0001520138-12-000114.txt : 20121120 0001520138-12-000114.hdr.sgml : 20121120 20121119174452 ACCESSION NUMBER: 0001520138-12-000114 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121120 DATE AS OF CHANGE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Labor Smart, Inc. CENTRAL INDEX KEY: 0001522469 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 452433287 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54654 FILM NUMBER: 121215848 BUSINESS ADDRESS: STREET 1: 44 DARBY'S CROSSING DRIVE STREET 2: SUITE 116 CITY: HIRAM STATE: GA ZIP: 30141 BUSINESS PHONE: 770-222-5888 MAIL ADDRESS: STREET 1: 44 DARBY'S CROSSING DRIVE STREET 2: SUITE 116 CITY: HIRAM STATE: GA ZIP: 30141 10-Q 1 lbsi_10qq3.htm QUARTERLY REPORT Converted by EDGARwiz




UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

X      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2012

 

OR

 

 

O      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________


Commission file number: 000-54654

 

Labor Smart, Inc

(Exact Name of Registrant as Specified in its Charter)

 

Nevada

  

45-2433287

(State of other jurisdiction of incorporation or organization)

  

(I.R.S. Employer Identification No.)

  

  

  

44 Darbys Crossing Drive, Suite 116 GA

  

30141

(Address of Principal Executive Offices)

  

(Zip Code)


 

 

(770) 222-5888

(Registrant's Telephone Number, including Area Code)


(Former name, former address and former fiscal year, if changed since last report)


Check whether the issuer (1) 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 O


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes X No O


Indicate by check mark whether the Registrant is  a large accelerated filer O an accelerated file O, a non-accelerated filer O, or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act)  X


Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)   Yes O    No X


Number of shares of issuer's common stock outstanding at October 23, 2012:  16,757,000

 




  

  


PART I. FINANCIAL INFORMATION

 

 

 

 

Item 1.  Financial Statements

 

 

2

 

 

 

 

 

 

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations

 

 

13

 

 

 

 

 

 

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

 

 

15

 

 

 

 

 

 

Item 4.  Controls and Procedures

 

 

15

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1.  Legal Proceedings

 

 

15

 

 

 

 

 

 

Item 1A.  Risk Factors

 

 

16

 

 

 

 

 

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

 

16

 

 

 

 

 

 

Item 3.  Default on Senior Securities

 

 

16

 

 

 

 

 

 

Item 4.  Mine Safety Disclosure

 

 

16

 

 

 

 

 

 

Item 5.  Other Information

 

 

16

 

 

 

 

 

 

Item 6.  Exhibits

 

 

16

 

 

 

 

 

 

Signatures

 

 

17

 

 

  

  

 

  































 

PART I.  FINANCIAL INFORMATION

 

ITEM 1.   FINANCIAL STATEMENTS


INDEX TO LABOR SMART, INC. FINANCIAL STATEMENTS

 

LABOR SMART INCORPORATED

 

 

PAGE 



Balance Sheets as of September 30, 2012 and December 31, 2011

 

 

4

 

 

 

 

 

 

Statements of Operations for the Three and Nine months ended September 30, 2012

 

 

5

 

 

 

 

 

 

Statements of Cash Flows for the Three and Nine months ended September 30, 2012

 

 

6

 

 

 

 

 

 

Notes to Financial Statements

 

 

7

 







































2






LABOR SMART, INC

 

 FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 

September 30, 2012

 

 

 

 

 

 

 

 

 

 (Unaudited)



LABOR SMART INC.

BALANCE SHEETS

(Unaudited)


  

 ASSETS

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

 

December 31, 2011

Current assets

 

 

 

 

Cash

 $                                 --

 

 $                  65,111

 

Accounts receivable

                         774,381

 

                     72,186

 

Prepaid expense

                           79,162

 

                     13,119

 

Deferred financing costs

                         138,264

 

                             -   

 

Marketable securities

                             6,662

 

                             -   

 

Other assets

                           44,101

 

                       2,384

 

 

Total current assets

                      1,042,570

 

                   152,800

 

 

 

 

 

 

 

Total assets

 $                   1,042,570

 

 $                152,800

 

 

 

 

 

 

 

 LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 $                        19,657

 

 $                    2,499

 

Accrued liabilities

                         126,792

 

                       6,358

 

Notes payable-related party

                         250,000

 

                   100,000

 

Convertible notes payable, net of unamortized discount of $48,168

                           52,160

 

                             -   

 

Payroll taxes payable

                         380,872

 

                     25,691

 

Other liabilities

                           33,843

 

                       7,185

 

 

Total current liabilities

                         863,324

 

                   141,733

 

 

 

 

 

 

 

Total liabilities

                         863,324

 

                   141,733

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

Common stock; $0.001 par value; 75,000,000 shares authorized,

 

 

 

 

 

16,670,000 and 16,045,000 issued and outstanding as of

 

 

 

 

 

September 30, 2012 and December 31, 2011, respectively.

                           16,670

 

                     16,045

 

Additional paid-in capital

                         291,271

 

                     16,355

 

Accumulated other comprehensive income

                                711

 

                             -   

 

Accumulated deficit

                        (129,406)

 

                    (21,333)

 

 

Total stockholder's equity

                         179,246

 

                     11,067

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 $                   1,042,570

 

 $                152,800

See Accompanying Notes to Financial Statements.

4



LABOR SMART INC.

Statements of Operations and Comprehensive Loss

(Unaudited)


 

 

 

 

For the three months ended

 

For the nine months

 

 Inception

 

 

 

 

September 30,

 

ended

 

 (May 31, 2011) to

 

 

 

 

2012

 

2011

 

September 30, 2012

 

September 30, 2011

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $             2,152,243

 

 $                         -   

 

 $            5,046,283

 

 $                         -   

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

                1,776,081

 

                            -   

 

               4,193,813

 

                            -   

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

                   376,162

 

                            -   

 

                  852,470

 

                            -   

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Professional fees

 

                     87,104

 

                    18,400

 

                  100,964

 

                    18,400

 

Payroll expenses

 

                   184,081

 

                            -   

 

                  345,707

 

                            -   

 

General and administrative fees

 

                   169,326

 

                            -   

 

                  383,311

 

                            -   

 

 

Total operating expenses

 

                   440,511

 

                    18,400

 

                  829,982

 

                    18,400

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

                   (64,349)

 

                  (18,400)

 

                    22,488

 

                  (18,400)

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

Interest expense

 

                   (15,963)

 

                            -   

 

                  (28,915)

 

                            -   

 

Financing costs

 

                     (2,526)

 

                            -   

 

                    (2,526)

 

                            -   

 

Loss on sale of receivables

 

                   (51,751)

 

                            -   

 

                  (99,120)

 

                            -   

 

 

Total other expenses

 

                   (70,240)

 

                            -   

 

                (130,561)

 

                            -   

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 $              (134,589)

 

 $               (18,400)

 

 $             (108,073)

 

 $               (18,400)

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

Unrealized gain on marketable securities

 

                       2,989

 

                            -   

 

                         711

 

                            -   

 

 

Other comprehensive income

 

                       2,989

 

                            -   

 

                         711

 

                            -   

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 $              (131,600)

 

 $               (18,400)

 

 $             (107,362)

 

 $               (18,400)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

 $                    (0.01)

 

 $                   (0.00)

 

 $                   (0.01)

 

 $                   (0.00)

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common

 

 

 

 

 

 

 

 

 

shares outstanding

 

              16,328,424

 

             14,530,943

 

             16,140,164

 

             15,710,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Accompanying Notes to Financial Statements.

