10-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the fiscal year ended February 28, 2014

[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from ___________ to ___________

Commission file number: 000-54211

FUTURA PICTURES, INC.

(Name of small business issuer in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	56-2495218 (IRS Employer Identification No.)
17337 Ventura Boulevard, Suite 312, Encino, California (Address of principal executive offices)	91316 (Zip Code)

(818) 784-0040

(Issuer's telephone number)

Securities registered under Section 12(b) of the Exchange Act:

Title of each class registered:  None                   Name of each exchange on which registered:  None

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, par value $.0001

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No  X

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes No  X

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 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

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☐	Accelerated filer  ☐
Non-accelerated filer  ☐  (Do not check if smaller reporting company)	Smaller reporting company  ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)

Yes No  X

Approximate aggregate market value of the registrant’s common stock held by non-affiliates as of February 28, 2014, based upon the last sale price reported for such date on the OTC Bulletin Board was $146,700

At May 29, 2014, the registrant had 1,599,750 shares of Common Stock, $.0001 par value, issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

CONTENTS
			PAGE
PART I
	Item 1.	Description of Business	5
	Item 2.	Description of Property	11
	Item 3.	Legal Proceedings	11
	Item 4.	Mine Safety Disclosures	11
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities	12
	Item 6.	Select Financial Data	12
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
	Item 7A	Quantitative and Qualitative Disclosures About Market Risk	15
	Item 8.	Financial Statements and Supplementary Data	16
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	27
	Items 9A.	Controls and Procedures	27
	Item 9B.	Other Information	28
PART III
	Item 10.	Directors, Executive Officers, and Corporate Governance	28
	Item 11.	Executive Compensation	30
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	31
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	31
	Item 14.	Principal Accountant Fees and Services	32
PART IV
	Item 15.	Exhibits and Financial Statement Schedules	33
SIGNATURES			34

3

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This fiscal 2014 Annual Report on Form 10-K, including the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business,” contains “forward-looking statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources.  These forward-looking statements include, without limitation, statements regarding: proposed new products or services; our statements concerning litigation or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business, financial and operating results and future economic performance; statements of management’s goals and objectives; trends affecting our financial condition, results of operations or future prospects; our financing plans or growth strategies; and other similar expressions concerning matters that are not historical facts.  Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to:

● our inability to raise additional funds to support operations and capital expenditures;

● our inability to achieve greater and broader market acceptance of our products and services in existing and new market segments;

● our inability to successfully compete against existing and future competitors;

● our inability to manage and maintain the growth of our business;

● our inability to protect our intellectual property rights; and

● other factors discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business.”

Forward-looking statements speak only as of the date they are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws.  If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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Item 1.  Description of Business

(a) Corporate Background and History

We were incorporated in the State of Delaware on December 10, 2003.  From the date of incorporation through December 2007 the sole component of our business plan called for the producing and co-financing of motion pictures whose production budgets are estimated to range between $500,000 and $1,500,000, produced solely for distribution to the domestic and international home video markets.

As a result of not being able to raise the necessary funds to either co-finance or produce any motion pictures, management changed the Company’s business plan to that of producing and distributing self- improvement/educational DVDs and workforce training programs. The major reason for this decision was that the funds needed to produce or acquire self- improvement/educational DVDs and workforce training programs are substantially less than required for the production of motion pictures. During the next 12 months we will be seeking to produce, or acquire more “self-improvement/educational” DVDs, and to expand our library of training programs.

In November 2008, the Company commenced the production of a 47 minute “self-improvement/educational” DVD entitled, “The 5 Communication Secrets That Swept Obama to the Presidency.” The DVD uses video examples of President Barack Obama’s most memorable speeches to illustrate five essential secrets of effective public and personal communication.  International communication analyst and coach Richard Greene hosts the DVD and instructs in the system of communication techniques he created. The DVD was completed in February 2009, and is being sold and marketed to individuals via the internet and through distributors specializing in the sale of product to the educational market, i.e. libraries, universities etc. Additionally, the Company created a “Business Edition” version of the DVD. This version includes the 47 minute DVD, along with a Leader Guide, Participant workbook, and Power Point presentation. It is being marketed both domestically and internationally by distributors to organizations for the training of their personnel in communication skills.

Effective January 1, 2011, pursuant to an Asset Transfer, Assignment and Assumption Agreement, we acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business.  Among the assets we acquired in the transaction described above are fourteen training video programs including: Twelve Angry Men: Teams That Don't Quit.  The video is based on the classic film starring Henry Fonda and utilizes 12 minutes of clips from the film, The Cuban Missile Crisis: A Case Study in Decision Making and Its Consequences.  This video is based on the decision making process of President Kennedy and his Cabinet during the Cuban missile crisis, It’s a Wonderful Life: Leading Through Service, features film clips from the classic motion picture It’s a Wonderful Life, starring Jimmy Stewart, along with on-camera commentary by Dr. Wheatley, How Do You Put A Giraffe Into A Refrigerator?  an animated short that is used as a meeting opener to stimulate the thinking of the participants, Character in Action: The United States Coast Guard on Leadership. This video demonstrates the highest qualities of leadership, and how to apply them, using the example of the United States Coast Guard.  Additionally, we acquired the best-selling and critically acclaimed training video entitled Work Teams and The Wizard of Oz.

In addition to the assets listed above, we acquired a website, www.advancedknowledge.com for the online sale and marketing of our products. We market and sell all our training programs and self-improvement DVDs under the Company’s dba Advanced Knowledge.

Since the acquisition mentioned above we have worked to expand both our domestic and foreign distributor network. We have succeeded in establishing non-exclusive distribution agreements with a number of additional distributors to market and sell our product.  In many instances, we have mutual non-exclusive distribution agreements to market/distribute their products.

During the second quarter of fiscal 2013, we completed and commenced the distribution of one new workforce training DVD. The DVD is based on the resourceful teamwork during the successful Chilean mine rescue. In the beginning of the third quarter of fiscal 2013, we completed and commenced the distribution of a second DVD that teaches the extraordinary elements of teamwork employed by the Navy’s world renowned Blue Angel flight demonstration team. During the first quarter of fiscal 2014, we produced and commenced distribution of 2 four minute inspirational meeting openers entitled “Fall Seven Times, Stand Up Eight.” The video uses quotes, pictures and video clips of world renowned personalities including: Winston Churchill, Steve Jobs, Oprah Winfrey and Michael Jordan., and Diana Nyad: The Power of Persistence. which demonstrates the incredible persistence in achieving her goal of swimming from Cuba to Florida.

We anticipate producing one or two additional inspirational meeting openers during fiscal 2015.

(b) Description of Business

As stated earlier, our initial business plan called for the co-financing or producing of motion pictures whose production budgets are estimated to range between $500,000 and $1,500,000, produced solely for distribution to the domestic and international home video markets. As a result of not being able to raise the necessary funds to either co-finance or produce any motion pictures, management altered the Company’s business plan to that of producing and distributing self- improvement/educational DVDs and workforce training programs. During the next 12 months we will be seeking to produce, or acquire more “self-improvement/educational” DVDs, and to expand our library of workforce training programs. 

WORKFORCE TRAINING INDUSTRY OVERVIEW

General

Except where specifically indicated, the following industry views and analysis are based on management's interpretations and beliefs resulting from their experience in the production, sales and marketing of workforce training videos, and their attendance at industry events such as the annual American Society for Training & Development (ASTD) meeting where industry trends are discussed.

