the waste heat recovery market as related to industries that create wasted heat as a result of their manufacturing or production processes. This market is well defined and, according to a recent report published by the U.S. Department of Energy, The United States industrial sector accounts for approximately one third of all energy used in the United States, consuming approximately 32 quadrillion (a million billion) BTUs of energy annually and emitting about 1,680 million metric tons of carbon dioxide associated with this energy use. The opportunity in the waste heat recovery market is substantial. The report continues, A valuable alternative approach to improving overall energy efficiency is to capture and reuse the lost or waste heat that is intrinsic to all industrial manufacturing. During these manufacturing processes, as much as 20% to 50% of the energy consumed is ultimately lost via waste heat contained in streams of hot exhaust gases and liquids, as well as through heat conduction, convection, and radiation from hot equipment surfaces and from heated product streams. In some cases, such as industrial furnaces, waste heat recovery can improve energy efficiency by 10% to as much as 50%.
The advantage of recapturing and utilizing waste heat is that it typically replaces purchased electric power, much of which does and will continue to require burning fossil fuels, or directly replaces fuels which must be purchased and combusted. Thus it actually can directly reduce emissions and eliminate transmission losses. Projections of market potential are truly enormous, with unrecovered waste heat in industrial processes estimated at half a quintillion (a billion billion) BTUs.
Employees
As of December 31, 2015, the Company had four full-time consultants as officers under consulting agreements with Tom Telegades, the CEO and interim CFO; Peter Fazio, the COO; Wallace Baker, the Chief Administrative Officer; and James Valentino, the non-executive Chairman; and no part-time employees. See Item 11 Executive Compensation below. Carefully selected contractors are used for managing infrastructure projects, matched to the needs of these clients. Their staffing levels vary depending on the number and size of infrastructure projects underway. The Company prefers to outsource non-core, non-critical activities wherever possible, including manufacturing activities.
ITEM 1A. RISK FACTORS
The Company is not required to provide the information called for in this item due to its status as a Smaller Reporting Company.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
The Company maintains its headquarters office at 60 E. 42nd Street, 46th Floor, New York, NY 10165. The Company leases facilities for executive and administrative purposes in New York City and nearby suburbs on an as-needed basis for a total at year end 2015 of approximately $4,600 a month. No leases exceed one year in duration.
ITEM 3. LEGAL PROCEEDINGS
The Company is not a party to any material pending legal proceedings or a proceeding being contemplated by a governmental authority nor is any of the Companys property the subject of any pending legal proceedings or a proceeding being contemplated by a governmental authority.
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Other Proceedings
In connection with a November 5, 2013, proceeding commenced by the Securities Division of the Arizona Corporation Commission (the ACC) the Company learned that each of Deluge, Inc. (Deluge) and Hydrotherm Power Corporation (Hydrotherm) were classified as dissolved by the Delaware Division of Corporations after March 1, 2010 for failure to pay franchise taxes to the State of Delaware, and similarly classified by the ACC as of approximately the same time. Neither the Company nor any of its officers or directors was named in the complaint brought by the ACC.
On December 11, 2010, Sustainable Energy LLC, a New York limited liability company (Sustainable LLC), entered into an Original Equipment Manufacturer Supply and Marketing and Sales Agreement with Deluge, and on November 15, 2012, entered into an Engine Technology License Agreement (the License Agreement) with Deluge (the Licensor) and an Intellectual Property Owner Agreement with Hydrotherm (collectively the Contracts). On May 15, 2013, Sustainable LLC assigned each of the Contracts to Sustainable, a wholly-owned subsidiary of the Company, which Deluge and Hydrotherm had consented to on May 11, 2013.
The License Agreement is a renewable 20-year agreement for an engine technology capable of converting low grade heat into other forms of energy. Under the terms of the Contracts, the Company obtained certain exclusive license rights in the engines developed by the Licensor which will permit the Company to develop, manufacture and integrate such engines into its projects.
In performing due diligence on Deluge and Hydrotherm, the Company subsequently also learned that two United States patents that are owned by Hydrotherm and were licensed to the Company under the Contracts had been classified as expired due to Hydrotherms failure to pay maintenance fees thereon. In conjunction with the Licensor, in April 2015, the Company arranged for the principal United States patent to be reinstated, and it is now again in effect. The Licensor is taking steps to cure the remaining defects but may not be successful.
Pursuant to the Contracts, the Company has obtained previously described rights to all forms of intellectual property covering certain engine technology that is the subject of the Contracts and is not relying solely on the patents in order to maintain the rights to use such technology. However, at this time, there can be no assurance that the foregoing matters will not have a material adverse effect on the Companys operations.
ITEM 4. MINE SAFETY DISCLOSURES
None.
4
PART II
ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Companys common stock, par value $0.001 per share, trades on the OTC Markets under the symbol CSEI. The Company changed its symbol from RCVA to CSEI in November 2013 as a result of the change of the Companys business because of the Merger. The Companys common stock had been quoted on the OTC Markets under the symbol RCVA since October 2004.
During the last two years, our common stock has been very illiquid and rarely trades. The last reported price as of December 31, 2015 was $0.025 per share. Due to the low level of liquidity and infrequency of trades, the last reported price of our common stock is not reliable.
The following table sets forth the high and low sales prices for our common stock for the periods indicated as reported by OTC Markets:
| | | | | | |
Fiscal Year 2014 | | High | | Low |
First Quarter | | $ | 0.07 | | $ | 0.025 |
Second Quarter | | | 0.09 | | | 0.04 |
Third Quarter | | | 0.065 | | | 0.041 |
Fourth Quarter | | | 0.06 | | | 0.004 |
| | | | | | |
Fiscal Year 2015 | | | High | | | Low |
First Quarter | | $ | 0.06 | | $ | 0.023 |
Second Quarter | | | 0.085 | | | 0.031 |
Third Quarter | | | 0.085 | | | 0.03 |
Fourth Quarter | | | 0.06 | | | 0.025 |
| | | | | | |
Fiscal Year 2016 | | | High | | | Low |
First Quarter through March 14, 2016 | | $ | 0.065 | | $ | 0.020 |
Holders
As of March 14, 2016 there were 253 holders of record of our common stock. The number of record holders was determined from the records of our transfer agent and may not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.
Dividends
The Company has never declared or paid any cash dividends on its common stock, and does not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of the Board of Directors and will be dependent upon the financial condition, results of operations, capital requirements, and such other factors as the Board of Directors deem relevant.
Equity Compensation Plans
The following table contains information about the Companys common stock that may be issued under its equity compensation plans as of December 31, 2015. See Executive Compensation-Benefit Plans for a description of these stock option and incentive plans.
5
| | | | | | | |
Plan Category | | Number of securities to be issued upon exercise of outstanding options (a) | | Weighted average exercise price of outstanding options (b) | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
Equity compensation plans approved by security holders(1) | | 0 | | $ | N/A | | 17,100,000 |
Equity compensation plans not approved by security holders | | - | | | - | | - |
Total | | 0 | | $ | - | | 17,100,000 |
(1) Our 2013 Equity Incentive Award Plan was adopted by our stockholders on or about July 12, 2013.
ITEM 6. SELECTED FINANCIAL DATA
Not required.
ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The following managements discussion and analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words believe, plan, intend, anticipate, target, estimate, expect and the like, and/or future tense or conditional constructions (will, may, could, should, etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this report. The Companys actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report.
Overview
On May 15, 2013, Receivable Acquisition & Management Corporation, a Delaware corporation (the Company) completed the acquisition of Cornerstone Program Advisors LLC, a Delaware limited liability company (Cornerstone) and Sustainable Energy Industries, Inc., a Delaware corporation (Sustainable), and assumed the operations of each of these entities (the Merger). Receivable Acquisition & Management Corporation had operated as a business purchasing and collecting upon defaulted consumer receivables and its operations were spun off by the Company. Cornerstone has been in the business of managing energy infrastructure projects, specializing in the non-profit marketplace. Sustainable is in the business of developing, marketing, and implementing clean tech technologies. The Company is focused on managing energy infrastructure projects and developing applications for a licensed, environmentally benign heat engine with particular focus on the geothermal and waste-heat-to-energy production markets.
Cornerstone was considered to be the acquiring entity in the Merger strictly from an accounting perspective.
Results of Operations
Year ended December 31, 2015 as compared with December 31, 2014.
Revenue
During the year ended December 31, 2015, the Company had a net loss of $56,421 on revenues of $1,163,211, versus a net loss of $126,641 on revenue of $1,029,031 in the year ended December 31, 2014. Net operations in 2015 remained at a loss consistent with last year due principally to the cost of renting additional space for client support activities and expenditures related to further developing the Companys licensed technology.
6
Revenues show improvement, and the margin of project management revenue over the corresponding cost of subcontracted consultants for such projects has increased from 2014 to 2015. This gross profit for the year ended December 31, 2015 was approximately 19% of revenues, an improvement over the 14% for 2014.
The revenue increase for the year ended December 31, 2015, over the prior year was a consequence of growing business activity with our two customers.
Operating Expenses
Total operating expenses for the year ended December 31, 2015 were $1,219,632, versus $1,155,672 during the year ended December 31, 2014. The 5.5% increase in operating expenses in 2015 as compared with 2014 is primarily due to an increase in the payments to subcontracted consultants related to the additional business activity.