5



LABOR SMART INC.

STATEMENTS OF CASH FLOWS

(Unaudited)


 

 

 

 

 

For the nine months

 

 From Inception

 

 

 

 

 

ended

 

 (May 31, 2011) to  

 

 

 

 

 

September 30, 2012

 

September 30, 2011

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

 $                     (108,073)

 

 $                 (18,400)

Adjustments to reconcile net income to net

 

 

 

 

cash (used in) provided by operating activities:

 

 

 

 

 

 

Shares issued for services

 

                            56,501

 

                              --

 

 

Non-cash financing costs

 

                              4,891

 

                              --

 

 

Amortization of debt discount

 

                              2,160

 

                              --

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Increase in off-balance sheet receivable factoring

 

                          311,875

 

                              --

 

 

(Increase) in accounts receivables

 

                     (1,014,070)

 

                              --

 

 

Decrease in prepaid expense

 

                            19,476

 

                     15,000

 

 

(Incresae) in prepaid financing costs

 

                            (9,634)

 

 

 

 

(Increase) in other assets

 

                          (41,717)

 

                              --

 

 

Increase in accounts payable

 

                            17,158

 

                              --

 

 

Increase in accrued liabilities

 

                          120,434

 

                              --

 

 

Increase in payroll taxes payable

 

                          355,181

 

                              --

 

 

Increase in other liabilities

 

                            26,658

 

                              --

 

 

 

Net cash used by operating activities

 

                        (259,160)

 

                      (3,400)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of marketable securities

 

                            (5,951)

 

                              --

 

 

 

Net cash used by investing activities

 

                            (5,951)

 

                              --

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from common stock

 

                                    --

 

                       6,700

 

 

Proceeds from notes payable

 

                            50,000

 

 

 

 

Payments on notes payable - related party

 

                          (60,000)

 

                              --

 

 

Proceeds from notes payable - related party

 

                          210,000

 

                              --

 

 

 

Net cash provided by financing activities

 

                          200,000

 

                       6,700

 

 

 

 

 

 

 

 

Net change in cash

 

                          (65,111)

 

                       3,300

 

 

 

 

 

 

 

 

Cash, beginning of period

 

                            65,111

 

                     10,700

 

 

 

 

 

 

 

 

Cash, end of period

 

 $                                 --

 

 $                  14,000

 

 

 

 

 

 

 

 

Supplemental information

 

 

 

 

 

Interest paid in cash

 

 $                                 --

 

 $                           --

 

Taxes paid in cash

 

 $                                 --

 

 $                           --

 

 

 

 

 

 

 

 

Non-cash interest and financing activities

 

 

 

 

 

 

Warrants issued as part of deferred finance costs

 

 $                       128,630

 

 $                           --

 

 

Shares issued for prepaid services

 

 $                         85,519

 

 $                           --

See Accompanying Notes to Financial Statements.

6




NOTE 1 – NATURE OF OPERATIONS


Nature of Business

Labor Smart, Inc. (the “Company”) was incorporated in the State of Nevada on May 31, 2011. Since inception, the Company has been engaged in organizational efforts, obtaining initial financing, and deployment of our business model. Labor Smart, Inc.  provides temporary blue-collar staffing services. It supplies general laborers on demand to the light industries, including manufacturing, logistics, and warehousing, skilled trades’ people, and general laborers to commercial construction industries.


As of December 31, 2011, the Company was considered to be in the development stage as defined by ASC 915 “Development Stage Entities”.  During the nine months ended September 30, 2012, the Company ceased to be a development stage company as it has established its temporary staffing service and planned principal operations have commenced.


NOTE 2 – GOING CONCERN


The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company requires capital for its contemplated operational and marketing activities.  The Company’s ability to raise additional capital through the future issuances of common stock is unknown.  Accordingly, the Company had a net loss of $108,073 for the nine months ended September 30, 2012. Additionally, the operating activities of the Company used $249,160 net cash during the same nine month period. The obtainment of additional financing and increasingly profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.


NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation

These financial statements are presented in United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company has adopted a December 31 fiscal year end.


Fair Value of Financial Instruments

As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC (“ASC 820-10”), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.


The three levels of the fair value hierarchy are described below:


 

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

 

Level 2

Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

 

Level 3

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).


Pursuant to ASC 825, the fair value of cash and marketable securities is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of cash, accounts receivables, marketable securities, accounts payable and accrued liabilities, and notes payable approximate their current fair values because of their nature and respective relatively short maturity dates or durations.


Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of June 30, 2012 and December 31, 2011as follows:


 

 

Fair Value Measurements as of June 30, 2012 Using:

 

 

 

 

Total Carrying Value as of

 

 

Quoted Market Prices in Active Markets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

06/30/12

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

$

6,662

 

$

6,662

 

$

0

 

$

0

 

 

Total

$

6,662

 

$

6,662

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2011 Using:

 

 

 

 

Total Carrying Value as of

 

 

Quoted Market Prices in Active Markets

 

 

Significant Other Observable Inputs

 

 

Significant Unobservable Inputs

 

 

 

 

12/31/2010

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

$

0

 

$

0

 

$

0

 

$

0

 

 

Total

$

0

 

$

0

 

$

0

 

$

0

 

 


Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days.  Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds.  The carrying value of those investments approximates fair value.


Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Deferred income taxes are reported for

Income Taxes (continued)

timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740-10, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. The Company provides for deferred



NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)


taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.


Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for sales returns, bad debts, and other allowances based on its historical experience.

 

Deferred Financing Costs

Deferred financing costs consist of costs incurred to obtain debt financing, including legal fees, origination fees and administration fees. Costs associated with the Convertible Promissory Note are deferred and amortized in our accompanying statement of operations using the straight-line method, which approximates the effective interest method, over the terms of the respective financing instrument.


Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities.  These estimates and judgments are based on historical information, information that is currently available to the Company, and on various other assumptions that the Company believes to be reasonable under the circumstances.  Actual results could differ from those estimates.


Factoring Agreement and Accounts Receivable

The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s



sales. RIVIERA FINANCE, based on credit approved orders, assumes the accounts receivable risk of the Company’s customers in the event of insolvency or non-payment.  All other receivable risks for customer deductions that reduce the customer receivable balances are retained by the Company, including, but not limited to, allowable customer markdowns, disputes, and discounts. The Company assumes the risk on accounts receivable not factored to RIVIERA FINANCE, which is shown as accounts receivable on the accompanying balance sheets.