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According to the Annual Industry Report published by Nielsen Business Media in its November/December 2013 issue of its industry publication, TRAINING MAGAZINE:

● Approximately $55.4 billion was spent for training in 2013 by U.S. organizations with 100 or more employees. This compares to approximately $55.8 billion total industry spending in 2012.  These figures were calculated by projecting the average training budget to a weighted universe of companies, using the Dun & Bradstreet counts of U.S. organizations with more than 100 employees. Training payroll increased substantially, from $36.4 billion to $39.9 billion, but spending on outside products and services decreased significantly from $7.4 billion in 2012 to 5.7 billion in 2013. As we are a provider of outside products in the form of training videos, this significant decrease in spending has a negative effect on our revenues.   Average training expenditures for large companies, (10,000 or more employees), increased from $11.3 million in 2012 to $17.6 million in 2013. Midsize companies, (1,000-9,999 employees), expenditures decreased (from $2.0 million to $1.2 million, while expenditures for small organizations, (100-999 employees), increased slightly from $294,532 to $301,082. Some 34 percent of organizations said they increased staff from the year before (up from 29 percent in 2012), while 48 percent said the level remained the same (down from 51 percent in 2012). Some 18 percent said it was lower, vs. 20 percent in 2012.

● $5.7 billion of that $55.4 billion was spent on outside providers of products and services in 2013. This continues a significant downward trend from $9.1 billion in 2011, and 7.4 billion in 2012. The 3.4 billion reduction over a 2 year period is consistent with the overall reduction of corporate spending for training. These products and services include "off-the-shelf" materials (our videos and work books are included in this category). Management feels that the decline in expenditures for outside products and services is a result of general economic conditions causing corporations to reduce their training expenditures by less use of outside consultants, and increasingly more utilization of in-house developed training materials.

"Soft-Skill" training and Information Technology training represent the industry's two major distinct sources of revenue. Soft-Skill training includes management skills/development, supervisory skills, communication skills, new methods and procedures, customer relations/services, clerical/secretarial skills, personal growth, employee/labor relations, and sales. Information Technology training includes client/server systems, internet/intranet technologies, computer networks, operating systems, databases, programming languages, graphical user interfaces, object-oriented technology and information technology management.

Training Video Production

The process of producing training videos is comprised of three stages. They are: (a) pre-production, (b) principal photography, and (c) post production. Budgets for the production of these programs can vary widely as there are a number of factors that contribute to the production budget. Included among these factors are the number of locations and sets, the size of the cast and crew, the amount paid to the on-camera host, and the quality of the post production process.  In many cases production budgets range from a low of $50,000 to a high of $150,000.

Historically, approximately 25% to 30% of our revenue was derived from the sale of training videos produced by other companies. However, during fiscal years ended February 28, 2014 and 2013, due to our lack of cash resources we operated without any sales personnel. As a result, the Company derived minimal revenue from the sale of third party videos during fiscal 2013; during fiscal 2014 the Company had one unusually large sale of third party videos, and as a result the percentage of third party video sales increased back to 21% for the year ended February 28, 2014. If our cash resources permit we hope to employ one or two sales personnel during fiscal 2015, which should result in a higher portion of our revenue being derived from the sale of videos produced by other companies. Most producer/distributors enter into non-exclusive sub-distribution agreements with other industry distributors to market and sell their videos. Additionally, there are many independent producers who produce one or two videos a year. These independent producers then enter into distribution agreements for the marketing and sale of their videos. Such agreements are usually on a royalty basis, and may include an advance against royalties.

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The Soft Skill Training Market

There are over thirty different specific soft-skill training subjects utilized by organizations to increase employee productivity and awareness. Among the top ten subjects are: new-employee orientation, leadership, sexual harassment, new-equipment orientation, performance appraisals, team-building, safety, problem-solving/decision-making, train-the-trainer, and product knowledge.

We have produced and are marketing training videos that address a number of the above mentioned soft-skill categories. These videos address such categories as leadership, team-building, and problem solving/decision-making. These three categories match the focus of the videos in our current library.

The Information Technology Market

To date, we have not produced any training programs for the information technology market. For the foreseeable future we do not anticipate producing products for this segment of the market due to the cost of producing such products. Therefore, no discussion of the Information Technology market is included in this report. 

Products and Services

During fiscal 2014 we devoted our limited resources to the distribution of workforce training videos. During the second quarter of fiscal 2013, we completed and commenced the distribution of one new workforce training DVD. The DVD is based on the resourceful teamwork during the successful Chilean mine rescue. In the beginning of the third quarter of fiscal 2013, we completed and commenced the distribution of a second DVD that teaches the extraordinary elements of teamwork employed by the Navy’s world renowned Blue Angel flight demonstration team. During fiscal 2014, we produced and commenced distribution of a four minute inspirational meeting opener entitled “Fall Seven Times, Stand Up Eight.” The video uses quotes, pictures and video clips of world renowned personalities including: Winston Churchill, Steve Jobs, Oprah Winfrey and Michael Jordan., we also produced another meeting opener entitled, Diana Nyad: the Power of Persistence. Using Ms. Nyad’s quotes and photos, this four minute meeting opener relates the incredible persistence in achieving her goal of swimming from Cuba to Florida.We anticipate producing one or two additional inspirational meeting openers during fiscal 2015.

Accompanying each of the videos is a workbook that is designed to be given to all employees participating in the training program. These workbooks are written for us by training professionals and serve to reinforce and enhance the lasting effectiveness of the video.

Training videos typically have a running time of 20 to 35 minutes. The price range for training videos is from a low of $295 to over $895 per video. Except for our video entitled HOW DO YOU PUT A GIRAFFE INTO A REFRIGERATOR?, which is used as a short 3 minute meeting opener, the videos we acquired fall within the 25 to 35 minute running time range and are sold within the price range mentioned above. The wide variance in the pricing structure is due to such factors as quality of production, on-camera personalities, source of material, sophistication of graphics, and accompanying reference materials. To date, our strategy has been to concentrate on producing high caliber videos utilizing elements and production values that will generate sales at the higher end of the price range, where profit margins are greater.

The price differential between a corporate training video and a standard consumer video is justified by the fact that an organization will purchase a video and utilize it to train hundreds of employees over many years.

Sales and Marketing

As stated earlier, the Company's business is conducted under the dba Advanced Knowledge. Accordingly, all of our marketing and sales materials incorporate the Advance Knowledge name and logo. In the past, the sale of management and general workforce training videos involved direct mail solicitation, preview request fulfillment, and telemarketing. As the cost of direct mail has increased dramatically, we now mostly rely on telemarketing and email to contact prospective customers. In addition, we market and distribute our work force training videos via our web site at www.advancedknowledge.com. It has been our experience that most professional trainers will not purchase a training video until they have previewed it in its entirety, affording them an opportunity to evaluate the video's applicability to their specific objective and to judge its effectiveness as a training tool. We no longer ship preview copies to customers. All our programs, as well as other producer’s programs are available for preview through the internet. This method results in a significant savings.

7

DIRECT MAIL

As a result of our clients’ preference for receiving product information on-line, along with the cost saving, we have almost completely abandoned the use of direct mail solicitation.

COMPANY WEBSITE

Our experience during the past few years has been that increasingly corporate training managers and others responsible for the purchase of training videos are utilizing the internet to research and make their purchases. As a result, we anticipate spending available funds to upgrade our website’s functionality by improving its overall design, and by broadening the website's database to include more content information on most videos, increase the website's search capabilities, and to generally make the website more user friendly.

COMPETITION

The workforce training industry is highly fragmented, with low barriers to entry and no single competitor accounting for a dominant market share. Among our competitors are companies such as Media Partners Corp., the LearnCom Corporation, Coastal Training Technologies, and CRM Learning. Many of our competitors have a competitive edge, as demonstrated by the fact that these companies were able to spend significantly more money for the production, and marketing of new videos. Additionally, we compete with the internal training departments of companies and other independent education and training companies.

INTERNAL TRAINING DEPARTMENTS

As reflected in Training Magazine’s annual report, reliance on providers of outside products and services has significantly declined during the past 2 years. This is a result of organizations, in an effort to save money, producing training material in-house, rather than outsourcing their requirements. We anticipate this trend to continue, and have a negative effect on future revenues.