General and Administrative expenses for the year ended December 31, 2015 were $156,999, versus $122,025 during the year ended 2014. The major part of this increase was an increase in expenditures related to further developing the Companys licensed technology for converting heat to energy. Legal and other professional fees declined to $78,303 in 2015 from $149,448 in 2014 as the Company focused on reining in non-operating expenses.
Consulting Expenses
The Company outsources a significant portion of its project management, oversight and advisory activities to a carefully selected group of small firms and subcontractors with expertise specific to the projects underway. As of the year ended December 31, 2015, the Company was using six such consulting resources. Consulting expenses consistently constitute the bulk of operating costs for the project advisory and management business activities of the Company, and accordingly generally track revenue.
Liquidity and Capital Resources
As of December 31, 2015, the Company had a working capital deficit of ($119,672) versus a working capital deficit of ($108,824) as of year ended December 31, 2014. Most of this change is due to a reduction in accounts receivable.
As of December 31, 2015, the Company had net cash of $119,167 as compared with $49,169 at December 31, 2014. At the end of 2015, net cash provided (used) by operating activities was $52,498 as compared with $(411,787) at December 31, 2014. The increase in net cash from operating activities was primarily due to a reduction in the net loss and decrease in accounts receivable.
At the end of 2015, there was $17,500 net cash provided by financing activities versus $113,079 during 2014. This was primarily due to a moderate decline in the sales of stock to investors.
In December, the Company completed its activities at the customer accounting for the smaller portion of revenues. Revenue from this source is suspended, and the activities of consultants on that project have likewise been suspended. This marked the end of the planning phase of a major infrastructure project at that customers site. An implementation phase is expected to begin in the near future, but no date has been set, and there is no assurance that the Company will be selected to manage that phase.
The Company believes that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the next twelve months, but are likely to be insufficient to fund its contractual obligation and to fund growth. The Company expects to seek additional capital to cover any working capital needs and its contractual obligation discussed below, and to fund growth initiatives in its identified markets. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to collect its receivables and increase revenues.
Income Taxes
The Company has paid modest income taxes to New Jersey, New York State and New York City, but does not expect any material income tax liability for the period ended December 31, 2015.
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Contractual Obligation
Under the terms of the License Agreement described above, an upfront payment of $200,000 and escalating volume-related quarterly payments are contractually required in order to maintain certain exclusive markets. The payments, taken as whole, are expected to obligate the Company to amounts of $250,000 to $400,000 per year depending upon the growth in revenue from this source. If the expected revenues do not materialize, the Company may elect not to pay these sums, and in the event of non-payment, the Company retains a non-exclusive license subject to royalty fees.
Critical Accounting Policy & Estimates
Our Managements Discussion and Analysis of Financial Condition and Results of Operations section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in this discussion and analysis and in the financial statements included in this annual report.
Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not required.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
8
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of
Receivable Acquisition and Management Corporation
We have audited the accompanying balance sheet of Receivable Acquisition and Management Corporation (the Company) as of December 31, 2015 and 2014, and the related statements of operations, stockholders equity and cash flows for each of the years then ended. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining on a test basis, evidence supporting the amount 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 audits provide 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 the Company as of December 31, 2015 and 2014, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ PKF O'Connor Davies, LLP
New York, NY
March 16, 2016
F-1
Receivable Acquisition and Management Corporation
Balance Sheet
| | | | | |
| December 31, 2015 | | December 31, 2014 |
| | | | | |
ASSETS | | | | | |
Cash | $ | 119,167 | | $ | 49,169 |
Accounts receivable | | 320,937 | | | 402,639 |
Prepaid expenses and deposits | | 57,943 | | | 67,892 |
Total Current Assets | | 498,047 | | | 519,700 |
| | | | | |
Fixed Assets - engines, net of accumulated depreciation | | 17,986 | | | - |
| | | | | |
Intangible asset - license agreement | | 217,709 | | | 230,109 |
| | | | | |
Total Assets | $ | 733,742 | | $ | 749,809 |
| | | | | |
| | | | | |
LIABILITIES AND STOCKHOLDERS EQUITY | | | | | |
Accounts payable and accrued expenses | $ | 430,719 | | $ | 441,524 |
Due to Licensor | | 187,000 | | | 187,000 |
Total Current Liabilities | | 617,719 | | | 628,524 |
| | | | | |
Common stock, $0.001 par value: 325,000,000 shares authorized; 200,512,159 and 199,488,959 shares issued and outstanding at December 31, 2015 and 2014 respectively | | 200,512 | | | 199,489 |
Additional paid-in capital | | 306,374 | | | 256,237 |
Retained (deficit) | | (390,862) | | | (334,441) |
Total Stockholders Equity | | 116,024 | | | 121,285 |
| | | | | |
Total Liabilities and Stockholders Equity | $ | 733,742 | | $ | 749,809 |
See notes to financial statements
F-2
Receivable Acquisition and Management Corporation
Statement of Operations
| | | | | |
| Year Ended December 31 |
| 2015 | | 2014 |
INCOME | | | | | |
Project Management | $ | 1,163,211 | | $ | 1,029,031 |
| | | | | |
EXPENSES | | | | | |
Consulting fees | | 984,330 | | | 884,199 |
General and Administrative | | 156,999 | | | 122,025 |
Legal and other professional fees | | 78,303 | | | 149,448 |
| | | | | |
Total Operating Expenses | | 1,219,632 | | | 1,155,672 |
| | | | | |
Net (Loss) | $ | (56,421) | | $ | (126,641) |
| | | | | |
Net (Loss) per Common Share | $ | (0.00) | | $ | (0.00) |
| | | | | |
Weighted Average Common Shares Outstanding | | 200,103,229 | | | 197,767,874 |
See notes to financial statements
F-3
Receivable Acquisition and Management Corporation
Statement of Stockholders Equity
For the Years Ended December 31, 2014 and December 31, 2015
| | | | | | | | | | |
| | Common Stock | | Additional | | Retained | | Total |
| | Number of Shares | | Amount | | Paid-in Capital | | Earnings (Deficit) | | Stockholders Equity |
Balance, December 31, 2013 | | 196,513,959 | $ | 196,514 | $ | 96,550 | $ | (207,800) | $ | 85,264 |
Shares issued to investor | | 2,000,000 | | 2,000 | | 98,000 | | | | 100,000 |
Shares issued in exchange for services | | 975,000 | | 975 | | 30,775 | | - | | 31,750 |
Net (Loss) | | - | | - | | - | | (126,641) | | (126,641) |
Contributed Capital | | - | | - | | 30,912 | | - | | 30,912 |
Balance, December 31, 2014 | | 199,488,959 | $ | 199,489 | $ | 256,237 | $ | (334,441) | | 121,285 |
Shares issued to investors | | 350,000 | | 350 | | 17,150 | | | | 17,500 |
Shares issued in exchange for equipment | | 423,200 | | 423 | | 20,737 | | - | | 21,160 |
Shares issued in exchange for services | | 250,000 | | 250 | | 12,250 | | - | | 12,500 |
Net (Loss) | | - | | - | | - | | (56,421) | | (56,421) |
Balance, December 31, 2015 | | 200,512,159 | $ | 200,512 | $ | 306,374 | $ | (390,862) | | 116,024 |
See notes to financial statements
F-4
Receivable Acquisition and Management Corporation
Statement of Cash Flows
| | | | | |
| Year Ended December 31 |
| 2015 | | 2014 |
| | | | | |
NET (LOSS) | $ | (56,421) | | $ | (126,641) |
Adjustments to reconcile net (loss) to net cash provided (used) by operating activities | | | | | |
Shares issued for services | | 12,500 | | | 31,750 |
Depreciation and Amortization | | 15,912 | | | 12,400 |
Changes in Assets and Liabilities, | | | | | |
Accounts receivable | | 81,702 | | | (199,194) |
Accounts payable and accrued expenses | | (10,804) | | | (131,529) |
Prepaid expenses | | 9,610 | | | 1,427 |
| | | | | |
Total Adjustments | | 108,920 | | | (285,146) |
| | | | | |
Net Cash Provided (Used) by Operating Activities | | 52,498 | | | (411,787) |
| | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |
Advances payable | | - | | | 12,250 |
Contributed capital | | 17,500 | | | 100,829 |
Net Cash Provided (Used) by Financing Activities | | 17,500 | | | 113,079 |
| | | | | |
Net increase (decrease) in cash | | 69,998 | | | (298,708) |
| | | | | |
Cash, beginning of year | | 49,169 | | | 347,877 |
| | | | | |
Cash, end of year | $ | 119,167 | | $ | 49,169 |
| | | | | |
Non Cash Investing Activity | | | | | |
Advances payable converted to equity | | - | | | 30,083 |
Shares issued for products | | 21,160 | | | - |
| | 21,160 | | | 30,083 |
See notes to financial statements
F-5
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
1. Organization and Nature of Business
Receivable Acquisition and Management Corporation (the Company or RAMCO), a public reporting entity, was in the business to purchase, manage and collect defaulted consumer receivables. RAMCO ceased investments in distressed consumer credit portfolios in September 2007 and since then was in the process of running off existing portfolios.
Following a reverse merger on May 15, 2013 (the Merger), the Company terminated its remaining activities in consumer receivables and credit and adopted a business plan building on the pre-existing businesses of the companies involved in the merger. The Company is now organized around the two major business activities of the combined entity. These are the management of infrastructure projects for commercial and institutional customers, and the commercialization of engine technology that converts low-grade heat to mechanical energy. The Company adopted a d/b/a name of Cornerstone Sustainable Energy to reflect this new business direction.