Earnings per share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented.


Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.


NOTE 4 – STOCKHOLDERS’ EQUITY


The Company has 75,000,000 shares of $0.001 par value common stock authorized.  As of September 30, 2012 and December 31, 2011, the Company had 16,670,000 and 16,045,000 shares issued and outstanding, respectively.  



NOTE 4 – STOCKHOLDERS’ EQUITY (continued)


Stock issuances for the nine months ended September 30, 2012 consist of:


In July 2012, the Company issued 25,000 shares in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012 with a fair market value of $0.20 per share.


On July 12, 2012, the Company entered into a stock option agreement with Infinity Global Consulting Group Inc. (“Infinity”) whereas the Company grants Infinity the option to purchase all or part of an aggregate total of 100,000 shares of the Company’s common stock at the strike price of $0.50 per share. The aforementioned options expire on July 12, 2017.  The options were measured at their fair value on July 12, 2012 using the following Black-Scholes Model Assumptions: risk free interest (0.83%); expected volatility (148%); expected life (5 years); no dividends. These warrants were valued at $17,020 and expensed as stock based compensation.


In August 2012, the Company issued 100,000 restricted shares with a fair market of .20 per share for services and 500,000 shares with a fair market value of .20 per share in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.


On September 20, 2012, the Company issued warrants to purchase 300,000 shares of common stock of the Company with an exercise price of $0.40 per share and no specific term. These warrants were issued in conjunction to the Convertible Promissory Note the Company entered into on September 20, 2012.  The warrants were measured at their fair value on September 20, 2012 using the following Black-Scholes Model Assumptions: risk free interest (2.53%); expected volatility (157%); expected life (10 years); no dividends. These warrants were valued at $133,521 and are deferred and amortized in our accompanying statement of operations using the straight-line method, which approximates the effective interest method, over the term of the associated Convertible Promissory Note.


NOTE 5 – RELATED PARTY


On November 9, 2011, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on November 9, 2012.  


On December 3, 2011, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on December 3, 2012.  


On January 11, 2012, the Company issued a promissory note to the Company’s President in exchange for



$50,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on January 11, 2013.


On January 19, 2012, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on January 19, 2013.


On February 6, 2012, the Company issued a promissory note to the Company’s President in exchange for $25,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on February 6, 2013.


On February 20, 2012, the Company issued a promissory note to the Company’s President in exchange for $15,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on February 20, 2013.


On March 5, 2012, the Company issued a promissory note to the Company’s President in exchange for $15,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on March 5, 2013.


On March 8, 2012, the Company issued a promissory note to the Company’s President in exchange for $45,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on March 8, 2013.



NOTE 5 – RELATED PARTY (continued)


On March 12, 2012, the Company issued a promissory note to the Company’s President in exchange for

$10,000 in cash.  The note is unsecured, bears interest at 10% per annum, and matures on March 12, 2013.


On July 20 and August 13, 2012, the Company repaid $15,000 and $15,000, respectively, in loans advanced by an officer of the Company. On September 19 and September 27, 2012, the Company repaid $16,000 and $4,000, respectively, in loans advanced by an officer of the Company. The loan was repaid without interest. An aggregate total of $60,000 in advances were repaid.


 NOTE 6 – PREPAID


As of September 30, 2012 and December 31, 2011, the Company had prepaid expenses of $79,162 and $13,119, respectively.  Prepaid expenses consist of $9,573 in prepaid lease payments, $5,108 in prepaid insurance premiums, and $64,481 in stock based prepaid services.


NOTE 7 – FACTORING AGREEMENT


The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s sales.  Receivables are factored at a rate of 85% of the invoice face value on accepted accounts up to $500,000.  A reserve of 8% of the invoice face value is held by RIVIERA FINANCE in case of customer disputes.  Fees charged by RIVIERA FINANCE are 2% of the unpaid invoice face value for the first 25 days after the factored date and 0.8% of the invoice face value for every ten days thereafter up to a total of 7%,

including the initial 2%.  Administrative charges based on various rates are charged on the gross face amount of all accounts with minimum fees as defined in the agreement.  The following table details the amounts of the factoring agreement as of September 30, 2012 and December 31, 2011.


 

 

Receivables Factored

 

Reserve

Deposit

 

Fees

 

Administrative Charges

September 30, 2012

 

$                  311,875

 

 $       35,146     

 

$    99,120

 

$                  -   

December 31, 2011

 

$                    20,162

 

$          1,026

 

$              -   

 

$                  -   


The reserve deposit is included in other current assets within the balance sheets.  Fees or charges billed by RIVIERA FINANCE as of September 30, 2012 and December 31, 2011 are $99,120 and $ nil, respectively.


NOTE 8 – CONVERTIBLE PROMISSORY NOTE


On September 20, 2012, the Company entered into a Convertible Promissory Note with Evolution Capital, LLC., (the ‘Holder’) in the original principle amount of $130,000 bearing a 12% annual interest rate and maturing June 20, 2013. This convertible note together with any unpaid accrued interest is convertible into shares of common stock at the holder’s option at a variable conversion price calculated as 50% of the market price which means the average of the lowest three trading prices during the ten trading day period ending on the latest complete trading day prior to the conversion date.  As of September 30, 2012, we received gross proceeds of $50,000, which was net of original issue discount of $50,000.  Additionally, as



of September 30, 2012, $2,160 of the discount has been amortized.


NOTE 9 – COMMITMENTS


On November 12, 2011, the Company entered into a three year lease agreement with VFC Properties 8, LLC to rent office space at 1166 Franklin Road, Suite 5 for the Company’s Marietta, GA operations.  Minimum monthly lease payments equal $1,083.


NOTE 9 – COMMITMENTS (continued)


On November 12, 2011, the Company entered into a single year lease agreement with Brothers Investments, Inc. to rent office space at 427 Lafayette Street for the Company’s Nashville, TN operations.  Minimum monthly lease payments equal $2,250.


On December 9, 2011, Labor Smart, Inc. entered into a two year lease agreement with Cleanstar National, Inc. to rent office space at 44 Darby’s Crossing Drive, Suite 116 for the Company’s corporate operations.  Minimum monthly lease payments total $650.


On January 26, 2012, the Company entered into a three year lease agreement with Hull 2000 WS2, LLC, commencing February 1, 2012, to rent office space at the Windsor Square Two Shopping Center, Augusta for the Company’s GA operations. Monthly lease payments, including CTI, are $1,244.  The Company has the option to extend the lease for an additional three years at an increased monthly lease payment of $1,530.


On March 29, 2012, the Company entered into a three year lease agreement with Phillips Holding, LP, commencing April 1, 2012, to rent office space at Wade Hampton Square for the Company’s SC operations.  Minimum monthly lease payments total $1,600.  The Company has the option to extend the lease for an additional three years.