8

Independent Training Providers

Our experience has revealed that independent training providers range in size and include publishers of texts, training manuals and newsletters, as well as providers of videos, software packages, training programs, and seminars.

As a result of the need for external training products and services, many large corporations have entered the field by establishing corporate training divisions. Among the larger competitors are: Times Mirror Corporation; Sylvan Learning Systems, Inc.; Berkshire Hathaway; and Harcourt General. Additional competitors currently producing training products include Blanchard Training & Development, Career Track, American Media, Pfeiffer & Company, CRM Films, Charthouse International, and Learning Works. In all cases, the companies listed above have established credibility within the training industry and, compared to us, have substantially greater name recognition and greater financial, technical, sales, marketing, and managerial resources.

The workforce training market is characterized by significant price competition, and we expect to face increasing price pressures from competitors as company training managers demand more value for their training budgets. There can be no assurance that we will be able to provide products that compare favorably with workforce instructor-led training techniques, interactive training software or other video programs, or that competitive pressures will not require us to reduce our prices significantly.

Summary

It is our belief that these foregoing factors have resulted in an increase in training requirements for employees who must perform new job functions or multiple job tasks that require knowledge of varied software applications, technologies, business specific information, and other training topics. Furthermore, since we believe that many businesses use hardware and software products provided by a variety of vendors, their information technology professionals require training on an increasing number of products and technologies which apply across vendors, platforms and operating systems.

“EDUCATIONAL/SELF-IMPROVEMENT” DVD PRODUCTION

The process of producing “Self-improvement” DVDs is comprised of the same stages of production as outlined above for the production of training videos. They are: (a) pre-production, (b) principal photography, and (c) post production.  We anticipate that the budgets for the production of these DVDs will range between $50,000 and $100,000.

The Self Improvement Market

Products and services within the industry are mainly comprised of: books, audiotapes, CDs, DVDs, seminars and workshops, infomercials, catalogs, and lectures. Among the topics covered by these products are: inspirational/motivational, losing weight, leadership, sales skills, improving relationships, gaining financial independence/money making opportunities, exercise programs or equipment, stress management, memory improvement, and speed reading.

According to Marketdata’s report the self-improvement market is largely comprised of female customers, especially for programs related to relationships, weight loss, exercise, spirituality and Far Eastern topics. Seventy percent of self-improvement book buyers and seminar participants are women. For men, the market is concentrated primarily on business and organizational skills improvement, and money making opportunities like real estate investment or stock trading systems. Programs related to stress management and relaxation techniques are more broad-based, applicable to both sexes. A substantial share of our customers is located on the two coasts of the United States. California is especially receptive to “new age” topics, Far Eastern disciplines, holistic and alternative health care.

Customers

We market our DVDs, and will market any future self-improvement/educational DVDs that we may produce, through several distribution channels to individuals seeking to improve their professional skills and personal qualities, educational institutions, i.e. libraries and universities for teaching purposes, and to organizations for employee training. Our current distribution channels are comprised of a network of both domestic and international distributors.

9

Product

During fiscal 2013 and fiscal 2014, we produced and commenced the distribution of four new workforce training DVDs. These DVDs include “Chilean Mine Rescue: The Unstoppable Team.,” which is based on the resourceful teamwork during the successful Chilean mine rescue. The second DVD produced during this period, entitled, “The Power of Teamwork” teaches the extraordinary elements of teamwork employed by the Navy’s world renowned Blue Angel flight demonstration team. The other 2 DVDs are four minute inspirational meeting openers entitled “Fall Seven Times, Stand Up Eight,” and “Diana Nyad: The Power of Persistence.” “Fall Seven Times, Stand Up Eight,” uses quotes, pictures and video clips of world renowned personalities including: Winston Churchill, Steve Jobs, Oprah Winfrey and Michael Jordan.”Diana Nyad: The Power of Persistence.” demonstrates the incredible persistence in achieving her goal of swimming from Cuba to Florida.

Sales and Distribution

US Sales and Distribution

In addition to our own marketing and sales efforts, our training programs are marketed and sold by a network of over 35 domestic and international sub-distributors. Among the domestic distributors selling our programs are: CRM Learning, Media Partners, Coastal-Dupont Distribution, Business Training Library, Skillsoft, Learn Com, Training ABC, EBSCO Publishing, and Mastery Technologies. Among our international sub-distributors are: Video Arts in England, RG Training in Canada, Peliculas Mel in Mexico, Multi Media in India, Siamar in Brazil, and Learning Resource Solutions in Hong Kong.

Competition

Both the educational/self-improvement and the personnel training industries are comprised of numerous large, mid-sized, and small independent production companies. Many of these companies have access to vast financial resources. Additionally, they have established long standing relationships with talent and distribution outlets throughout the world.

Some of the companies in the these industries have been operating since the 1930s, while others have just recently become popular by virtue of a best- selling book/DVD.

10

Item 1A. Risk Factors

Not applicable because the Company is a smaller reporting company.

Item 2.  Description of Property

Through August 2012, we had been leasing a 750 square feet office space from Encino Gardens LLC, an unaffiliated third party, on a month-to-month basis for $900 per month. In September 2012, we terminated that agreement and signed a new six month lease with Encino Gardens for a smaller office space, consisting of a total of approximately 450 square feet, for $600 per month; on February 28, 2013 that lease converted to a month-to-month basis for $650 per month. In January 2014, the Company terminated their prior month-to-month lease and moved to a smaller office space under a verbal month-to-month sub-lease agreement, consisting of a total of approximately 350 square feet, for $400 per month, located at 17337 Ventura Boulevard, Suite 312 Encino, California 91316.

Total rent expense was $6,800 and $9,000 for the year ended February 28, 2014 and February 28, 2013, respectively.

Item 3.  Legal Proceedings

As of the date hereof, we are not a party to any material legal proceedings, and we are not aware of any such claims being contemplated against us.

Item 4.  Mine Safety Disclosures

Not Applicable.

11

PART II

Item 5.  Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock has been quoted on the OTC Bulletin Board under the symbol “FTPR” since January 28, 2011.

	High		Low
Year Ended February 28, 2014
1st Quarter	$	0.65	$	0.41
2nd Quarter		0.80		0.41
3rd Quarter		0.80		0.35
4th Quarter		0.35		0.35
Year Ended February 28, 2013
1st Quarter	$	1.20	$	1.20
2nd Quarter		1.20		1.01
3rd Quarter		1.01		1.01
4th Quarter		1.01		0.55

Holders

As of February 28, 2014, we have 1,599,750 shares of common stock issued and outstanding held by approximately 57 shareholders of record.  We currently have no outstanding options or warrants for the purchase of our common stock and have no securities outstanding which are convertible into common stock.  We have not yet adopted or developed any plans to adopt any stock option, stock purchase or similar plan.

Common Stock

The Company’s certificate of incorporation provides for the authorization of 100,000,000 shares of common stock, $0.0001 par value.  As of February 28, 2014, 1,599,750 shares of common stock were issued and outstanding, all of which are fully paid and non-assessable.

Dividend Policy

We have not declared any cash dividends on our common stock since our inception and do not anticipate paying such dividends in the foreseeable future.  We plan to retain any future earnings for use in our business.  Any decisions as to future payments of dividends will depend on our earnings and financial position and such other facts as the board of directors deems relevant.  We are not limited in our ability to pay dividends on our securities.

Recent Sales of Unregistered Securities

None.

Item 6.  Selected Financial Data

Not applicable. 

Item 7. Management’s Discussion and Analysis or Plan of Operation

You should read this section together with our financial statements and related notes thereto included elsewhere in this report. In addition to the historical information contained herein, this report contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are not based on historical information but relate to future operations, strategies, financial results or other developments. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. Certain statements contained in this Form 10, including, without limitation, statements containing the words "believe," "anticipate," "estimate," "expect," "are of the opinion that" and words of similar import, constitute "forward-looking statements." You should not place any undue reliance on these forward-looking statements.