2. Significant Accounting Policies
Basis of Presentation and Use of Estimates
The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include valuation of shares issued for services, recognition of income for work completed and unbilled to customers, the allowance for doubtful accounts, and the valuation of the License Agreement. Actual results could differ from those estimates.
The Company believes that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the next twelve months, but are likely to be insufficient to fund its contractual obligation and to fund growth. The Company expects to seek additional capital to cover any working capital needs and its contractual obligations, and to fund growth initiatives in its identified markets. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to raise funds, collect accounts receivable, and receive revenues.
Cash
The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however, the Company briefly maintains balances in operating accounts in excess of federally insured limits.
Accounts Receivable
Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At December 31, 2015, no allowance for doubtful accounts had been provided.
F-6
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
2. Significant Accounting Policies (continued)
Income Recognition
The Company recognizes income from the sale of services and products when persuasive evidence of an arrangement exists, services have been rendered or delivery has occurred, the fee is fixed or determinable and the collectability of the related income is reasonably assured.
The Company principally derives income from fees for services generated on a project-by-project basis. Prior to the commencement of a project, the Company reaches an agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of client involvement. It is the Companys policy to obtain written agreements from new clients prior to performing services. In these agreements, the clients acknowledge that they will pay based upon the amount of time spent on the project or an agreed-upon fee structure. Income for services rendered is recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for income recognition.
Fees for services that have been performed, but for which the Company has not invoiced the customers, are recorded as unbilled receivables.
Income for time and materials contracts are recognized based on the number of hours worked by the Companys subcontractors at an agreed upon rate per hour, and are recognized in the period in which services are performed. Income for time and materials contracts is billed monthly or in accordance with the specific contractual terms of each project.
Fixed Assets
Fixed assets are being depreciated on the straight line basis over a period of five years. Accumulated depreciation at December 31, 2015 was $3,174.
License Agreement
The cost of the License Agreement (see Note 4) is being amortized on a straight-line basis over 20 years. The License Agreement is reflected in the accompanying December 31, 2015 balance sheet net of accumulated amortization of $31,000.
Income Taxes
The Company recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by the tax authorities. Management has analyzed the Companys tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2012 - 2014).
Basic and Diluted Net Income (Loss) per Share
The Company computes income (loss) per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive.
F-7
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
2. Significant Accounting Policies (continued)
Basic and Diluted Net Income (Loss) per Share (continued)
The Company has no potential dilutive instruments and accordingly basic income (loss) and diluted income per share are the same.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of fiscal 2018. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations.
In August 2014, the FASB issued Accounting Standards Update No. 2014-15: Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). In connection with preparing financial statements for each annual and interim reporting period, an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Managements evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.
All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.
Subsequent Events
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued.
3. Related Party Transactions
Consulting Fees
Certain stockholders of the Company and entities affiliated with management that perform services for customers were compensated at various rates. Total consulting expenses incurred by these entities amounted to $719,240 and $776,262 for the years ended December 31, 2015 and 2014, respectively. Amounts payable to these entities amounted to $249,372 and $333,338 at December 31, 2015 and 2014, respectively.
F-8
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
3. Related Party Transactions (continued)
Prepaid Expenses
Amounts were advanced in 2015 to a consultant, who is also a stockholder and officer of the Company, for work committed to be performed in future periods under a contract with that consultant. These advances totaled $13,500. These amounts are to be deducted from the amounts to be paid in the future under that contract. All other such advances from prior periods have been settled.
4. License Agreement
On November 15, 2012, Sustainable LLC entered into a renewable 20-year engine technology License Agreement with a third party licensor (the Licensor) that developed engines capable of converting low grade heat into other forms of energy. Under the terms of the License Agreement, Sustainable LLC obtained certain exclusive license rights in the engines developed by the Licensor which would permit Sustainable LLC to develop, manufacture and integrate such engines into its projects.
The exclusive market rights of the License Agreement provide that Sustainable LLC make a cash payment of $200,000 and issue common stock representing a small minority ownership position in the Company, along with periodic quarterly payments of $25,000 commencing six months after the initial $200,000 payment. These payments reset to $50,000 per quarter after three payments, and are subject to further resets to up to $100,000 depending on engine sales volume. Under certain circumstances, engine royalty fees and referral fees can increase the quarterly payment from time to time. In the event of non-payment, Sustainable retains a non-exclusive license subject to royalty fees.
On May 15, 2013, in connection with the Merger (see Note 1), Sustainable LLC assigned the License and Contracts to Sustainable. The Company, after acquiring 100% ownership interest in Sustainable, issued 2,435,430 shares to the Licensor which represents the small minority position in the Company as required under the terms of the License Agreement. At the time of issuance, these shares were valued at $48,709 representing the fair value of the RAMCO shares.
In addition, during the year ended December 31, 2013, the Company made payments of $13,000 that were applied against the initial $200,000 due under the terms of the License Agreement.
In connection with the above described November 5, 2013, proceeding commenced by the Securities Division of the ACC, the Company learned that the Licensor had been classified as dissolved by the Delaware Division of Corporations after March 1, 2010 for failure to pay franchise taxes to the State of Delaware, and similarly classified by the ACC as of approximately the same time. Neither the Company nor any of its officers or directors was named in the complaint brought by the ACC.
In performing due diligence in regard to the status of the Licensor, the Company subsequently also learned that two United States patents that were licensed to the Company under the License Agreement have been classified as expired due to the Licensors failure to pay maintenance fees. In conjunction with the Licensor, in April 2015, the Company arranged for the principal United States patent to be reinstated, and it is now again in effect. In addition, the Company has been informed by Deluge and Hydrotherm management that steps are being taken to have the corporate charters of each, as well as the remaining patent, reinstated, although they may not be successful in such reinstatements, and is in discussions with the Licensor regarding these matters.
Since the Company learned about the ACC proceeding and the classification as expired of certain patents in connection with the License Agreement, it has suspended payments under the License Agreement pending the resolution of this matter.
F-9
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
4. License Agreement (continued)
To the best of the Companys knowledge at present, none of these issues presents a near-term hindrance to the Companys continued focus on establishing and growing its engine technology business.
Pursuant to the License Agreement, the Company has obtained previously described rights to all forms of intellectual property covering certain engine technology that is the subject of the License Agreement and is not relying on the two U.S. patents to be reinstated in order to maintain the ability and know-how to use such technology. To the Companys best knowledge at the current time, international patent rights remain intact. However, at this time, there can be no assurance that the foregoing matters will not have a material adverse effect on the Companys operations.
The accompanying December 31, 2015 balance sheet presents the carrying value of the license fee at $217,709, consisting of the $200,000 required payments due under the License Agreement and $48,709, representing the fair value of shares issued to the Licensor, net of $31,000 in accumulated amortization. In addition, the accompanying balance reflects $187,000 due to the Licensor, representing the remaining liability from the initial $200,000 required payment. After careful assessment, the Company has concluded that no adjustment to the value of the License Agreement or amounts due thereunder should be made as a consequence of the ACC complaint at the current time, but continues to monitor these proceedings.
The Company periodically performs an analysis of its contractual rights and arrangements and establishes asset value based on that analysis.
5. Concentrations
The Company grants credit in the normal course of business to its customers. The Company periodically performs credit analysis and monitors the financial condition of its customers to reduce credit risk.
Two customers accounted for 70.3% and 29.7% of the Companys total project management income during the year ended December 31, 2015, and the same two customers accounted for 63.7% and 36.3% during the year ended December 31, 2014, respectively.
These two customers accounted for 43.9% and 56.1% of total accounts receivable at December 31, 2015 and for 51.6% and 48.4% respectively at December 31, 2014.
6. Stock Issuance
The Company issued 975,000 shares of Common Stock during the first quarter of 2014, valued at $31,750, for professional services, and issued 2,000,000 shares, at market price, to a single investor during the third quarter of 2014 for a cash investment of $100,000. In the first half of 2015, the Company issued 423,200 shares, valued at $21,160, for the acquisition of nine engines based on the licensed technology, and 100,000 shares, at market price, to an individual investor for a cash investment of $5,000. In the second half of 2015, the Company issued 500,000 shares, valued at $25,000 at market price, to a third party for a cash infusion and various services. All shares issued are restricted securities.
F-10
Receivable Acquisition and Management Corporation
Notes to Financial Statements
December 31, 2015
7. Commitments
The Company entered into an agreement with Thomas Telegades, Chief Executive Officer, Interim Chief Financial Officer, and Director of the Company, under which Mr. Telegades shall serve on a full-time basis as Chief Executive Officer for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Telegades shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation.
The Company entered into an agreement with Peter Fazio, the Chief Operating Officer and Director of the Company, under which Mr. Fazio shall serve on a full-time basis as Chief Operating Officer of the Company for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Fazio shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation.
The Company entered into an agreement with Gramercy Ventures LLC (Gramercy), under which the manager of Gramercy, James Valentino, who is also one of the directors of the Company, serves on a full-time basis as consultant to and non-executive Chairman of the Board of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Gramercy shall be paid an annual compensation of up to $150,000 for such services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation.