On April 25, 2012, the Company entered into a three year lease agreement with Molay, Inc. commencing May 1, 2012, to rent office space at 430 Greensprings Highway for the Company’s AL operations.  Minimum monthly lease payments total $1,132.  The Company has the option to extend the lease for an additional three years at an increased monthly lease payment of $1,232.


The following table is a schedule of future minimum lease commitments for the Company:


Period ending September 30,

2012

$

21,360

 

2013

71,290

 

2014

45,686

 

2015

10,858

 

 

$

149,194

Rent expense for the nine months ended September 30, 2012 and from inception (May 31, 2011) to September 30, 2011 was $67,227 and $ nil, respectively.


NOTE 10 – SUBSEQUENT EVENTS


On October 1, 2012, the Company issued 57,000 shares of common stock with a fair market value of $0.50 per share in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.


On October 2, 2012, the Company received the remaining fund of $80,000 for the Convertible Promissory Note that the Company had entered into with Evolution Capital, LLC on September 20, 2012.


On October 9 and October 31, 2012, the Company repaid $17,000 and $7,000 in loans advanced by an officer of the Company. The loan was paid without interest. An aggregate total of $24,000 in advances were repaid.


On October 17, 2012 the Company issued 30,000 shares of common stock with a cost basis of $0.49 per share and 30,000 stock options with an exercise price of $0.50 per share, expiring on October 12, 2022 in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.






ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Note Regarding Forward-Looking Statements

 

This quarterly report on Form 10-Q and other reports filed by the Company from time to time with the Securities and Exchange Commission (collectively the “Filings”) contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “plan”, or the negative of these terms and similar expressions as they relate to Company or Company’s management identify forward-looking statements. Such statements reflect the current view of Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors (including the risks contained in the section of operations and results of operations, and any businesses that Company may acquire.) Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.


Although Company believes that the expectations reflected in the forward-looking statements are reasonable, Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations, and prospects.

 

Overview


Labor Smart, Inc. was incorporated in the State of Nevada on May 31, 2011. We are a provider of temporary employees to the construction, manufacturing, hospitality, restoration and retail industries.  We provide unskilled and semi-skilled temporary workers to our customers.  Generally, we pay our workers the same day they perform the job.


Our mission is to be the provider of choice to our growing community of customers, with a service-focused approach, that positions us as a resource and partner for their business.


At September 30, 2012, we were operating 6 branches located in 4 states.


Results of Operations

 

Three and Nine Months Ended September 30, 2012

 

Summary of Operations:  Revenue for the three and nine months ended September 30, 2012 was $2.152 million and $5.046 million respectively. Net loss for the three and nine months ended September 30, 2012 was $134,589 and $108,073 respectively.


Cost of Services:  Cost of services was 82.52% of revenue for the three months ended September 30, 2012 and 83.11% for the nine months ended September 30, 2012. Cost of services mainly consists of payroll related and worker’s compensation expense for our laborers which was $1,696,126 or 78.817% and $74,235 or 3.45% of revenues, respectively for the three months ended September 30, 2012 and $4,010,069 or 79.49% and $166,541 or 3.30% of revenues, respectively for the nine months ended September 30, 2012.


Selling, General and Administrative Expenses (SG&A):  SG&A expenses were 7.97% of revenue for the three months ended September 30, 2012 and 7.64% for the nine months ended September 30, 2012. On July 1, 2012, our President and CEO, Ryan Schadel, began drawing a salary of $2,000 per week. Mr. Schadel had not drawn a salary prior to this date. There is no prior year comparable as we had not yet commenced operations.







13 



For the three months ended September 30, 2012, of our total $440,511 in operating expenses, $22,115 is attributable to legal expenses related to our engagement and retainer of legal counsel for securities, financial, employment, and acquisition guidance, $10,450 to accounting services, $54,539 to investor relations consulting fees, $184,081 to staff payroll expenses, and $169,326 to General and Administrative expenses.


Liquidity and Capital Resources

 

We have funded our operations to date primarily through the sale of equity, invoice factoring, and shareholder loans.  Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations into the coming months. We will require additional cash to fund our operating plan past that time. If the level of sales anticipated by our financial plan are not achieved or our working capital requirements are higher than planned, we will need to raise additional cash sooner or take actions to reduce operating expenses. We are implementing plans to reduce our costs of capital and improve our revenue.  If we cannot generate adequate cash by implementing these steps, we plan to obtain additional cash through the issuance of equity or debt securities. There can be no assurance that additional cash will be available or that, if available, it will be available on terms acceptable to us on a timely basis. If adequate funds are not available on a timely basis, we intend to limit our operations to extend our funds as we pursue other financing opportunities and business relationships. This limitation of operations could include reducing our planned investment in working capital to fund revenue growth and result in reductions in staff, operating costs, and capital expenditures.


Net cash used in operations was $259,160 during the nine months ended September 30, 2012. Net Cash flows used in operating activities for the nine months ended September 30, 2012 mainly consisted of a net loss of $108,073 adjusted by an increase of our off-balance sheet receivables factoring of $311,875, by an increase of $1,014,070 in accounts receivable and an increase of $355,181 in payroll taxes payable.  Cash used in investing activities totaled $5,951 for the nine months ended September 30, 2012. Net cash provided by financing activities totaled $200,000 for the nine months ended September 30, 2012. The proceeds were primarily generated from shareholder loans in the amount of $210,000 and $50,000 received from the Convertible Note entered into on September 20, 2012, offset by payments on shareholder loans of $60,000.


Our continued capital needs will depend on branch operating performance, our ability to control costs, and the continued impact from our expansion plans in 2013.


Accounts Receivable:  At September 30, 2012, we had total current assets of approximately $1,042,570 and current liabilities of approximately $863,324. Included in current assets are trade accounts receivable of approximately $774,381, prepaid expenses of $79,162, and deferred financing costs of $138,264. Accounts receivable are recorded at the invoiced amounts. We regularly review our accounts receivable for collectability. We will typically refer overdue balances to a collection agency at 120 days and the collection agent pursues collection for another 60 days. Most balances over 120 days past due are written off as it is probable the receivable will not be collected. We wrote down $3,105 in bad debt during the three months ended September 30, 2012. As our business matures, we will continue to monitor and seek to improve our historical collection ratio and aging experience with respect to trade accounts receivable. As we grow, our historical collection ratio and aging experience with respect to trade accounts receivable will continue to be important factors affecting our liquidity.

 

Financing:  The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s sales.  Receivables are factored at a rate of 85% of the invoice face value on accepted accounts up to $500,000.  As of September 30, 2012, the Company has factored $311,875 in receivables.  A reserve of 8% of the invoice face value is held by RIVIERA FINANCE in case of customer disputes.  Fees charged by RIVIERA FINANCE are 2% of the unpaid invoice face value for the first 25 days after the factored date and 0.8% of the invoice face value for every ten days thereafter up to a total of 7%, including the initial 2%.  Administrative charges based on various rates are charged on the gross face amount of all accounts with minimum fees as defined in the agreement.