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You should be aware that our results from operations could materially be effected by a number of factors, which include, but are not limited to the following: economic and business conditions specific to the television and home video industries; competition from other producers of home video content; and television documentaries, our ability to control costs and expenses, access to capital, and our ability to meet contractual obligations. There may be other factors not mentioned above or included elsewhere in this report that may cause actual results to differ materially from any forward-looking information.

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's current financial resources are not considered adequate to fund its planned operations.  This condition raises substantial doubt about its ability to continue as a going concern.  The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company's continuation as a going concern currently is dependent upon timely procuring significant external debt and/or equity financing to fund its immediate and near-term operations, and subsequently realizing operating cash flows from sales of its film products sufficient to sustain its longer-term operations and growth initiatives, including its desired marketing and new potential film screenplays.

General

Effective January 1, 2011, pursuant to an Asset Transfer, Assignment and Assumption Agreement, we acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business.  Among the assets we acquired in the transaction described above are fourteen training video programs including: Twelve Angry Men: Teams That Don't Quit.  The video is based on the classic film starring Henry Fonda and utilizes 12 minutes of clips from the film, The Cuban Missile Crisis: A Case Study in Decision Making and Its Consequences.  This video is based on the decision making process of President Kennedy and his Cabinet during the Cuban missile crisis, It’s a Wonderful Life: Leading Through Service, features film clips from the classic motion picture It’s a Wonderful Life, starring Jimmy Stewart, along with on-camera commentary by Dr. Wheatley, How Do You Put A Giraffe Into A Refrigerator?  an animated short that is used as a meeting opener to stimulate the thinking of the participants, Character in Action: The United States Coast Guard on Leadership. This video demonstrates the highest qualities of leadership, and how to apply them, using the example of the United States Coast Guard.  Additionally, we acquired the best-selling and critically acclaimed training video entitled Work Teams and The Wizard of Oz.

In addition to the assets listed above, we acquired a website, www.advancedknowledge.com for the online sale and marketing of our products. We market and sell all our training programs and self-improvement DVDs under the Company’s dba Advanced Knowledge.

Since the acquisition mentioned above we have worked to expand both our domestic and foreign distributor network. We have succeeded in establishing non-exclusive distribution agreements with a number of additional distributors to market and sell our product.  In many instances, we have mutual non-exclusive distribution agreements to market/distribute their products.

During the second quarter of fiscal 2013, we completed and commenced the distribution of one new workforce training DVD. The DVD is based on the resourceful teamwork during the successful Chilean mine rescue. In the beginning of the third quarter of fiscal 2013, we completed and commenced the distribution of a second DVD that teaches the extraordinary elements of teamwork employed by the Navy’s world renowned Blue Angel flight demonstration team. Due to limited cash resources we did not produce any additional videos in the fourth quarter of fiscal 2013. During the first quarter of fiscal 2014, we produced and commenced distribution of a four minute inspirational meeting opener entitled “Fall Seven Times, Stand Up Eight.” The video uses quotes, pictures and video clips of world renowned personalities including: Winston Churchill, Steve Jobs, Oprah Winfrey and Michael Jordan. We anticipate producing one or two additional inspirational meeting openers during fiscal 2014. During the third quarter of fiscal 2014, we produced another meeting opener entitled, Diana Nyad: the Power of Persistence. Using Ms. Nyad’s quotes and photos, this four minute meeting opener relates the incredible persistence in achieving her goal of swimming from Cuba to Florida. We plan to produce another meeting opener during the second quarter of fiscal 2015.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. In consultation with our Board of Directors, we have identified two accounting policies that we believe are key to an understanding of our financial statements. These are important accounting policies that require management's most difficult, subjective judgment.

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Revenue Recognition. The Company sells videos produced by the Company, as well as videos produced by third parties. Sales are recognized upon shipment of videos to the customer or upon website download by the customer. The products sold may not be returned by the customer. Accordingly, the Company has made no provision for returns.

Non-Cash Equity Issuances. We periodically issue shares of our common stock in exchange for, or in settlement of, services. Our management values the shares issued in such transactions at either the then market value of our common stock, as determined by the Board of Directors and after taking into consideration factors such as the volume of shares issued or trading restrictions, or the value of the services received, whichever is more readily determinable.

Year Ended February 28, 2014 Compared to Year Ended February 28, 2013

Revenues

Our revenues for the year ended February 28, 2014 were $60,327. Revenues for the year ended February 28, 2013 were $62,187. This decrease in revenue resulted from less royalty earned during fiscal 2014.

The cost of revenues during the year ended February 28, 2014, were $7,726. The cost of revenues during the year ended February 28, 2013, were $4,622. The increase in the cost of revenues is due to increased sales of third party videos and therefore more payments made to purchase videos from third party producers for resale. Although there may be occasional variances, we anticipate that the cost of goods sold (excluding production costs expensed) as a percentage of total revenues will generally be approximately within the 7 to 15 percent range.

In prior fiscal years a higher portion of our revenue was generated from the sale of training videos produced by other companies with which we have distribution contracts.  The terms of these distribution contracts vary with regard to the percentage of discount that we receive. These discounts range from a low of 35% to a high of 50% of gross receipts. Due to our limited cash resources during fiscal 2013 and fiscal 2014, we were unable to retain the service of sales personnel to market programs produced by others. As a result, during fiscal 2013, minimal revenue was generated from sales of third party product; however, during fiscal 2014 the Company had one unusually large sale of third party videos, and as a result the percentage of third party video sales increased back to 21% for the year ended February 28, 2014.

Expenses

Selling, general and administrative expenses were $119,392 during the year ended February 28, 2014 as compared to $122,703 during the year ended February 28, 2013. The decrease is due to the development and marketing expense incurred during the production and initial distribution of our two training programs that were completed in fiscal 2013. 

Selling and marketing expenses were $15,656 for the year ended February 28, 2014 as compared to $22,095 for the year ended February 28, 2013. The decrease is due to the development and marketing expense incurred during the production and initial distribution of our two training programs that were completed in fiscal 2013.

During the year ended February 28, 2014, we incurred a total of $103,736 in general and administrative expenses.  This consisted primarily of $63,200 of contributed services by our CEO, Buddy Young, and $17,499 of professional fees incurred for our audited financial statements and related filings. We valued the contributed services from Buddy Young at $100 per hour. During the same period in 2013, we incurred a total of $100,608 general and administrative expenses. This consisted primarily of $41,600 of contributed services by our CEO, Buddy Young, and $31,727 of professional fees incurred for our audited financial statements and related filings.

We incurred $16,809 and $18,306 in interest expense during the years ended February 28, 2014 and February 28, 2013, respectively.  Of these amounts, $14,971 and $14,399 related to the interest charges we incur on our loan from Buddy Young in each period, respectively.  The remaining interest expense relates to a company credit card.

Plan of Operation

During the past twelve months we continued to concentrate our efforts on maximizing the revenue potential of the training programs we acquired in January 2011, by expanding our domestic and international distributor network, and to market our most recent productions “The Power of Teamwork” and “Chilean Mine Rescue: The Unstoppable Team”. Produced during fiscal 2013, “The Power of Teamwork” is based on the extraordinary elements of teamwork employed by the Navy’s world renowned Blue Angel flight demonstration team. “Chilean Mine Rescue: The Unstoppable Team,” also produced during fiscal 2013, focuses on the resourceful teamwork during the successful Chilean mine rescue. During fiscal 2014, we produced and commenced distribution of 2 four minute inspirational meeting openers entitled “Fall Seven Times, Stand Up Eight,” and Diana Nyad: The Power of Persistence. “Fall Seven Times, Stand Up Eight,” uses quotes, pictures and video clips of world renowned personalities including: Winston Churchill, Steve Jobs, Oprah Winfrey and Michael Jordan. “Diana Nyad: The Power of Persistence,” demonstrates the incredible persistence in achieving her goal of swimming from Cuba to Florida.