The Company entered into an agreement with Wallace Baker, a director of the Company, under which Mr. Baker serves on a full-time basis as Chief Administrative Officer and Secretary of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Mr. Baker shall be paid annual compensation of up to $150,000 for his services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation.
For 2015 and 2014, no amounts were paid to these officers nor were any amounts accrued.
8. Income Taxes
There was no provision for income tax for the years ended December 31, 2015 and 2014. The Company files a consolidated federal income tax return.
The difference between the basis of assets and liabilities for financial and income tax reporting are not considered material. There were approximately $825,000 in net operating loss carryforwards at December 31, 2015, and approximately $800,000 at December 31, 2014, representing a potential deferred tax asset. The deferred tax asset amounted to approximately $275,000 and $270,000 at December 31, 2015 and 2014, respectively. For net operating losses prior to the Merger, net operating loss carryforwards are subject to limitations as a result of a change in ownership as defined by IRC Section 382. Upon an assessment of the potential of realizing these deferred tax assets in the future, an offsetting valuation allowance has been established for the full amount of the deferred tax assets.
F-11
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures
Our principal executive and principal financial officer has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a - 15(e) and 15d - 15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), as of the end of the period covered by this annual report. He has concluded that, based on such evaluation, our disclosure controls and procedures were effective as of December 31, 2015 to ensure that:
(1) Information required to be disclosed by the Company in reports that it files or submits under the act is recorded, processed, summarized and reported, within the time periods specified in the Commissions rules and forms; and
(2) Controls and procedures are designed by the Company to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the issuers management including the principal executive and principal financial officers or persons performing similar functions, as appropriate to allow timely decisions regarding financial disclosure.
This term refers to the controls and procedures of a Company that are designed to ensure that information required to be disclosed by a Company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the required time periods.
(b) Managements Annual Report on Internal Control Over Financial Reporting
Overview
Internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) refers to the process designed by, or under the supervision of, our principal executive officer and principal financial officer, and effected by our board of directors, management and other personnel, 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 principles. Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.
Management has used the 2013 framework set forth in the report entitled Internal Control - Integrated Framework published by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission to evaluate the effectiveness of the Companys internal control over financial reporting.
Managements Assessment
Based on this assessment, management has determined that, as of the December 31, 2015 measurement date, there were no material weaknesses in both the design and effectiveness of our internal control over financial reporting.
9
Our internal control over financial reporting was effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. We noted that there is a lack of sufficient internal accounting resources and lack of segregation of certain duties at the Company due to the small number of people with responsibility for general administrative and financial matters. At this time, management has decided that considering the individuals involved and the control procedures in place, the risks associated with such lack of segregation of duties are insignificant and the potential benefits of adding additional resources to clearly segregate duties do not justify the additional expenses associated with such increases. Additionally, we recently retained an outside consultant firm to assist in the financial reporting process. We therefore conclude that our internal controls over financial reporting were effective as of and for the year ended December 31, 2015. Management will periodically reevaluate this situation. If the volume of business increases and sufficient capital is secured, it is the Companys intention to mitigate the current lack of segregation of duties within the general, administrative and financial functions.
This annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Managements report was not subject to attestation by our independent registered public accounting firm pursuant to final rulings of the SEC that permit us to provide only managements report in this annual report.
(c) Changes in Internal Control over Financial Reporting
There has been no change in our internal control over financial reporting, as defined in Rules 13a-15(f) of the Exchange Act, in 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
None.
10
PART III
ITEM 10. DIRECTORS, OFFICERS AND CORPORATE GOVERNANCE.
Our current directors and officers are listed below. Each of our directors will serve for one year or until their respective successors are elected and qualified. Our officers serve at the pleasure of the Board.
| | | | |
Name | | Age | | Present Principal Employment |
| | | | |
Thomas Telegades | | 60 | | Director, CEO and Interim CFO |
James Valentino | | 73 | | Chairman of the Board of Directors |
Peter Fazio | | 63 | | Director and COO |
Wallace Baker | | 68 | | Director, Secretary and Chief Administrative Officer |
Set forth below is biographical information for each officer and director. Each of these directors was elected on May 15, 2013.
THOMAS TELEGADES was appointed a director and Chief Executive Officer of the Company on May 15, 2013. Since September 2006, Thomas has served as the managing member of Cornerstone Program Advisors LLC, an energy infrastructure project management company focused on healthcare and higher learning institutions, which became a subsidiary of the Company as a result of the Merger. Mr. Telegades has an MBA from Fairleigh Dickinson University and has a BAS from Florida Atlantic University.
PETER FAZIO was appointed a director and Chief Operating Officer of the Company on May 15, 2013. Since June 2008, Peter has served as Chief Executive Officer of Sustainable Energy Industries Inc., and its predecessor Sustainable Energy Industries, LLC an alternative energy business, with emphasis on green engine technology, which became a subsidiary of the Company as a result of the Merger. From February 2009 until February 2011, Mr. Fazio was Vice President of New Construction for Schlesinger/Siemens. He has more than twenty-five years of experience in sales, management, employee relations, cost control and project management, and will continue in these roles with the Company.
JAMES VALENTINO spent most of his career as an executive in the financial services industry, with experience in marketing, interactive commerce, creative business strategy development and information technology. More recently, he had over a decade of involvement with growing new businesses. Mr. Valentino is a patented inventor and was a founder, early backer, influencer, and/or director or board chairman of a number of emerging private companies, notably JibJab. Mr. Valentino served as Chairman of the Board of MetLife Trust Company, and co-founded and served as Chairman of the Board for eComForum, a Washington, D.C. based e-commerce advocacy group. Mr. Valentino is a graduate of City University-Brooklyn College with a BS degree in Economics and Math, and has completed extensive graduate work at Baruch Business College in Information Technology and Computer Methodology. He is a graduate of the M.I.T. Sloan School Senior Executive Program, where he served on the Board of Governors. He is also a member of the New York Academy of Sciences. He has been Chairman of the Board of the Company since May 2013.
WALLACE BAKER has served in the capacity of Chief Administrative Officer and director since May 2013. He spent most of his career in the financial services industry as an executive focused largely on corporate finance, financial modeling, controls and performance measurement, as well as corporate planning and strategy. Mr. Baker was a founder of MetLife Trust Company and served on its Board of Directors, and subsequently became involved as a founder, early backer and/or principal in a number of emerging private companies. Mr. Baker has an undergraduate degree in Economics from Brown University, and an MBA in Finance from New York University. He was elected corporate Secretary in December 2013.
Messrs. Fazio, Valentino, and Baker gained knowledge of the industry and the engine technology from working with the Licensor for a period of time some years ago.
11
Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past ten years:
·
been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
·
had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;
·
been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;
·
been found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;
·
been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
·
been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
Except as set forth in our discussion below in Certain Relationships and Related Transactions, none of our directors or executive officers has been involved in any transactions with us or any of our directors, executive officers, affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the Commission.
Term of Office
Our directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed from office in accordance with our bylaws. Our officers are appointed by our board of directors and hold office until removed by the board.
All of the current directors and officers have held these positions since the Companys reverse merger in 2013.
Code of Ethics
As of December 31, 2015, the Company has not adopted a Code of Ethics.
Corporate Governance
The business and affairs of the Company are managed under the direction of our board. The current members of the board have conducted meetings as needed since the Closing of the Merger. Each of our directors has attended all meetings either in person or via telephone conference.
12
Board Leadership Structure and Role in Risk Oversight
Our board of directors is primarily responsible for overseeing our risk management processes. The board of directors receives and reviews periodic reports from management, auditors, legal counsel, and others, as considered appropriate regarding the Companys assessment of risks. The board of directors focuses on the most significant risks facing the Company and the Companys general risk management strategy, and also ensures that risks undertaken by the Company are consistent with the boards appetite for risk. While the board oversees our companys risk management, management is responsible for day-to-day risk management processes. We believe this division of responsibilities is the most effective approach for addressing the risks facing our company and that our board leadership structure supports this approach.
The Company does not have an audit committee, compensation committee or nominating committee. The board of directors is responsible for all aspects of governance of the Company, including functions that would be delegated to such committees.
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires the Companys directors, executive officers and persons who own more than ten percent of the Companys outstanding Common Stock to file with the SEC and the Company reports on Form 4 and Form 5 reflecting transactions affecting beneficial ownership. Based solely on a review of the copies of the reports furnished to us, or written representations that no reports were required to be filed, we believe that during the fiscal year ended December 31, 2015 all Section 16(a) filing requirements applicable to our directors, officers, and greater than 10% beneficial owners were complied with.
ITEM 11. EXECUTIVE COMPENSATION
Summary Compensation Table
The following table sets forth compensation awarded to, earned by or paid to our Chief Executive Officer and the four other most highly compensated executive officers for the years ended December 31, 2015 and 2014 (collectively, the Named Executive Officers).