Our total financing costs through this facility for the three and nine months ended September 30, 2012 was $51,751 and $99,120 respectively, which is reflected on our Statements of Operations as a loss on sale of receivables. As collateral for repayment of any and all obligations, we granted Riviera Finance a security



14




interest in all our property, including, but not limited to, accounts receivable, intangible assets, contract rights, investment property, deposit accounts, and other such assets.


On September 20, 2012, the Company entered into a Convertible Promissory Note with Evolution Capital, LLC., (the ‘Holder’) in the amount of $130,000 bearing a 12% annual interest rate.  We paid $10,000 related to the issuance of this Note and has been capitalized as a deferred financing cost.  As of September 30, 2012, $366 of this payment has been amortized.


Off-balance sheet arrangements: As of September 30, 2012, we do not have any off-balance sheet arrangements except for our factored receivables under the agreement with RIVIERA FINANCE.  The cash received from our factored receivables finance the Company’s operating expenses and are a significant source of liquidity for the Company.  For more information about the factoring terms, see “Financing” discussion above.


ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Not applicable to smaller reporting companies.


ITEM 4.     CONTROLS AND PROCEDURES


Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “ SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure.


As of September 30, 2012, the Certifying Officers evaluated the effectiveness of our disclosure controls and procedures. Based on the evaluation, the Certifying Officers concluded that our disclosure controls and procedures were not effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including the Certifying Officers, as appropriate to allow timely decisions regarding required disclosure.


The Certifying Officers have also concluded, based on their evaluation of our controls and procedures that as of September 30, 2012, our internal controls over financial reporting are not effective and provide no reasonable assurance of achieving their objective.


Changes in Internal Control over Financial Reporting

 

There was no change in our internal controls over financial reporting identified in connection with the requisite evaluation that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART II.   OTHER INFORMATION

 

ITEM 1.  LEGAL PROCEEDINGS

 

The Company is not a party to any pending legal proceedings, and no such proceedings are known to be contemplated.


No director, officer, or affiliate of the issuer and no owner of record or beneficiary of more than 5% of the securities of the issuer, or any security holder is a party adverse to the small business issuer or has a material interest adverse to the small business issuer.





15




ITEM 1A.   RISK FACTORS


The information to be reported under this item has not changed since the previously filed S-1/A, for the period ended December 31, 2011.


ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES


On August 20, 2012, the Company issued 100,000 shares of the Company’s common stock to our legal counsel for services to be rendered at a fair market value of $20,000 ($0.20/share), based upon the quoted closing price on the agreement date.  The issuance of such securities was exempt from registration pursuant to Section 4(2) of the Securities Act and Regulation D promulgated thereunder.


ITEM 3.   DEFAULT ON SENIOR SECURITIES

 

Not applicable.


ITEM 4.   MINE SAFETY DISCLOSURES


Not applicable

 

ITEM 5.  OTHER INFORMATION

 

None.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

 

Exhibit No.

  

Description

 

  

 

31.1

  

Certification of C. Ryan Schadel, Chief Executive Officer of Labor Smart, Inc. pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

Certification of C. Ryan Schadel, Chief Executive Officer of Labor Smart, Inc. pursuant to 18 U.S.C. Section 1350, as adopted in Section 906 of the Sarbanes-Oxley Act of 2002.

 































16





Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


LABOR SMART, INC.

/s/ C. Ryan Schadel

  

President and CEO

  

C. Ryan Schadel

  

November 16, 2012

Signature

  

Title

  

Printed Name

  

Date













































17




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EXHIBIT 31.1

CERTIFICATION

I, Ryan Schadel, certify that:

(1)

I have reviewed this quarterly report on Form 10-Q of Labor Smart, Inc.;

(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)

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 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 registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s 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 registrant’s internal control over financial reporting.

Date:  November 19, 2012

/s/ Ryan Schadel

Chief Executive Officer




EX-32 9 lbsi_ex312q3.htm CERTIFICATION EX-32.1 EXHIBIT 31

EXHIBIT 32.1

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with this Quarterly Report of Labor Smart, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ryan Schadel, the Chief Executive 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.

Such Quarterly Report on Form 10-Q for the period ending June 30, 2012, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in such Quarterly Report on Form 10-Q for the period ending September 30, 2012, fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  November 19, 2012


/s/ Ryan Schadel

Chief Executive Officer





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CONVERTIBLE PROMISSORY NOTE (Details Narrative) (USD $)
Sep. 30, 2012
Sep. 20, 2012
Payables and Accruals [Abstract]    
Original principle amount   $ 130,000
Annual interest rate   12%
Received gross proceeds 50,000  
Net of original issue discount 50,000  
Discount amortized $ 2,160  
XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY
9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has 75,000,000 shares of $0.001 par value common stock authorized. As of September 30, 2012 and December 31, 2011, the Company had 16,670,000 and 16,045,000 shares issued and outstanding, respectively.

 

Stock issuances for the nine months ended September 30, 2012 consist of:

 

In July 2012, the Company issued 25,000 shares in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012 with a fair market value of $0.20 per share.

 

On July 12, 2012, the Company entered into a stock option agreement with Infinity Global Consulting Group Inc. (“Infinity”) whereas the Company grants Infinity the option to purchase all or part of an aggregate total of 100,000 shares of the Company’s common stock at the strike price of $0.50 per share. The aforementioned options expire on July 12, 2017. The options were measured at their fair value on July 12, 2012 using the following Black-Scholes Model Assumptions: risk free interest (0.83%); expected volatility (148%); expected life (5 years); no dividends. These warrants were valued at $17,020 and expensed as stock based compensation.

 

In August 2012, the Company issued 100,000 restricted shares with a fair market of .20 per share for services and 500,000 shares with a fair market value of .20 per share in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.

 

On September 20, 2012, the Company issued warrants to purchase 300,000 shares of common stock of the Company with an exercise price of $0.40 per share and no specific term. These warrants were issued in conjunction to the Convertible Promissory Note the Company entered into on September 20, 2012.  The warrants were measured at their fair value on September 20, 2012 using the following Black-Scholes Model Assumptions: risk free interest (2.53%); expected volatility (157%); expected life (10 years); no dividends. These warrants were valued at $133,521 and are deferred and amortized in our accompanying statement of operations using the straight-line method, which approximates the effective interest method, over the term of the associated Convertible Promissory Note.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

These financial statements are presented in United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company has adopted a December 31 fiscal year end.