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Additionally, we are also continuing to license our library of training videos to sub-distributors who utilize new digital distribution platforms such as Learning Management Systems. To date, we have licensed our library to EBSCO Publishing and Mastery Technologies. Although we anticipate receiving future royalty revenue from these license agreements, we cannot predict their revenue potential.

During the past year the training of employees by many organizations has dramatically changed from the traditional method of group training using DVDs in a classroom setting, to individual training using computer based training courses. One major reason for the shift away from classroom training is the saving of money by not having the expense of bringing out of town employees to a central location. Additionally, employees can be trained while at home, thus not interfering with the workday.

While we will continue to market our existing DVD library, as a result of the above referenced trend we plan to convert and adapt many of our programs to computer based learning courses. Additionally, our efforts will continue to consist of: (a) raising funds through a private placement sale of equity, to be used for the purpose of adding to our library of programs, (b) continue to improve the functionality and visibility of our website advancedknowledge.com, (c) as financial resources permit increase revenue by hiring additional commissioned sales personnel, (d) concentrate on the further licensing of our library and (e) develop and produce new product.

We expect that cash resulting from the further sales and licensing of our existing programs, along with the funds provided to us by our president and principal shareholder, under a promissory note dated February 16, 2005, as amended, will be sufficient to fund our cash requirements to continue our efforts through fiscal 2015.

If during the next twelve months our revenue is insufficient to continue operations, and we are unable to raise funds through the sale of additional equity, or from traditional borrowing sources, we may be required to scale back our planned operations, or be forced to totally abandon our business plan and seek other business opportunities in a related or unrelated industry. Such opportunities may include a reverse merger with a privately held company. The result of which could cause the existing shareholders to be severely diluted.

Employees

As stated earlier, due to our very limited financial resources we are unable to maintain and hire sales personnel. The Company’s President, Buddy Young, along with Mel Powell, our Director of acquisitions, work on a part-time basis. Additionally, we regularly utilize the services of independent firms to handle our accounting and certain administrative matters. If and when our capital resource permits, we will hire full-time sales personnel, as well as professional and administrative employees.

Liquidity and Capital Resources

We had a cash balance of $6,855 on February 28, 2014. To date other than funds received from the sale of videos, our only other known cash resource comes from an agreement with our President and majority shareholder to fund any shortfall in cash flow up to $225,000, through December 31, 2014.  As of February 28, 2014 the balance owing on this agreement is $192,604. Payment of principal and interest is due on this loan on June 30, 2015.

We expect that cash resulting from the further sales and licensing of our existing programs, along with the funds provided to us by our president and principal shareholder, under a promissory note dated February 16, 2005, as amended, will be sufficient to fund our cash requirements to continue our efforts through fiscal 2015.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Not applicable because the Company is a smaller reporting company.

15

Item 8.  Financial Statements and Supplementary Data

FUTURA PICTURES, INC.

INDEX TO FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm	17
Balance Sheets as of February 28, 2014 and 2013	18
Statements of Operations Years Ended February 28, 2014 and 2013	19
Statement of Stockholders’ Deficit Year Ended February 28, 2014	20
Statements of Cash Flows Years Ended February 28, 2014 and 2013	21
Notes to Financial Statements – February 28, 2014	22

16

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Stockholders of Futura Pictures, Inc.:

We have audited the accompanying balance sheets of Futura Pictures, Inc. as of February 28, 2014 and 2013, and the related statements of operations, stockholders’ deficit and cash flows for each of the years in the two-year period ended February 28, 2014. Futura Pictures, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Futura Pictures, Inc. as of February 28, 2014 and 2013, and the results of its operations and its cash flows for each of the years in the two-year period ended February 28, 2014 in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company’s current financial resources are not considered adequate to fund its planned operations. This condition raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding this matter is described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Farber Hass Hurley LLP

Camarillo, California

May 29, 2014

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FUTURA PICTURES, INC.

BALANCE SHEETS

AS OF FEBRUARY 28,

	2014			2013
ASSETS
Cash	$	6,855		$	5,972
Accounts receivable, net		4,867			6,260
Deposits		-			900
TOTAL ASSETS	$	11,722		$	13,132
LIABILITIES
Accrued expenses	$	25,616		$	26,679
Unearned revenue		1,300			1,300
Accrued interest – related party		47,575			32,604
Loan payable – related party		192,604			186,354
TOTAL LIABILITIES		267,095			246,937
STOCKHOLDERS’ DEFICIT
Common stock, par value $0.0001 per share, Authorized – 100,000,000 shares, Issued and outstanding – 1,599,750 shares		160			160
Additional paid-in capital		421,804			358,604
Accumulated deficit		(677,337	)		(592,569	)
TOTAL STOCKHOLDERS’ DEFICIT		(255,373	)		(233,805	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	11,722		$	13,132

The accompanying notes are an integral part of these financial statements.

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FUTURA PICTURES, INC.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED FEBRUARY 28,

	2014			2013
REVENUE	$	60,327		$	62,187
COST OF REVENUE		7,726			4,622
GROSS PROFIT		52,601			57,565
OPERATING EXPENSES
Selling, general and administrative		119,392			122,703
TOTAL OPERATING EXPENSES		119,392			122,703
LOSS FROM OPERATIONS		(66,791	)		(65,138	)
OTHER INCOME (EXPENSE)
Other income (expense)		(368	)		1,200
Interest expense		(16,809	)		(18,306	)
TOTAL OTHER EXPENSE		(17,177	)		(17,106	)
LOSS BEFORE INCOME TAXES		(83,968	)		(82,244	)
Income tax expense		800			800
NET LOSS	$	(84,768	)	$	(83,044	)
NET LOSS PER COMMON SHARE
Basic and diluted	$	(0.05	)	$	(0.05	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted		1,599,750			1,599,750

The accompanying notes are an integral part of these financial statements.

19

FUTURA PICTURES, INC.

STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE YEAR ENDED FEBRUARY 28, 2014

	Common Stock				Additional Paid-in		Accumulated			Total Stockholders’
	Shares		Amount		Capital		Deficit			Equity (Deficit)
Balance, March 1, 2013		1,599,750	$	160	$	358,604	$	(592,569	)	$	(233,805	)
Contributed services		-		-		63,200		-			63,200
Net loss for the year ended February 28, 2014		-		-		-		(84,768	)		(84,768	)
Balance, February 28, 2014		1,599,750	$	160	$	421,804	$	(677,337	)	$	(255,373	)

The accompanying notes are an integral part of these financial statements.

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FUTURA PICTURES, INC.

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED FEBRUARY 28,

	2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(84,768	)	$	(83,044	)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Amortization expense		-			270
Contributed services		63,200			41,600
Bad debt expense		-			5,160
Changes in operating assets and liabilities:
Accounts receivable		1,393			(8,937	)
Deposits		900			-
Accrued expenses		13,908			(630	)
Unearned revenue		-			1,200
NET CASH USED BY OPERATING ACTIVITIES		(5,367	)		(44,381	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of line of credit		-			(39,421	)
Proceeds from loan payable – related party		14,250			90,365
Repayment of loan payable – related party		(8,000	)		(3,000	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		6,250			47,944
NET INCREASE IN CASH		883			3,563
CASH AT THE BEGINNING OF THE PERIOD		5,972			2,409
CASH AT THE END OF THE PERIOD	$	6,855		$	5,972
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	$	1,837		$	3,907
Taxes paid	$	800		$	800

The accompanying notes are an integral part of these financial statements.

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FUTURA PICTURES, INC.

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2014

NOTE 1                 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Business

Futura Pictures, Inc. (the “Company”) was incorporated under the laws of the state of Delaware on December 10, 2003. The Company was formed to engage in the production and the co-financing of films, documentaries and similar products produced solely for the distribution directly to the domestic and international home video markets.