SUMMARY COMPENSATION TABLE
| | | | | | | | | |
Name and principal | | Salary | Bonus | Stock Awards | Option awards | Non-equity incentive plan compensation | Change in pension value and non- qualified deferred compensation | All Other Compensation | Total |
position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) |
| | | | | | | | | |
Thomas Telegades, Chief Executive Officer, Interim Chief Financial Officer | 2015 | -0- | -0- | -0- | -0- | -0- | -0- | [note 1] | -0- |
2014 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| | | | | | | | | |
Peter Fazio, Chief Operating Officer | 2015 | -0- | -0- | -0- | -0- | -0- | -0- | [note 1] | -0- |
2014 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| | | | | | | | | |
James Valentino, Chairman of the Board | 2015 | -0- | -0- | -0- | -0- | -0- | -0- | [note 1] | -0- |
2014 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
| | | | | | | | | |
Wallace Baker, Corporate Secretary and Chief Administrative Officer | 2015 | -0- | -0- | -0- | -0- | -0- | -0- | [note 1] | -0- |
2014 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- |
[1] Each of Messrs. Telegades, Fazio, Valentino, and Baker were owed compensation under their respective consulting agreements with the Company as discussed on the next page. For 2015 and 2014, all of the Companys officers waived any compensation owed to them under such agreements. No amounts were paid to these officers nor did any amounts accrue.
13
Outstanding Equity Awards at Year-End
None.
Option Exercises and Stock Vested
No executive officer identified in the Summary Compensation Table above received or exercised any option in fiscal year 2015.
Benefit Plans
In 2013, the Board adopted and received consent of majority of shareholders for the Companys 2013 Equity Incentive Award Plan (the 2013 Plan) and the reservation of an aggregate of 3,000,000 shares of the Companys common stock for issuance pursuant to the 2013 Plan. The 2013 Plan, approved by our stockholders, replaces the Companys last stock option plan, which was adopted in April 2004, and will be used to help attract, retain and motivate employees, consultants and directors.
The affirmative vote of the Majority Shareholders was required for the approval of the 2013 Plan.
The 2013 Plan is available to employees and consultants of the Company and its subsidiaries and members of the Board, or as applicable, members of the board of directors. The Board believes that the 2013 Plan will promote the success and enhance the value of the Company by continuing to link the personal interests of participants to those of the Company and its stockholders and by providing participants with an incentive for outstanding performance to generate superior returns to our stockholders. The Board further believes that the 2013 Plan will provide flexibility to the Company in its ability to motivate, attract and retain the services of employees, consultants and Directors upon whose judgment, interest and special effort the successful operation of the Company is largely dependent.
The 2013 Plan provides for the grant of stock options (both incentive stock options and nonqualified stock options), restricted stock, stock appreciation rights, performance shares, performance stock units, dividend equivalents, stock payments, deferred stock, restricted stock units and performance-based awards to eligible participants.
There were no grants of plan-based awards to named executive officers for the year ended December 31, 2015.
Non-qualified Deferred Compensation
The Company does not have any defined contribution or other plan which provides for the deferral of compensation on a basis that is not tax-qualified.
Consulting Agreements
The Company entered into an agreement in 2013 with Thomas Telegades, Chief Executive Officer, Interim Chief Financial Officer, and Director of the Company, under which Mr. Telegades shall serve on a full-time basis as Chief Executive Officer for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Telegades shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation.
The Company entered into an agreement in 2013 with Peter Fazio, the Chief Operating Officer and Director of the Company, under which Mr. Fazio shall serve on a full-time basis as Chief Operating Officer of the Company for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Fazio shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation.
14
The Company entered into an agreement with Gramercy Ventures LLC (Gramercy), under which the manager of Gramercy, James Valentino, who is also one of the directors of the Company, serves on a full-time basis as consultant to and non-executive Chairman of the Board of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Gramercy shall be paid an annual compensation of up to $150,000 for such services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation.
The Company entered into an agreement with Wallace Baker, a director of the Company, under which Mr. Baker serves on a full-time basis as Chief Administrative Officer and Secretary of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Mr. Baker shall be paid annual compensation of up to $150,000 for his services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation.
For 2015 and 2014, all of the Companys officers waived any compensation owed to them under such agreements. For 2015 and 2014, no amounts were paid to these officers nor did any amounts accrue.
All of our officers and/or directors will continue to be active in other companies. All officers and directors have retained the right to conduct their own independent business interests.
Potential Payments upon Termination or Change-in-Control
None.
Director Compensation Arrangements
Our directors do not receive compensation of any form for serving in this capacity, including for their attendance at meetings of the Board.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth certain information concerning the ownership of our common stock as of March 15, 2016, with respect to: (i) each person known to us to be the beneficial owner of more than five percent of each class of stock; (ii) all of our directors and executive officers; and (iii) all of our directors and executive officers as a group. The notes accompanying the information in the table are necessary for a complete understanding of the information provided below. As of March 15, 2016 there were 200,512,159 shares of common stock outstanding.
We believe that all persons named in the table have sole voting and investment power with respect to all shares shown as being owned by them, except as otherwise provided in the footnotes to the below table.
Under federal securities laws, a person or group of persons is: (a) deemed to have beneficial ownership of any shares as of a given date which such person has the right to acquire within 60 days after such date and (b) assumed to have sold all shares registered hereby in this offering. For purposes of computing the percentage of outstanding shares held by each person or group of persons named above on a given date, any security which such person or persons has the right to acquire within 60 days after such date is deemed to be outstanding for the purpose of computing the percentage ownership of such person or persons, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. This assumes that options, warrants or convertible securities that are held by such person or group of persons and which are exercisable within 60 days of the date of this report, have been exercised or converted.
15
| | | | |
NAME AND ADDRESS (1) OF BENEFICIAL OWNER | | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP | | PERCENT OF CLASS (2) |
| | | | |
Thomas Telegades | | 33,900,231 | (3) | 16.9% |
Peter Fazio | | 34,444,353 | (4) | 17.2% |
James Valentino | | 29,326,269 | (5) | 14.6% |
Wallace Baker | | 29,456,540 | (6) | 14.7% |
| | | | |
All Directors and Officers as a group | | 127,127,393 | | 63.4% |
| | | | |
Stanley and Laurie Altschuler, Joint Owners | | 10,583,404 | (7) | 5.3% |
Max Khan | | 18,355,000 | (8) | 9.2% |
(1) Except as otherwise set forth below, the address of each of the persons listed below is c/o Receivable Acquisition & Management Corporation, 60 E. 42nd Street, 46th Floor, New York, New York 10165.
(2) Based on 200,512,159 shares of Common Stock as of March 15, 2016.
(3) These shares are owned by Semper Fi Energy Holdings, LLC of which Mr. Telegades is a control person. This number does not include 8,757,827 shares owned by Cornerstone Program Advisors Ltd, an entity owned by Mr. Telegades wife.
(4) Consists entirely of Common Stock held by Mosalu Family Trust of which Mr. Fazio is a control person. Mr. Fazio may be deemed to be the beneficial owner of the Common Stock held by the Mosalu Family Trust.
(5) Includes 28,826,269 shares of Common Stock held by Gramercy Ventures, LLC, of which Mr. Valentino is the manager. Mr. Valentino disclaims beneficial interest of the shares owned by Gramercy Ventures LLC. This number also includes 500,000 shares of Common Stock held in an IRA owned by Mr. Valentino.
(6) Consists entirely of Common Stock held by Wentworth Dukeshire Trust. Mr. Baker disclaims beneficial ownership of such shares, as he does not control the power to vote or dispose of these shares. The trust is controlled by independent trustees.
(7) The address of Stanley and Laurie Altschuler is 575 Lexington Avenue, 4th Floor, New York, New York 10022.
(8) Includes 160,000 shares of Common Stock of which Mr. Khan is legal Custodian and of which Mr. Khan may be deemed to be the beneficial owner. Mr. Khan was the Chief Executive Officer of the Company until May 15, 2013 and was on the board of directors of the Company until June 26, 2014. The address of Mr. Khan is 732 Pembroke Way, Ridgefield, NJ 07657.
Equity Compensation Plan Information
See Part II, Item 5, Equity Compensation Plans for information regarding our equity compensation plans.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
Since January 1, 2015, there has not been any transaction or series of similar transactions to which we were or are a party in which the amount involved exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at the applicable year-end and in which any of our directors or executive officers, any holder of more than 5% of any class of our voting securities or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than the compensation arrangements described in Executive Compensation and the transactions set forth below.
16
In connection with the Merger by and among the Company, Cornerstone, and Sustainable, which was completed May 15, 2013, the Company entered into a voluntary share exchange transaction (the Exchange) whereby the Company acquired all of the issued and outstanding membership units of Cornerstone and the issued and outstanding shares of Sustainable in exchange for the issuance to the members of Cornerstone and issuance to the shareholders of Sustainable a total of approximately 176,400,000 shares of Common Stock of the Company (the Consideration Shares). Prior to the Merger, the Company had approximately 19,600,000 shares of common stock issued and outstanding. All of the Common Stock owned by directors Thomas Telegades, Peter Fazio, James Valentino, and Wallace Baker, or by trusts or limited liability companies at their designation, as of December 31, 2015 consists of Consideration Shares that they received in connection with the Merger.
See Part II, Item 11, Employment Agreements for information regarding the compensation agreements with the various officers and directors of the Company. For 2015, all of the Companys officers waived any compensation owed to them under such agreements. No amounts were paid to these officers nor did any amounts accrue.
At its December 5, 2013, meeting, the Board authorized a grant to Max Khan, a former director and chief executive officer of the Company, of 375,000 shares of restricted Common Stock of the Company as compensation for services that Mr. Khan previously provided to the Company as Chief Executive Officer before the Closing of the Merger on May 15, 2013.