 

Fair Value of Financial Instruments

As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC (“ASC 820-10”), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

The three levels of the fair value hierarchy are described below:

 

  Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
  Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;
  Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

Pursuant to ASC 825, the fair value of cash and marketable securities is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of cash, accounts receivables, marketable securities, accounts payable and accrued liabilities, and notes payable approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

 

Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of June 30, 2012 and December 31, 2011as follows:

 

  Fair Value Measurements as of June 30, 2012 Using:
    Total Carrying Value as of     Quoted Market Prices in Active Markets     Significant Other Observable Inputs     Significant Unobservable Inputs
    06/30/12     (Level 1)     (Level 2)     (Level 3)
Assets:                      

 

Equity securities

$ 6,662   $ 6,662    $   $
Total $ 6,662   $ 6,662    $   $

 

  Fair Value Measurements as of December 31, 2011 Using:
    Total Carrying Value as of     Quoted Market Prices in Active Markets     Significant Other Observable Inputs     Significant Unobservable Inputs
    12/31/10     (Level 1)     (Level 2)     (Level 3)
Assets:                      

 

Equity securities

$ 0   $   $   $

 

Total

$ 0   $   $   $

 

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value.

 

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740-10, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

 

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for sales returns, bad debts, and other allowances based on its historical experience.

 

Deferred Financing Costs

Deferred financing costs consist of costs incurred to obtain debt financing, including legal fees, origination fees and administration fees. Costs associated with the Convertible Promissory Note are deferred and amortized in our accompanying statement of operations using the straight-line method, which approximates the effective interest method, over the terms of the respective financing instrument.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company, and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

 

Factoring Agreement and Accounts Receivable

The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s sales. RIVIERA FINANCE, based on credit approved orders, assumes the accounts receivable risk of the Company’s customers in the event of insolvency or non-payment. All other receivable risks for customer deductions that reduce the customer receivable balances are retained by the Company, including, but not limited to, allowable customer markdowns, disputes, and discounts. The Company assumes the risk on accounts receivable not factored to RIVIERA FINANCE, which is shown as accounts receivable on the accompanying balance sheets.

 

Earnings per share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented.

 

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current assets    
Cash    $ 65,111
Accounts receivable 774,381 72,186
Prepaid expense 79,162 13,119
Deferred financing costs 138,264   
Marketable securities 6,662   
Other assets 44,101 2,384
Total current assets 1,042,570 152,800
Total assets 1,042,570 152,800
Current liabilities    
Accounts payable 19,657 2,499
Accrued liabilities 126,792 6,358
Notes payable-related party 250,000 100,000
Convertible notes payable, net of unamortized discount of $48,168 52,160   
Payroll taxes payable 380,872 25,691
Other liabilities 33,843 7,185
Total current liabilities 863,324 141,733
Total liabilities 863,324 141,733
Stockholders' equity    
Common stock; $0.001 par value; 75,000,000 shares authorized, 16,670,000 and 16,045,000 issued and outstanding as of September 30, 2012 and December 31, 2011, respectively. 16,670 16,045
Additional paid-in capital 291,271 16,355
Accumulated other comprehensive income 711   
Accumulated deficit (129,406) (21,333)
Total stockholder's equity 179,246 11,067
Total liabilities and stockholders' equity $ 1,042,570 $ 152,800
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
NATURE OF OPERATIONS
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS

NOTE 1 – NATURE OF OPERATIONS

 

Nature of Business

Labor Smart, Inc. (the “Company”) was incorporated in the State of Nevada on May 31, 2011. Since inception, the Company has been engaged in organizational efforts, obtaining initial financing, and deployment of our business model. Labor Smart, Inc. provides temporary blue-collar staffing services. It supplies general laborers on demand to the light industries, including manufacturing, logistics, and warehousing, skilled trades’ people, and general laborers to commercial construction industries.

 

As of December 31, 2011, the Company was considered to be in the development stage as defined by ASC 915 “Development Stage Entities”. During the nine months ended September 30, 2012, the Company ceased to be a development stage company as it has established its temporary staffing service and planned principal operations have commenced.

XML 17 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREPAID (Details Narrative) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Accounting Policies [Abstract]    
Prepaid expenses $ 79,162 $ 13,119
XML 18 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
FACTORING AGREEMENT (Details Narrative) (USD $)
Sep. 30, 2012
Notes to Financial Statements  
Fees of RIVIERA FINANCE $ 99,120
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XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN
9 Months Ended
Sep. 30, 2012
Development Stage Enterprises [Abstract]  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company requires capital for its contemplated operational and marketing activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. Accordingly, the Company had a net loss of $108,073 for the nine months ended September 30, 2012. Additionally, the operating activities of the Company used $249,160 net cash during the same nine month period. The obtainment of additional financing and increasingly profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 75,000,000 75,000,000
Common Stock, Shares Issued 16,045,000 16,070,000
Common Stock, Shares Outstanding 16,045,000 16,070,000
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
FACTORING AGREEMENT (Tables)
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Details factoring agreement
    Receivables Factored  

Reserve

Deposit

  Fees   Administrative Charges
September 30, 2012   $ 311,875   $ 35,146   $ 99,120   $ -
December 31, 2011   $ 20,162   $ 1,026   $ -   $ -
XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
9 Months Ended
Sep. 30, 2012
Oct. 23, 2012
Document And Entity Information    
Entity Registrant Name Labor Smart, Inc.  
Entity Central Index Key 0001522469  
Document Type 10-Q  
Document Period End Date Sep. 30, 2012  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   16,757,000
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS (Tables)
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future minimum lease commitments
Period ending September 30, 2012 $ 21,360
  2013 71,290
  2014 45,686
  2015 10,858
    $ 149,194
XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (Unaudited) (USD $)
3 Months Ended 4 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2011
Sep. 30, 2012
Income Statement [Abstract]        
Revenues $ 2,152,243       $ 5,046,283
Cost of services 1,776,081       4,193,813
Gross profit 376,162       852,470
Operating expenses        
Professional fees 87,104 18,400 18,400 100,964
Payroll expenses 184,081       345,707
General and administrative fees 169,326       383,311
Total operating expenses 440,511 18,400 18,400 829,982
Operating income (loss) (64,349) (18,400) (18,400) 22,488
Other expenses        
Interest expense (15,963)       (28,915)
Financing costs (2,526)       (2,526)
Loss on sale of receivables (51,751)       (99,120)
Total other expenses (70,240)       (130,561)
Net loss (134,589) (18,400) (18,400) (108,073)
Other comprehensive income, net of tax:        
Unrealized gain on marketable securities 2,989       711
Other comprehensive income 2,989       711
Comprehensive loss $ (131,600) $ (18,400) $ (18,400) $ (107,362)
Basic loss per common share $ (0.01) $ 0.00 $ 0.00 $ (0.01)
Basic weighted average common shares outstanding 16,328,424 14,530,943 15,710,000 16,140,164
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
FACTORING AGREEMENT
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
FACTORING AGREEMENT

NOTE 7 – FACTORING AGREEMENT

 

The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s sales. Receivables are factored at a rate of 85% of the invoice face value on accepted accounts up to $500,000. A reserve of 8% of the invoice face value is held by RIVIERA FINANCE in case of customer disputes. Fees charged by RIVIERA FINANCE are 2% of the unpaid invoice face value for the first 25 days after the factored date and 0.8% of the invoice face value for every ten days thereafter up to a total of 7%, including the initial 2%. Administrative charges based on various rates are charged on the gross face amount of all accounts with minimum fees as defined in the agreement. The following table details the amounts of the factoring agreement as of September 30, 2012 and December 31, 2011.