As a result of not being able to raise the necessary funds to either co-finance or produce any motion pictures, management changed the Company’s business plan to that of producing and distributing self-improvement/educational DVDs and workforce training programs.

Effective January 1, 2011, pursuant to an Asset Transfer, Assignment and Assumption Agreement, we acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business.

Unclassified Balance Sheet

The Company has elected to present an unclassified balance sheet.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company's historical results as well as management's future expectations. The Company's actual results could vary materially from management's estimates and assumptions. 

Reclassifications

Certain reclassifications have been made to the prior year financial statements in order for them to be in conformity with the current year presentation.

Disclosure About Fair Value of Financial Instruments

The Company estimates that the fair value of all financial instruments at February 28, 2014 and 2013 do not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

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Concentrations and Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of accounts receivable.

Four customers represented approximately 63% (10%, 13%, 16% and 24%) of total gross accounts receivable as of February 28, 2014.  Two customers represented approximately 44% (10% and 34%) of total gross accounts receivable as of February 28, 2013.

Two customers in the year ended February 28, 2014 represented approximately 37% (10% and 27%) of total revenues for that period.  Three customers in the year ended February 28, 2013 represented approximately 33% (10%, 11% and 12%) of total revenues for that period.

No other customers represented greater than 10% of total revenues in the years ended February 28, 2014 or 2013. No other individual customer balance represented more than 10% of the total gross accounts receivable at February 28, 2014 or 2013.

Revenue Recognition

The Company sells videos they produce, as well as videos produced by third parties. Sales are recognized upon shipment of videos to the customer or upon website download by the customer. The products sold may not be returned by the customer. Accordingly, the Company has made no provision for returns.

Accounts Receivable and Allowance for Doubtful Accounts

The Company establishes the allowance for doubtful accounts based on its assessment of the collectability of individual customer accounts. The adequacy of these allowances is regularly reviewed by considering internal factors such as historical experience, credit quality and age of the receivable balances as well as external factors such as economic and political conditions that may affect a customer's ability to pay, historical default rates, and long-term historical loss rates published by major third-party credit-rating agencies. The Company also considers the concentration of receivables outstanding with a particular customer in assessing the adequacy of its allowances. An allowance for doubtful accounts is provided for at the point it is probable that the receivable is uncollectible. An Allowance for Doubtful Accounts amounting to $6,952 is recorded as of both February 28, 2014 and 2013. The Company does not require collateral to support its accounts receivables nor does it accrue interest thereon.

23

Production Costs

The Company expenses production costs as incurred when the costs are related to videos where there is no historical revenue to aid the Company in accurately forecasting revenues to be earned on the related videos.

Value of Stock Issued for Services

The Company periodically issues shares of its common stock in exchange for, or in settlement of, services. The Company’s management values the shares issued in such transactions at either the then market price of the Company’s common stock, as determined by the Board of Directors and after taking into consideration factors such as volume of shares issued or trading restrictions, or the value of the services rendered, whichever is more readily determinable.

Net Income (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding as of the years ended February 28, 2014 and 2013.

Income Taxes

Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

In assessing the recoverability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences such as loss carry-forwards and tax credits become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment and ensuring that the deferred tax asset valuation allowance is adjusted as appropriate.

Recent Pronouncements 

There are no recently issued accounting standards with pending adoptions that the Company’s management currently anticipates will have any material impact upon its financial statements.

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NOTE 2                 SIGNIFICANT UNCERTAINTY REGARDING THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN AND MANAGEMENT

                                PLANS

The Company has incurred significant losses over recent years and currently has a working capital deficit of approximately $255,000. 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's current financial resources are not considered adequate to fund its planned operations. This condition raises substantial doubt about its ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company's continuation as a going concern currently is dependent upon timely procuring significant external debt and/or equity financing to fund its immediate and near-term operations, and subsequently realizing operating cash flows from sales of its film products sufficient to sustain its longer-term operations and growth initiatives. During the next 12 months the Company will be seeking to produce, or acquire another more “self-improvement/educational” DVDs, and to expand their library of workforce training programs.

NOTE 3                 UNEARNED REVENUE

On October 17, 2012, the Company signed an agreement with EBSCO Publishing, Inc., licensing them the distribution rights to four DVD’s owned by the Company in exchange for royalties on the net revenue collected. Under the terms of the agreement, the Company received a $1,200 advance on royalties. The entire amount is classified as part of Unearned Revenue on the accompanying Balance Sheets as of February 28, 2014 and 2013 as there have not been any sales of the DVD reported to the Company.

NOTE 4                 RELATED PARTY TRANSACTION

Prepaid Loan Commitment

On February 16, 2005, the Company’s President, Buddy Young, accepted an unsecured promissory note from the Company and agreed to lend up to $225,000 to the Company to fund any cash shortfalls through December 31, 2014. The note bears interest at 8% and is due upon demand, no later than June 30, 2015. The outstanding balance was $192,604 and $186,354 as of February 28, 2014 and 2013 respectively.

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NOTE 5                 STOCKHOLDERS’ DEFICIT

For the years ended February 28, 2014 and 2013, the Company’s President devoted time to the operations of the Company. Beginning in fiscal year 2014, the President devoted more time than in the past to cover certain bookkeeping functions of the Company in order to save costs on outside consultants. Compensation expense totaling $63,200 and $41,600 has been recorded for the years ended February 28, 2014 and 2013, respectively. The President has waived reimbursement of the entire amount during each of the years ended February 28, 2014 and 2013, respectively, and accordingly the amounts have been recorded as a contribution to capital.

NOTE 6                  INCOME TAXES

The Company's income tax expense as of February 28, 2014 and 2013 consists of minimum state taxes.

Deferred Tax Components

Significant components of the Company’s deferred tax assets are as follows at February 28, 2014 and 2013:

Net operating loss carry-forward	$	50,631
Less valuation allowance		(50,631	)
Net deferred tax assets, February 28, 2014	$	-

Net operating loss carry-forward	$	48,982
Less valuation allowance		(48,982	)
Net deferred tax assets, February 28, 2013	$	-

Summary of valuation allowance:

Balance March 1, 2012	$	42,221
Additions for the year ended February 28, 2013		6,761
Balance, March 1, 2013		48,982
Addition for the year ended February 28, 2014		1,649
Balance, February 28, 2014	$	50,631

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Net Operating Loss

The Company has approximately $219,000 net operating loss tax carry-forwards, which expire in various years through 2033.

Examination

The Company’s tax returns are open to examination for the year ended 2010 and forward. The Company recognizes and measures uncertain tax positions using a more-likely-than-not approach. The Company had no material uncertain tax positions at February 28, 2014.

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Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A.  Controls and Procedures

DISCLOSURE CONTROLS AND PROCEDURES

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as this Form 10-K, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission.  The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure.  As required under Rule 13a-15 of the Exchange Act, the Company’s management, including the Chief Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report.

Based upon its current evaluation, the Company has concluded that the Company’s current disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO, as appropriate, to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15 of the Exchange Act.  The Company’s internal control over financial reporting is designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements.  Management conducted an assessment of the Company’s internal control over financial reporting based on the framework and criteria established by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework. Based on the assessment, management concluded that, as of February 28, 2014 the Company’s internal control over financial reporting is not effective. The assessment identified a material weakness in the internal control over financial reporting resulting from the Company not having adequate resources to employ sufficient personnel to provide adequate segregation of duties and have personnel knowledgeable in accounting and reporting.

The Company’s management, including its Chief Executive Officer and Principal Financial Officer, does not expect that the Company’s disclosure controls and procedures and its internal control processes will prevent all error and all fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of error or fraud, if any, within the Company have been detected.  These inherent limitations include the realities that judgments in decision-making can be faulty, and that the breakdowns can occur because of simple error or mistake.  Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.  The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.  Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.  Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.  However, these inherent limitations are known features of the financial reporting process.  Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Changes in Internal Control

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the year ended February 28, 2014, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission, which permanently exempt smaller reporting companies.