In 2015, the Company incurred $91,022 in charges to Cornerstone Program Advisors Ltd for various consulting services. Cornerstone Program Advisors Ltd provided such services to the Company in 2013 after the Merger and did so to Cornerstone prior to the Merger, when it was also a member of Cornerstone. As noted above, Cornerstone Program Advisors Ltd is wholly-owned by Thomas Telegades wife. Mr. Telegades is the Chief Executive Officer of the Company.
Director Independence
Because our common stock is not currently listed on a national securities exchange, we have used the definition of independence of The NASDAQ Stock Market to make this determination. NASDAQ Listing Rule 5605(a)(2) provides that an independent director is a person other than an officer or employee of the Company or any other individual having a relationship which, in the opinion of the Companys board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The NASDAQ listing rules provide that a director cannot be considered independent if:
·
the director is, or at any time during the past three years was, an employee of the company;
·
the director or a family member of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months within the three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation for board or board committee service);
·
a family member of the director is, or at any time during the past three years was, an executive officer of the company;
·
the director or a family member of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipients consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);
·
the director or a family member of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the executive officers of the company served on the compensation committee of such other entity; or the director or a family member of the director is a current partner of the companys outside auditor, or at any time during the past three years was a partner or employee of the companys outside auditor, and who worked on the companys audit.
We have no independent directors. We do not have an audit committee, compensation committee or nominating committee.
17
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit and Non-Audit Fees
Aggregate fees for professional services rendered for the Company by PKF OConnor Davies, LLP (PKF), the Companys Independent Certified Public Accountants, for the years ended December 31, 2015 and December 31, 2014 are set forth below. The aggregate fees included in the Audit category are fees billed for the fiscal years for the audit of the Companys annual financial statements and review of financial statements and statutory and regulatory filings or engagements. The aggregate fees included in each of the other categories are fees billed in the fiscal years.
| | | | | |
| PKF OConnor Davies December, 2015 | | PKF OConnor Davies December, 2014 |
| | | |
Audit Fees | $ | 30,000 | | $ | 35,000 |
Audit Related Fees | $ | 0 | | $ | 0 |
Tax Fees | $ | 0 | | $ | 0 |
All Other Fees | $ | 0 | | $ | 0 |
Total | $ | 30,000 | | $ | 35,000 |
Audit Fees for the fiscal years ended December 31, 2015 and 2014 were for professional services rendered for the audits and quarterly reviews of the financial statements of the Company.
As the Company does not have a formal audit committee, the services described above were not approved by the audit committee under the de minimus exception provided by Rule 2-01(c)(7)(i)(C) under Regulation S-X. Further, as the Company does not have a formal audit committee, the Company does not have audit committee pre-approval policies and procedures. However, all of the above services and fees were reviewed and approved by the entire board of directors either before or after the respective services were rendered.
18
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
| | |
Exhibit Number | | Description |
2.1 | | Merger Agreement between Receivable Acquisition & Management Corporation, Cornerstone Program Advisors LLC and Sustainable Energy Industries, Inc. date March 29, 2013 (1) |
| | |
2.2 | | Agreement and Plan of Merger by and between, Sustainable Acquisition Corp. and Sustainable Energy Industries, Inc. (2) |
| | |
2.3 | | Agreement and Plan on Merger between Cornerstone Acquisition Corp. and Cornerstone Program Advisors, LLC (2) |
| | |
3.1 | | Amended and Restated Certificate of Incorporation (4) |
| | |
3.2 | | Bylaws of Biopharmaceutics, Inc., as adopted by Receivable Acquisition & Management Corporation (4) |
| | |
4.1 | | 2013 Equity Incentive Award Plan (3) |
| | |
10.1 | | Consulting Agreement Dated as of May 15, 2013 by and between the Company and Tom Telegades (2) |
| | |
10.2 | | Consulting Agreement Dated as of May 15, 2013 by and between the Company and Peter Fazio (2) |
| | |
10.3 | | Consulting Agreement Dated as of July 1, 2014, by and between the Company and Wallace R. Baker (5) |
| | |
10.4 | | Consulting Agreement Dated as of July 1, 2014, by and between the Company and Gramercy Ventures LLC (5) |
| | |
31.1* | | Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| | |
32.1* | | Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| | |
101.INS** | | XBRL Instance Document |
| | |
101.SCH** | | XBRL Taxonomy Schema |
| | |
101.CAL** | | XBRL Taxonomy Calculation Linkbase |
| | |
101.DEF** | | XBRL Taxonomy Definition Linkbase |
| | |
101.LAB** | | XBRL Taxonomy Label Linkbase |
| | |
101.PRE** | | XBRL Taxonomy Presentation Linkbase |
In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.
*Filed herewith
19
**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of this annual report or purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
(1) Filed as an Exhibit to the Current Report on Form 8-K, filed with the SEC on April 4, 2013.
(2) Filed as an Exhibit to the Current Report on Form 8-K, filed with the SEC on May 21, 2013.
(3) Filed as an Exhibit to the Registration Statement on Form S-8, filed with the SEC on July 15, 2013.
(4) Filed as an Exhibit to the Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on May 7, 2014.
(5) Filed as an Exhibit to the Current Report on Form 8-K, filed with the SEC on July 2, 2014.
20
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
| | |
| RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION |
| | |
Dated: March 16, 2016 | By: | /s/ Thomas Telegades |
| | Thomas Telegades |
| | Chief Executive Officer Interim Chief Financial Officer (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer) |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
Name | | Title | | Date |
| | | | |
/s/ Thomas Telegades Thomas Telegades | | Chief Executive Officer, Interim Chief Financial Officer, and Director (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer) | | March 16, 2016 |
| | | | |
/s/ James Valentino James Valentino | | Chairman of the Board of Directors | | March 16, 2016 |
| | | | |
/s/ Peter Fazio Peter Fazio | | Director | | March 16, 2016 |
| | | | |
/s/ Wallace Baker Wallace Baker | | Director and Secretary | | March 16, 2016 |
| | | | |
21
EXHIBIT 31.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Thomas Telegades, the Chief Executive Officer and Interim Chief Financial Officer of Receivable Acquisition & Management Corporation, certify that:
1.
I have reviewed this annual report on Form 10-K of Receivable Acquisition & Management Corporation for the year ended December 31, 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 registrant as of, and for, the periods presented in this report;
4.
I am 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 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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 principles;
(c)
Evaluated the effectiveness of the registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
| | |
Date: March 16, 2016 | By: | /s/ Thomas Telegades |
| Name: | Thomas Telegades |
| Title: | Chief Executive Officer |
| | Interim Chief Financial Officer |
| | (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
EXHIBIT 32.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the annual report of Receivable Acquisition & Management Corporation, (the Company) on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Thomas Telegades, the Chief Executive Officer and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
Date: March 16, 2016 | By: | /s/ Thomas Telegades |
| Name: | Thomas Telegades |
| Title: | Chief Executive Officer |
| | Interim Chief Financial Officer |
| | (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
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v3.3.1.900
BALANCE SHEET - USD ($)
|
Dec. 31, 2015 |
Dec. 31, 2014 |
CURRENT ASSETS |
|
|
Cash |
$ 119,167
|
$ 49,169
|
Accounts receivable |
320,937
|
402,639
|
Prepaid expenses and deposits |
57,943
|
67,892
|
Total current assets |
498,047
|
519,700
|
Intangible asset - license agreement |
217,709
|
230,109
|
Fixed asset - engines |
17,986
|
|
TOTAL ASSETS |
733,742
|
749,809
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued expenses |
430,719
|
441,524
|
Due to Licensor |
187,000
|
187,000
|
Total current liabilities |
617,719
|
628,524
|
TOTAL LIABILITIES |
617,719
|
628,524
|
STOCKHOLDERS' EQUITY |
|
|
Common stock value |
200,512
|
199,489
|
Additional paid-in capital |
306,374
|
256,237
|
Retained earnings (deficit) and adjustments |
(390,862)
|
(334,441)
|
Total stockholders' equity |
116,024
|
121,285
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 733,742
|
$ 749,809
|
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Balance Sheet |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
325,000,000
|
325,000,000
|
Common stock, shares issued |
200,512,159
|
199,488,959
|
Common stock, shares outstanding |
200,512,159
|
199,488,959
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- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
STATEMENT OF OPERATIONS - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
INCOME |
|
|
Project management |
$ 1,163,211
|
$ 1,029,031
|
Total income |
1,163,211
|
1,029,031
|
EXPENSES |
|
|
Consulting fees |
984,330
|
884,199
|
General and administrative |
156,999
|
122,025
|
Legal and other professional fees |
78,303
|
149,448
|
Total expenses |
1,219,632
|
1,155,672
|
NET INCOME (LOSS) |
$ (56,421)
|
$ (126,641)
|
NET INCOME (LOSS) PER COMMON SHARE |
$ 0.00
|
$ 0.00
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |
200,103,229
|
197,767,874
|
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v3.3.1.900
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
|
Common Stock |
Additional Paid-in Capital |
Retained Earnings (Deficit) |
Total Stockholders' Equity |
Beginning Balance, shares at Dec. 31, 2013 |
196,513,959
|
|
|
|
Beginning Balance, amount at Dec. 31, 2013 |
$ 196,514
|
$ 96,550
|
$ (207,800)
|
$ 85,264
|
Shares issued to investors, number of shares |
2,000,000
|
|
|
|
Shares issued to investors, value |
$ 2,000
|
98,000
|
|
100,000
|
Shares issued for services, number of shares |
975,000
|
|
|
|
Shares issued for services, value |
$ 975
|
30,775
|
|
31,750
|
Net income (loss) for the period |
|
|
(126,641)
|
(126,641)
|
Ending Balance, shares at Dec. 31, 2014 |
199,488,959
|
|
|
|
Ending Balance, amount at Dec. 31, 2014 |
$ 199,489
|
256,237
|
(334,441)
|
121,285
|
Shares issued to investors, number of shares |
350,000
|
|
|
|
Shares issued to investors, value |
$ 350
|
17,150
|
|
17,500
|
Shares issued for services, number of shares |
250,000
|
|
|
|
Shares issued for services, value |
$ 250
|
12,250
|
|
12,500
|
Shares issued for equipment, number of shares |
423,200
|
|
|
|
Shares issued for equipment, value |
$ 423
|
20,737
|
|
21,160
|
Net income (loss) for the period |
|
|
(56,421)
|
(56,421)
|
Ending Balance, shares at Dec. 31, 2015 |
200,512,159
|
|
|
|
Ending Balance, amount at Dec. 31, 2015 |
$ 200,512
|
$ 306,374
|
$ (390,862)
|
$ 116,024
|
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v3.3.1.900
STATEMENT OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
NET INCOME (LOSS) |
$ (56,421)
|
$ (126,641)
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Shares issued for services |
12,500
|
31,750
|