 

    Receivables Factored  

Reserve

Deposit

  Fees   Administrative Charges
September 30, 2012   $ 311,875   $ 35,146   $ 99,120   $ -
December 31, 2011   $ 20,162   $ 1,026   $ -   $ -

 

The reserve deposit is included in other current assets within the balance sheets. Fees or charges billed by RIVIERA FINANCE as of September 30, 2012 and December 31, 2011 are $99,120 and $ nil, respectively.

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREPAID
9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
PREPAID

NOTE 6 – PREPAID

 

As of September 30, 2012 and December 31, 2011, the Company had prepaid expenses of $79,162 and $13,119, respectively. Prepaid expenses consist of $9,573 in prepaid lease payments, $5,108 in prepaid insurance premiums, and $64,481 in stock based prepaid services.

XML 28 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
FACTORING AGREEMENT - Details factoring agreement (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Notes to Financial Statements    
Receivables Factored $ 311,875 $ 20,162
Reserve Deposit 35,146 1,026
Fees 99,120   
Administrative Charges      
XML 29 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN (Details Narrative) (USD $)
4 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2012
Development Stage Enterprises [Abstract]    
Net loss $ (18,400) $ (108,073)
Net cash used in operating activities   $ 249,160
XML 30 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

On October 1, 2012, the Company issued 57,000 shares of common stock with a fair market value of $0.50 per share in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.

 

On October 2, 2012, the Company received the remaining fund of $80,000 for the Convertible Promissory Note that the Company had entered into with Evolution Capital, LLC on September 20, 2012.

 

On October 9 and October 31, 2012, the Company repaid $17,000 and $7,000 in loans advanced by an officer of the Company. The loan was paid without interest. An aggregate total of $24,000 in advances were repaid.

 

On October 17, 2012 the Company issued 30,000 shares of common stock with a cost basis of $0.49 per share and 30,000 stock options with an exercise price of $0.50 per share, expiring on October 12, 2022 in conjunction with the Form S-8 Registration Statement as filed on July 13, 2012.

XML 31 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONVERTIBLE PROMISSORY NOTE
9 Months Ended
Sep. 30, 2012
Payables and Accruals [Abstract]  
CONVERTIBLE PROMISSORY NOTE

NOTE 8 – CONVERTIBLE PROMISSORY NOTE

 

On September 20, 2012, the Company entered into a Convertible Promissory Note with Evolution Capital, LLC., (the ‘Holder’) in the original principle amount of $130,000 bearing a 12% annual interest rate and maturing June 20, 2013. This convertible note together with any unpaid accrued interest is convertible into shares of common stock at the holder’s option at a variable conversion price calculated as 50% of the market price which means the average of the lowest three trading prices during the ten trading day period ending on the latest complete trading day prior to the conversion date. As of September 30, 2012, we received gross proceeds of $50,000, which was net of original issue discount of $50,000. Additionally, as of September 30, 2012, $2,160 of the discount has been amortized.

XML 32 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS

NOTE 9 – COMMITMENTS

 

On November 12, 2011, the Company entered into a three year lease agreement with VFC Properties 8, LLC to rent office space at 1166 Franklin Road, Suite 5 for the Company’s Marietta, GA operations. Minimum monthly lease payments equal $1,083.

 

On November 12, 2011, the Company entered into a single year lease agreement with Brothers Investments, Inc. to rent office space at 427 Lafayette Street for the Company’s Nashville, TN operations. Minimum monthly lease payments equal $2,250.

 

On December 9, 2011, Labor Smart, Inc. entered into a two year lease agreement with Cleanstar National, Inc. to rent office space at 44 Darby’s Crossing Drive, Suite 116 for the Company’s corporate operations. Minimum monthly lease payments total $650.

 

On January 26, 2012, the Company entered into a three year lease agreement with Hull 2000 WS2, LLC, commencing February 1, 2012, to rent office space at the Windsor Square Two Shopping Center, Augusta for the Company’s GA operations. Monthly lease payments, including CTI, are $1,244. The Company has the option to extend the lease for an additional three years at an increased monthly lease payment of $1,530.

 

On March 29, 2012, the Company entered into a three year lease agreement with Phillips Holding, LP, commencing April 1, 2012, to rent office space at Wade Hampton Square for the Company’s SC operations. Minimum monthly lease payments total $1,600. The Company has the option to extend the lease for an additional three years.

 

On April 25, 2012, the Company entered into a three year lease agreement with Molay, Inc. commencing May 1, 2012, to rent office space at 430 Greensprings Highway for the Company’s AL operations. Minimum monthly lease payments total $1,132. The Company has the option to extend the lease for an additional three years at an increased monthly lease payment of $1,232.

 

The following table is a schedule of future minimum lease commitments for the Company:

 

 Period ending September 30,    2012   $21,360 
      2013    71,290 
      2014    45,686 
      2015    10,858 
          $149,194 

Rent expense for the nine months ended September 30, 2012 and from inception (May 31, 2011) to September 30, 2011 was $67,227 and $ nil, respectively.

XML 33 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These financial statements are presented in United States dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company has adopted a December 31 fiscal year end.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC (“ASC 820-10”), fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

The three levels of the fair value hierarchy are described below:

 

  Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
  Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;
  Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

Pursuant to ASC 825, the fair value of cash and marketable securities is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of cash, accounts receivables, marketable securities, accounts payable and accrued liabilities, and notes payable approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

 

Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of June 30, 2012 and December 31, 2011as follows:

 

  Fair Value Measurements as of June 30, 2012 Using:
    Total Carrying Value as of     Quoted Market Prices in Active Markets     Significant Other Observable Inputs     Significant Unobservable Inputs
    06/30/12     (Level 1)     (Level 2)     (Level 3)
Assets:                      

 

Equity securities

$ 6,662   $ 6,662    $   $
Total $ 6,662   $ 6,662    $   $

 

  Fair Value Measurements as of December 31, 2011 Using:
    Total Carrying Value as of     Quoted Market Prices in Active Markets     Significant Other Observable Inputs     Significant Unobservable Inputs
    12/31/10     (Level 1)     (Level 2)     (Level 3)
Assets:                      

 

Equity securities

$ 0   $   $   $

 

Total

$ 0   $   $   $

 

 

 

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value.

Income Taxes

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with FASB ASC 740-10, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not.