27

Item 9B.  Other Information

None.

PART III

Item 10.  Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act

Name	Age	Position
Buddy Young	78	President, Chief Executive Officer, Chief Financial Officer and Chairman
Mel Powell	49	Secretary and Director
Dennis Spiegelman	65	Director

Buddy Young has served as president, chief executive officer, chief financial officer and chairman of the board of directors of Futura Pictures, Inc. since its inception in December 2003.  From June 2000, until December 2006, he has served as an officer and director of Dematco, Inc., (f.k.a. Advanced Media Training), a company that produced and distributed management and general workforce training products. Prior to that Mr. Young served as a director and chief executive officer of a number of firms including, MGPX Ventures, Inc., now known as Contango Oil & Gas, Bexy Communications, Inc., now known as Cheniere Energy, and Color Systems Technology, Inc. Prior to joining Color Systems, Mr. Young served as Director of West Coast Advertising and Publicity for United Artists Corporation, as well Director of Worldwide Advertising and Publicity for Columbia Pictures Corp and Vice President of Worldwide Advertising and Publicity for MCA/Universal Pictures, Inc. For over forty-five years, Mr. Young has been an active member of The Academy of Motion Picture Arts and Sciences and has served on a number of industry-wide committees.

28

Mel Powell has served as a director since December 2004.  Mr. Powell brings a background in law, writing, and marketing to the Company.  He attended Yale as an undergraduate, and graduated from UCLA Law School in 1988.  Mr. Powell is a member of the California Bar Association, and practiced family law from 1988 through 1992 at the Los Angeles based law firm of Trope & Trope. Additionally, since June 2000, he has served as an officer and director of Advanced Media Training. Since 1992, Mr. Powell has been self-employed through his privately held company, Breakaway Entertainment.  During his time at Breakaway, he has written feature screenplays, teleplays, radio screenplays for Premiere Radio Networks, and screenplays for corporate training videos.  Additionally, he is an independent associate with Pre-Paid Legal Services, Inc., a company that provides legal services to middle- and lower-income individuals and families, as well as providing legal and other consultation services to small businesses.  He is a member of the Sherman Oaks, CA, Chamber of Commerce and the State Bar of California.

Dennis Spiegelman has served as a director of Futura Pictures since December 2004. Mr. Spiegelman is an experienced sales and marketing executive with a successful track record in many aspects of the entertainment industry.  From June 2000, until December 2006, he served as an officer and director of Advanced Media Training. He is currently senior vice president of worldwide sales for Axium Entertainment, a privately held technology and financial services provider to the entertainment industry. Prior to rejoining Axium in 2004 he served as vice president of sales and marketing at Cast & Crew Entertainment Services, Inc., a position he accepted in April 1998.  From 1995 to April 1998, Mr. Spiegelman was the vice president of sales and marketing for Axium Entertainment, Inc.  Both Cast & Crew and Axium specialize in providing payroll and payroll related services to the motion picture and television entertainment industries.  Before joining Axium, he held similar positions with AP Services, Inc. and IDC Entertainment Services.  During his career of more than 25 years, Mr. Spiegelman has held various other senior positions, including director of operations at Heritage Entertainment, and president and director of All American Group, Inc.  While at these companies, Mr. Spiegelman was mainly responsible for the sale of feature films to foreign theatrical, video, and television markets.

Directors are elected in accordance with our bylaws to serve until the next annual stockholders meeting and until their successors are elected and qualified or until their earlier resignation or removal.

Officers are elected by the board of directors and hold office until the meeting of the board of directors following the next annual meeting of stockholders and until their successors shall have been chosen and qualified.  Any officer may be removed, with or without cause, by the board of directors.  Any vacancy in any office may be filled by the board of directors.

There is no family relationship between any director or executive officer of Futura Pictures.

29

Item 11.  Executive Compensation

Name	Year	Salary	Bonus	Other Annual Compensation	Restricted Stock Awards	Securities Underlying Options/ SARS	LTIP Payouts	All Other  Compensation
Buddy Young	2012 2013 2014	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	(1) (3)
Mel Powell	2012 2013 2014	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	(1) (2)
Dennis Spiegelman	2012 2013 2014	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	-0- -0- -0-	(1) (2)

(1)	All officers and directors assumed their positions in January 2004.
(2)	Each received 10,000 shares in January, 2004 in exchange for services to the Company.
(3)	For the years ended February 28, 2014 and February 28, 2013, Mr. Young devoted time to the operations of the Company.  Compensation expense totaling $63,200 has been recorded for fiscal 2014, and $41,600 for fiscal 2013.  Of these amounts, Mr. Young was paid $-0- during both years ended February 28, 2014 and February 28, 2013.  Mr. Young has waived reimbursement of $63,200 in fiscal 2014, and $41,600 in fiscal 2013.

EMPLOYMENT AND CONSULTING AGREEMENTS

We do not have any employment or consulting agreements with any of our executive officers.

OPTION/SAR GRANTS

We have not granted any options or stock appreciation rights to any of our executive officers or employees.

AGGREGATED OPTION/SAR EXERCISES

Since we have never granted any options or stock appreciation rights to any of our executive officers or employees, none exist to be exercised.

COMPENSATION OF DIRECTORS

Other than the issuance of common stock as described above, directors of the Company have not and do not receive any compensation for serving on the board or for attending any meetings.  Directors who are also officers of the Company receive no additional consideration for their service as a director.

30

Item 12.  Security Ownership of Certain Beneficial Owners and Management

The following table sets forth information about the beneficial ownership of our outstanding common stock by each person beneficially owning more than 5% of the shares, by each of our directors and officers, and by all of our directors and officers as a group.  The table shows the number and percentage of shares held by each person as of February 28, 2014. The address of each person listed in the table is 17337 Ventura Boulevard, Suite 312, Encino, California 91316.

Name and Address	Number of Shares Owned			Percentage of Class Owned
Young Family Trust		1,190,000	(1)		74.39	%
Buddy Young and Rebecca Young		1,190,000	(1)		74.39	%
Mel Powell		10,000			0.63	%
Dennis Spiegelman		10,000			0.63	%
All officers and directors as a group (5 persons)		1,210,000			75.65	%

______________________

(1) All of the shares beneficially owned by the Young Family Trust are also beneficially owned by Buddy Young and Rebecca Young, who, as co-trustees of the Trust, share voting and investment power over the shares.  Buddy Young is a director and executive officer of Futura Pictures

Item 13.  Certain Relationships and Related Transactions

We have an agreement with our President and majority shareholder to borrow up to $225,000 at 8% interest through December 31, 2014. Repayment is to be made when funds are available with the balance of principal and interest due June 30, 2015.  Through February 28, 2014, the Company has borrowed a net total of $192,604 under this agreement. On February 16, 2005, the Company paid Mr. Young 190,000 shares of the Company’s common stock with an aggregate value of $19,000 for the loan commitment.

The promoters of the Company consist of the following founding shareholders, all of whom received their stock in January, 2004.  Buddy Young formed the Company with a capital contribution of $10,000 in exchange for 1,000,000 shares.  Mr. Young had those shares issued to the Young Family Trust.  Mr. Young and his wife are beneficiaries and trustees of the Young Family Trust.  In addition, the Young Family Trust received an additional 190,000 shares in exchange for Mr. Young’s commitment to provide certain financing to the Company. Dennis Spiegelman, and Mel Powell, each received 10,000 shares for services rendered to the Company.

31

Item 14.  Principal Accounting Fees and Services

AUDIT FEES

The aggregate fees billed for professional services rendered by our principal accountants for the audit of our financial statements and for the reviews of the financial statements included in our annual report on Form 10-K and 10-Q’s respectively, and for other services normally provided in connection with statutory filings were $13,295 and $13,200, in the years ended February 28, 2014 and February 28, 2013, respectively.