Depreciation and amortization |
15,912
|
12,400
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
81,702
|
(199,194)
|
Accounts payable and accrued expenses |
(10,804)
|
(131,529)
|
Prepaid expenses |
9,610
|
1,427
|
Total adjustments |
108,920
|
(285,146)
|
Net cash provided (used) by operating activities |
52,498
|
(411,787)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Advances payable |
|
12,250
|
Contributed capital |
17,500
|
100,829
|
Net cash provided (used) by financing activities |
17,500
|
113,079
|
NET INCREASE (DECREASE) IN CASH |
69,998
|
(298,708)
|
CASH, BEGINNING OF PERIOD |
49,169
|
347,877
|
CASH, END OF PERIOD |
119,167
|
49,169
|
NON CASH INVESTING ACTIVITY |
|
|
Shares issued for purchase of engines |
$ 21,160
|
|
Advances payable converted to equity |
|
$ 30,083
|
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v3.3.1.900
Organization and Nature of Business
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Organization and Nature of Business |
1. Organization and Nature of Business Receivable Acquisition and Management Corporation (the Company or RAMCO), a public reporting entity, was in the business to purchase, manage and collect defaulted consumer receivables. RAMCO ceased investments in distressed consumer credit portfolios in September 2007 and since then was in the process of running off existing portfolios. Following a reverse merger on May 15, 2013 (the Merger), the Company terminated its remaining activities in consumer receivables and credit and adopted a business plan building on the pre-existing businesses of the companies involved in the merger. The Company is now organized around the two major business activities of the combined entity. These are the management of infrastructure projects for commercial and institutional customers, and the commercialization of engine technology that converts low-grade heat to mechanical energy. The Company adopted a d/b/a name of Cornerstone Sustainable Energy to reflect this new business direction.
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v3.3.1.900
Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Significant Accounting Policies |
2. Significant Accounting Policies Basis of Presentation and Use of Estimates The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include valuation of shares issued for services, recognition of income for work completed and unbilled to customers, the allowance for doubtful accounts, and the valuation of the License Agreement. Actual results could differ from those estimates. The Company believes that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the next twelve months, but are likely to be insufficient to fund its contractual obligation and to fund growth. The Company expects to seek additional capital to cover any working capital needs and its contractual obligations, and to fund growth initiatives in its identified markets. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to raise funds, collect accounts receivable, and receive revenues. Cash The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however, the Company briefly maintains balances in operating accounts in excess of federally insured limits. Accounts Receivable Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At December 31, 2015, no allowance for doubtful accounts had been provided. Income Recognition The Company recognizes income from the sale of services and products when persuasive evidence of an arrangement exists, services have been rendered or delivery has occurred, the fee is fixed or determinable and the collectability of the related income is reasonably assured. The Company principally derives income from fees for services generated on a project-by-project basis. Prior to the commencement of a project, the Company reaches an agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of client involvement. It is the Companys policy to obtain written agreements from new clients prior to performing services. In these agreements, the clients acknowledge that they will pay based upon the amount of time spent on the project or an agreed-upon fee structure. Income for services rendered is recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for income recognition. Fees for services that have been performed, but for which the Company has not invoiced the customers, are recorded as unbilled receivables. Income for time and materials contracts are recognized based on the number of hours worked by the Companys subcontractors at an agreed upon rate per hour, and are recognized in the period in which services are performed. Income for time and materials contracts is billed monthly or in accordance with the specific contractual terms of each project. Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. Accumulated depreciation at December 31, 2015 was $3,174. License Agreement The cost of the License Agreement (see Note 4) is being amortized on a straight-line basis over 20 years. The License Agreement is reflected in the accompanying December 31, 2015 balance sheet net of accumulated amortization of $31,000. Income Taxes The Company recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by the tax authorities. Management has analyzed the Companys tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2012 - 2014). Basic and Diluted Net Income (Loss) per Share The Company computes income (loss) per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments and accordingly basic income (loss) and diluted income per share are the same. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of fiscal 2018. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15: Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). In connection with preparing financial statements for each annual and interim reporting period, an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Managements evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. Subsequent Events Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued.
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v3.3.1.900
Related Party Transactions
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Related Party Transactions |
3. Related Party Transactions Consulting Fees Certain stockholders of the Company and entities affiliated with management that perform services for customers were compensated at various rates. Total consulting expenses incurred by these entities amounted to $719,240 and $776,262 for the years ended December 31, 2015 and 2014, respectively. Amounts payable to these entities amounted to $249,372 and $333,338 at December 31, 2015 and 2014, respectively. Prepaid Expenses Amounts were advanced in 2015 to a consultant, who is also a stockholder and officer of the Company, for work committed to be performed in future periods under a contract with that consultant. These advances totaled $13,500. These amounts are to be deducted from the amounts to be paid in the future under that contract. All other such advances from prior periods have been settled.
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v3.3.1.900
License Agreement Disclosure
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
License Agreement Disclosure |
4. License Agreement On November 15, 2012, Sustainable LLC entered into a renewable 20-year engine technology License Agreement with a third party licensor (the Licensor) that developed engines capable of converting low grade heat into other forms of energy. Under the terms of the License Agreement, Sustainable LLC obtained certain exclusive license rights in the engines developed by the Licensor which would permit Sustainable LLC to develop, manufacture and integrate such engines into its projects. The exclusive market rights of the License Agreement provide that Sustainable LLC make a cash payment of $200,000 and issue common stock representing a small minority ownership position in the Company, along with periodic quarterly payments of $25,000 commencing six months after the initial $200,000 payment. These payments reset to $50,000 per quarter after three payments, and are subject to further resets to up to $100,000 depending on engine sales volume. Under certain circumstances, engine royalty fees and referral fees can increase the quarterly payment from time to time. In the event of non-payment, Sustainable retains a non-exclusive license subject to royalty fees. On May 15, 2013, in connection with the Merger (see Note 1), Sustainable LLC assigned the License and Contracts to Sustainable. The Company, after acquiring 100% ownership interest in Sustainable, issued 2,435,430 shares to the Licensor which represents the small minority position in the Company as required under the terms of the License Agreement. At the time of issuance, these shares were valued at $48,709 representing the fair value of the RAMCO shares. In addition, during the year ended December 31, 2013, the Company made payments of $13,000 that were applied against the initial $200,000 due under the terms of the License Agreement. In connection with the above described November 5, 2013, proceeding commenced by the Securities Division of the ACC, the Company learned that the Licensor had been classified as dissolved by the Delaware Division of Corporations after March 1, 2010 for failure to pay franchise taxes to the State of Delaware, and similarly classified by the ACC as of approximately the same time. Neither the Company nor any of its officers or directors was named in the complaint brought by the ACC. In performing due diligence in regard to the status of the Licensor, the Company subsequently also learned that two United States patents that were licensed to the Company under the License Agreement have been classified as expired due to the Licensors failure to pay maintenance fees. In conjunction with the Licensor, in April 2015, the Company arranged for the principal United States patent to be reinstated, and it is now again in effect. In addition, the Company has been informed by Deluge and Hydrotherm management that steps are being taken to have the corporate charters of each, as well as the remaining patent, reinstated, although they may not be successful in such reinstatements, and is in discussions with the Licensor regarding these matters. Since the Company learned about the ACC proceeding and the classification as expired of certain patents in connection with the License Agreement, it has suspended payments under the License Agreement pending the resolution of this matter. To the best of the Companys knowledge at present, none of these issues presents a near-term hindrance to the Companys continued focus on establishing and growing its engine technology business. Pursuant to the License Agreement, the Company has obtained previously described rights to all forms of intellectual property covering certain engine technology that is the subject of the License Agreement and is not relying on the two U.S. patents to be reinstated in order to maintain the ability and know-how to use such technology. To the Companys best knowledge at the current time, international patent rights remain intact. However, at this time, there can be no assurance that the foregoing matters will not have a material adverse effect on the Companys operations. The accompanying December 31, 2015 balance sheet presents the carrying value of the license fee at $217,709, consisting of the $200,000 required payments due under the License Agreement and $48,709, representing the fair value of shares issued to the Licensor, net of $31,000 in accumulated amortization. In addition, the accompanying balance reflects $187,000 due to the Licensor, representing the remaining liability from the initial $200,000 required payment. After careful assessment, the Company has concluded that no adjustment to the value of the License Agreement or amounts due thereunder should be made as a consequence of the ACC complaint at the current time, but continues to monitor these proceedings. The Company periodically performs an analysis of its contractual rights and arrangements and establishes asset value based on that analysis.