Revenue Recognition

Revenue Recognition

The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Amounts invoiced or collected in advance of product delivery or providing services are recorded as deferred revenue. The Company accrues for sales returns, bad debts, and other allowances based on its historical experience.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of costs incurred to obtain debt financing, including legal fees, origination fees and administration fees. Costs associated with the Convertible Promissory Note are deferred and amortized in our accompanying statement of operations using the straight-line method, which approximates the effective interest method, over the terms of the respective financing instrument.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company, and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Factoring Agreement and Accounts Receivable

Factoring Agreement and Accounts Receivable

The Company has a month to month financing agreement with RIVIERA FINANCE that includes a non-recourse factoring arrangement that provides notification factoring on substantially all of the Company’s sales. RIVIERA FINANCE, based on credit approved orders, assumes the accounts receivable risk of the Company’s customers in the event of insolvency or non-payment. All other receivable risks for customer deductions that reduce the customer receivable balances are retained by the Company, including, but not limited to, allowable customer markdowns, disputes, and discounts. The Company assumes the risk on accounts receivable not factored to RIVIERA FINANCE, which is shown as accounts receivable on the accompanying balance sheets.

Earnings per share

Earnings per share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.

XML 34 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY (Details Narrative) (USD $)
Sep. 27, 2012
Sep. 19, 2012
Aug. 13, 2012
Jul. 20, 2012
Mar. 12, 2012
Mar. 08, 2012
Mar. 05, 2012
Feb. 20, 2012
Feb. 06, 2012
Jan. 19, 2012
Jan. 11, 2012
Dec. 03, 2011
Nov. 09, 2011
Related Party Transactions [Abstract]                          
Company issued a promissory note to the President for exchange of amount         $ 10,000 $ 45,000 $ 15,000 $ 15,000 $ 25,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000
Interest per annum         10% 10% 10% 10% 10% 10% 10% 10% 10%
Repaid amount of advance loans $ 4,000 $ 16,000 $ 15,000 $ 15,000                  
XML 35 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS (Details Narrative) (USD $)
4 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2012
Nov. 12, 2012
Apr. 25, 2012
Mar. 29, 2012
Jan. 26, 2012
Dec. 09, 2011
Commitments and Contingencies Disclosure [Abstract]              
Minimum monthly lease payments for GA operations     $ 1,083        
Minimum monthly lease payments for TN operations     2,250        
Minimum monthly lease payments for corporate operations             650
Monthly lease payments, including CTI           1,244  
Minimum monthly lease payments for SC operations         1,600    
Minimum monthly lease payments for AL operations       1,132      
Rent expense    $ 67,227          
XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
4 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2012
Cash flows from operating activities:    
Net loss $ (18,400) $ (108,073)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Shares issued for services    56,501
Non-cash financing costs    4,891
Amortization of debt discount    2,160
Changes in operating assets and liabilities:    
Increase in off-balance sheet receivable factoring    311,875
(Increase) in accounts receivables    (1,014,070)
Decrease in prepaid expense 15,000 19,476
(Incresae) in prepaid financing costs   (9,634)
(Increase) in other assets    (41,717)
Increase in accounts payable    17,158
Increase in accrued liabilities    120,434
Increase in payroll taxes payable    355,181
Increase in other liabilities    26,658
Net cash used by operating activities (3,400) (259,160)
Cash flows from investing activities:    
Purchase of marketable securities    (5,951)
Net cash used by investing activities    (5,951)
Cash flows from financing activities:    
Proceeds from common stock 6,700   
Proceeds from notes payable   50,000
Payments on notes payable - related party    (60,000)
Proceeds from notes payable - related party    210,000
Net cash provided by financing activities 6,700 200,000
Net change in cash 3,300 (65,111)
Cash, beginning of period 10,700 65,111
Cash, end of period 14,000   
Supplemental information    
Interest paid in cash      
Taxes paid in cash      
Non-cash interest and financing activities    
Warrants issued as part of deferred finance costs    128,630
Shares issued for prepaid services    $ 85,519
XML 37 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
RELATED PARTY

NOTE 5 – RELATED PARTY

 

On November 9, 2011, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on November 9, 2012.

 

On December 3, 2011, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on December 3, 2012.

 

On January 11, 2012, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on January 11, 2013.

 

On January 19, 2012, the Company issued a promissory note to the Company’s President in exchange for $50,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on January 19, 2013.

 

On February 6, 2012, the Company issued a promissory note to the Company’s President in exchange for $25,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on February 6, 2013.

 

On February 20, 2012, the Company issued a promissory note to the Company’s President in exchange for $15,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on February 20, 2013.

 

On March 5, 2012, the Company issued a promissory note to the Company’s President in exchange for $15,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on March 5, 2013.

 

On March 8, 2012, the Company issued a promissory note to the Company’s President in exchange for $45,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on March 8, 2013.

  

On March 12, 2012, the Company issued a promissory note to the Company’s President in exchange for $10,000 in cash. The note is unsecured, bears interest at 10% per annum, and matures on March 12, 2013.

 

On July 20 and August 13, 2012, the Company repaid $15,000 and $15,000, respectively, in loans advanced by an officer of the Company. On September 19 and September 27, 2012, the Company repaid $16,000 and $4,000, respectively, in loans advanced by an officer of the Company. The loan was repaid without interest. An aggregate total of $60,000 in advances were repaid.

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SUBSEQUENT EVENTS (Details Narrative) (USD $)
Oct. 17, 2012
Oct. 09, 2012
Oct. 02, 2012
Oct. 01, 2012
Sep. 30, 2012
Aug. 31, 2012
Jul. 13, 2012
Dec. 31, 2011
Subsequent Events [Abstract]                
Common stock shares issued 30,000     57,000 16,045,000     16,070,000
Fair market value per share       $ 0.50   $ 0.20 $ 0.20  
Rreceived remaining fund for the Convertible Promissory Note     $ 80,000          
Repaid loans advanced   $ 17,000            
Cost basis per share $ 0.49              
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STOCKHOLDERS' EQUITY (Details Narrative) (USD $)
Oct. 01, 2012
Sep. 30, 2012
Sep. 20, 2012
Aug. 31, 2012
Jul. 13, 2012
Jul. 12, 2012
Dec. 31, 2011
Accounting Policies [Abstract]              
Common stock shares authorized   75,000,000         75,000,000
Common stock shares par value   $ 0.001          
Shares issued and outstanding   16,670,000     16,045,000    
Shares issued in conjunction with Form S-8 Registration       500,000 25,000    
Fair market value per share $ 0.50     $ 0.20 $ 0.20    
Aggregate common stock shares           100,000  
Strike price per share           $ 0.50  
Risk free interest     2.53%     0.83%  
Expected volatility     157%     148%  
Expected life     10 years     5 years  
Warrants value     $ 133,521     $ 17,020  
Restricted shares issued       100,000      
Issued warrants to purchase shares of common stock     $ 300,000        
Exercise price per share     $ 0.40        
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