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v3.3.1.900
Concentrations Disclosure
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Concentrations Disclosure |
5. Concentrations The Company grants credit in the normal course of business to its customers. The Company periodically performs credit analysis and monitors the financial condition of its customers to reduce credit risk. Two customers accounted for 70.3% and 29.7% of the Companys total project management income during the year ended December 31, 2015, and the same two customers accounted for 63.7% and 36.3% during the year ended December 31, 2014, respectively. These two customers accounted for 43.9% and 56.1% of total accounts receivable at December 31, 2015 and for 51.6% and 48.4% respectively at December 31, 2014.
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
Stock Issuance Disclosure
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Stock Issuance Disclosure |
6. Stock Issuance The Company issued 975,000 shares of Common Stock during the first quarter of 2014, valued at $31,750, for professional services, and issued 2,000,000 shares, at market price, to a single investor during the third quarter of 2014 for a cash investment of $100,000. In the first half of 2015, the Company issued 423,200 shares, valued at $21,160, for the acquisition of nine engines based on the licensed technology, and 100,000 shares, at market price, to an individual investor for a cash investment of $5,000. In the second half of 2015, the Company issued 500,000 shares, valued at $25,000 at market price, to a third party for a cash infusion and various services (250,000 shares for cash, valued at $17,500, and 250,000 for services, valued at $12,500). All shares issued are restricted securities.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Commitments, Disclosure
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Commitments, Disclosure |
7. Commitments The Company entered into an agreement with Thomas Telegades, Chief Executive Officer, Interim Chief Financial Officer, and Director of the Company, under which Mr. Telegades shall serve on a full-time basis as Chief Executive Officer for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Telegades shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation. The Company entered into an agreement with Peter Fazio, the Chief Operating Officer and Director of the Company, under which Mr. Fazio shall serve on a full-time basis as Chief Operating Officer of the Company for a three year term beginning on May 15, 2013. The agreement specifies that Mr. Fazio shall be paid annual compensation of up to $150,000 for his services. The agreement includes non-competition and non-solicitation provisions which expire the later of three years from May 15, 2013, or one year following his termination or voluntary resignation. The Company entered into an agreement with Gramercy Ventures LLC (Gramercy), under which the manager of Gramercy, James Valentino, who is also one of the directors of the Company, serves on a full-time basis as consultant to and non-executive Chairman of the Board of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Gramercy shall be paid an annual compensation of up to $150,000 for such services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation. The Company entered into an agreement with Wallace Baker, a director of the Company, under which Mr. Baker serves on a full-time basis as Chief Administrative Officer and Secretary of the Company for a three year term beginning on July 1, 2014. The agreement specifies that Mr. Baker shall be paid annual compensation of up to $150,000 for his services. This agreement includes non-competition and non-solicitation provisions which expire the later of three years from July 1, 2014, or one year following his termination or voluntary resignation. For 2015 and 2014, no amounts were paid to these officers nor were any amounts accrued.
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- DefinitionThe entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.
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Income Taxes, Disclosure
|
12 Months Ended |
Dec. 31, 2015 |
Notes |
|
Income Taxes, Disclosure |
8. Income Taxes There was no provision for income tax for the years ended December 31, 2015 and 2014. The Company files a consolidated federal income tax return. The difference between the basis of assets and liabilities for financial and income tax reporting are not considered material. There were approximately $825,000 in net operating loss carryforwards at December 31, 2015, and approximately $800,000 at December 31, 2014, representing a potential deferred tax asset. The deferred tax asset amounted to approximately $275,000 and $270,000 at December 31, 2015 and 2014, respectively. For net operating losses prior to the Merger, net operating loss carryforwards are subject to limitations as a result of a change in ownership as defined by IRC Section 382. Upon an assessment of the potential of realizing these deferred tax assets in the future, an offsetting valuation allowance has been established for the full amount of the deferred tax assets.
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v3.3.1.900
Significant Accounting Policies: Basis of Presentation and Use of Estimates (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Basis of Presentation and Use of Estimates |
Basis of Presentation and Use of Estimates The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include valuation of shares issued for services, recognition of income for work completed and unbilled to customers, the allowance for doubtful accounts, and the valuation of the License Agreement. Actual results could differ from those estimates. The Company believes that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the next twelve months, but are likely to be insufficient to fund its contractual obligation and to fund growth. The Company expects to seek additional capital to cover any working capital needs and its contractual obligations, and to fund growth initiatives in its identified markets. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to raise funds, collect accounts receivable, and receive revenues.
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Significant Accounting Policies: Cash Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Cash Policy |
Cash The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however, the Company briefly maintains balances in operating accounts in excess of federally insured limits.
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|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Accounts Receivable Policy |
Accounts Receivable Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At December 31, 2015, no allowance for doubtful accounts had been provided.
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v3.3.1.900
Significant Accounting Policies: Income Recognition Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Income Recognition Policy |
Income Recognition The Company recognizes income from the sale of services and products when persuasive evidence of an arrangement exists, services have been rendered or delivery has occurred, the fee is fixed or determinable and the collectability of the related income is reasonably assured. The Company principally derives income from fees for services generated on a project-by-project basis. Prior to the commencement of a project, the Company reaches an agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of client involvement. It is the Companys policy to obtain written agreements from new clients prior to performing services. In these agreements, the clients acknowledge that they will pay based upon the amount of time spent on the project or an agreed-upon fee structure. Income for services rendered is recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for income recognition. Fees for services that have been performed, but for which the Company has not invoiced the customers, are recorded as unbilled receivables. Income for time and materials contracts are recognized based on the number of hours worked by the Companys subcontractors at an agreed upon rate per hour, and are recognized in the period in which services are performed. Income for time and materials contracts is billed monthly or in accordance with the specific contractual terms of each project.
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Significant Accounting Policies: Fixed Assets Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Fixed Assets Policy |
Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. Accumulated depreciation at December 31, 2015 was $3,174.
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Significant Accounting Policies: License Agreement Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
License Agreement Policy |
License Agreement The cost of the License Agreement (see Note 4) is being amortized on a straight-line basis over 20 years. The License Agreement is reflected in the accompanying December 31, 2015 balance sheet net of accumulated amortization of $31,000.
|
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Significant Accounting Policies: Income Taxes Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Income Taxes Policy |
Income Taxes The Company recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by the tax authorities. Management has analyzed the Companys tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2012 - 2014).
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v3.3.1.900
Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Basic and Diluted Net Income (loss) Per Share Policy |
Basic and Diluted Net Income (Loss) per Share The Company computes income (loss) per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments and accordingly basic income (loss) and diluted income per share are the same.
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Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of fiscal 2018. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. In August 2014, the FASB issued Accounting Standards Update No. 2014-15: Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). In connection with preparing financial statements for each annual and interim reporting period, an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Managements evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.
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Significant Accounting Policies: Subsequent Events Policy (Policies)
|
12 Months Ended |
Dec. 31, 2015 |
Policies |
|
Subsequent Events Policy |
Subsequent Events Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued.
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- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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- DefinitionThe cash outflow from advancing money to an affiliate (an entity that is related but not strictly controlled by the entity).
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v3.3.1.900
License Agreement Disclosure (Details) - USD ($)
|
|
12 Months Ended |
|
|
May. 15, 2013 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Value of license agreement |
|
|
$ 217,709
|
$ 230,109
|
Accumulated amortization of license agreement |
|
|
31,000
|
|
Engine technology license agreement |
|
|
|
|
Common stock issued for acquisition |
2,435,430
|
|
|
|
Value of shares |
$ 48,709
|
|
|
|
Payments made |
|
$ 13,000
|
|
|
Value of license agreement |
|
|
217,709
|
|
Due to the Licensor |
|
|
$ 187,000
|
|
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- DefinitionAmount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.
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- DefinitionDescription of risks that arise due to the volume of business transacted with a particular customer. At a minimum, the description informs financial statement users of the general nature of the risk, but excludes "Information about Major Customers" that may be disclosed elsewhere (for instance, segment disclosures).
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v3.3.1.900
Stock Issuance Disclosure (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Shares of common stock issued for services |
250,000
|
975,000
|
Value assigned to common stock issued for services |
$ 12,500
|
$ 31,750
|
Shares of common stock issued to investors |
|
2,000,000
|
Proceeds from issuance of stock to investors |
|
$ 100,000
|
Shares of common stock issued for acquisition of assets |
423,200
|
|
Value assigned to common stock issued for acquisition of assets |
$ 21,160
|
|
First half of 2015 |
|
|
Shares of common stock issued to investors |
100,000
|
|
Proceeds from issuance of stock to investors |
$ 5,000
|
|
Second half of 2015 |
|
|
Shares of common stock issued to investors |
250,000
|
|
Proceeds from issuance of stock to investors |
$ 17,500
|
|
X |
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