TAX FEES

The aggregate fees billed by our auditors for tax compliance matters were $1,250 in both fiscal years ended February 28, 2014 and February 28, 2013.

ALL OTHER FEES

We did not incur any fees for other professional services rendered by our independent auditors during the years ended February 28, 2014 and February 28, 2013. 

32

Item 15.  Exhibits, Financial Statement Schedules

The following documents are included or incorporated by reference as exhibits to this report:

31.1	Certification of CEO Pursuant to Securities Exchange Act Rules 13a-14 and 15d-14, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation
101.DEF	XBRL Taxonomy Extension Definition
101.LAB	XBRL Taxonomy Extension Label
101.PRE	XBRL Taxonomy Extension Presentation

33

Signatures

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FUTURA PICTURES, INC.
By:	/s/ Buddy Young
Buddy Young
President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Name	Title	Date
/s/ Buddy Young	President, Chief Executive Officer,	May 29, 2014
Buddy Young	Chief Financial Officer and Director (Principal Executive, Financial and Accounting Officer)
/s/ Mel Powell	Director	May 29, 2014
Mel Powell
/s/ Dennis Spiegelman	Director	May 29, 2014
Dennis Spiegelman

34

EX-31

EXHIBIT 31.1

Certification of CEO and CFO Pursuant to

Securities Exchange Act Rules 13a-14 and 15d-14

as Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Buddy Young, certify that:

1. I have reviewed this annual report on Form 10-K of Futura Pictures, 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 annual report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my 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; and

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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; and

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusion 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 control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of 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 controls.

Dated May 29 , 2014	By: /s/ Buddy Young
	BUDDY YOUNG, Chief Executive Officer & Chief Financial Officer

EX-32

EXHIBIT 32.1

CERTIFICATION OF CEO AND CFO PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(SUBSECTIONS (A) AND (B) OF SECTION 1350, CHAPTER 63 OF TITLE 18,

UNITED STATES CODE)

In connection with the annual report on Form 10-K of Futura Pictures, Inc. (the “Company) for the fiscal year ended February 28, 2014as filed with the Securities and Exchange Commission on the date hereof (the “Report”) I, Buddy Young, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and,

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated May 29, 2014	By: /s/ Buddy Young
	BUDDY YOUNG, Chief Executive Officer & Chief Financial Officer

XML

Note 3 - Unearned Revenue

12 Months Ended

Feb. 28, 2014

Deferred Revenue Disclosure [Abstract]

Deferred Revenue Disclosure [Text Block]

NOTE 3                 UNEARNED REVENUE

On October 17, 2012, the Company signed an agreement with EBSCO Publishing, Inc., licensing them the distribution rights to four DVD’s owned by the Company in exchange for royalties on the net revenue collected. Under the terms of the agreement, the Company received a $1,200 advance on royalties. The entire amount is classified as part of Unearned Revenue on the accompanying Balance Sheets as of February 28, 2014 and 2013 as there have not been any sales of the DVD reported to the Company.

XML

Note 2 - Significant Uncertainty Regarding the Company's Ability to Continue as a Going Concern and Management Plans

12 Months Ended

Feb. 28, 2014

Going Concern [Abstract]

Going Concern [Text Block]

NOTE 2                 SIGNIFICANT UNCERTAINTY REGARDING THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN AND MANAGEMENT

                                PLANS

The Company has incurred significant losses over recent years and currently has a working capital deficit of approximately $255,000. 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's current financial resources are not considered adequate to fund its planned operations. This condition raises substantial doubt about its ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company's continuation as a going concern currently is dependent upon timely procuring significant external debt and/or equity financing to fund its immediate and near-term operations, and subsequently realizing operating cash flows from sales of its film products sufficient to sustain its longer-term operations and growth initiatives. During the next 12 months the Company will be seeking to produce, or acquire another more “self-improvement/educational” DVDs, and to expand their library of workforce training programs.

XML

Balance Sheets (USD $)	Feb. 28, 2014	Feb. 28, 2013
ASSETS
Cash	$ 6,855	$ 5,972
Accounts receivable, net	4,867	6,260
Deposits		900
TOTAL ASSETS	11,722	13,132
LIABILITIES
Accrued expenses	25,616	26,679
Unearned revenue	1,300	1,300
Accrued interest – related party	47,575	32,604
Loan payable – related party	192,604	186,354
TOTAL LIABILITIES	267,095	246,937
STOCKHOLDERS’ DEFICIT
Common stock, par value $0.0001 per share, Authorized – 100,000,000 shares, Issued and outstanding – 1,599,750 shares	160	160
Additional paid-in capital	421,804	358,604
Accumulated deficit	(677,337)	(592,569)
TOTAL STOCKHOLDERS’ DEFICIT	(255,373)	(233,805)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 11,722	$ 13,132

XML

Condensed Statements of Cash Flows (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (84,768)	$ (83,044)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Amortization expense		270
Contributed services	63,200	41,600
Bad debt expense		5,160
Changes in operating assets and liabilities:
Accounts receivable	1,393	(8,937)
Deposits	900
Accrued expenses	13,908	(630)
Unearned revenue		1,200
NET CASH USED BY OPERATING ACTIVITIES	(5,367)	(44,381)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of line of credit		(39,421)
Proceeds from loan payable – related party	14,250	90,365
Repayment of loan payable – related party	(8,000)	(3,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,250	47,944
NET INCREASE IN CASH	883	3,563
CASH AT THE BEGINNING OF THE PERIOD	5,972	2,409
CASH AT THE END OF THE PERIOD	6,855	5,972
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	1,837	3,907
Taxes paid	$ 800	$ 800

XML

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Feb. 28, 2014

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 1                 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Business

Futura Pictures, Inc. (the “Company”) was incorporated under the laws of the state of Delaware on December 10, 2003. The Company was formed to engage in the production and the co-financing of films, documentaries and similar products produced solely for the distribution directly to the domestic and international home video markets.

As a result of not being able to raise the necessary funds to either co-finance or produce any motion pictures, management changed the Company’s business plan to that of producing and distributing self-improvement/educational DVDs and workforce training programs.

Effective January 1, 2011, pursuant to an Asset Transfer, Assignment and Assumption Agreement, we acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business.

Unclassified Balance Sheet

The Company has elected to present an unclassified balance sheet.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company's historical results as well as management's future expectations. The Company's actual results could vary materially from management's estimates and assumptions. 

Reclassifications

Certain reclassifications have been made to the prior year financial statements in order for them to be in conformity with the current year presentation.

Disclosure About Fair Value of Financial Instruments

The Company estimates that the fair value of all financial instruments at February 28, 2014 and 2013 do not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Concentrations and Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of accounts receivable.

Four customers represented approximately 63% (10%, 13%, 16% and 24%) of total gross accounts receivable as of February 28, 2014.  Two customers represented approximately 44% (10% and 34%) of total gross accounts receivable as of February 28, 2013.

Two customers in the year ended February 28, 2014 represented approximately 37% (10% and 27%) of total revenues for that period.  Three customers in the year ended February 28, 2013 represented approximately 33% (10%, 11% and 12%) of total revenues for that period.

No other customers represented greater than 10% of total revenues in the years ended February 28, 2014 or 2013. No other individual customer balance represented more than 10% of the total gross accounts receivable at February 28, 2014 or 2013.

Revenue Recognition

The Company sells videos they produce, as well as videos produced by third parties. Sales are recognized upon shipment of videos to the customer or upon website download by the customer. The products sold may not be returned by the customer. Accordingly, the Company has made no provision for returns.

Accounts Receivable and Allowance for Doubtful Accounts

The Company establishes the allowance for doubtful accounts based on its assessment of the collectability of individual customer accounts. The adequacy of these allowances is regularly reviewed by considering internal factors such as historical experience, credit quality and age of the receivable balances as well as external factors such as economic and political conditions that may affect a customer's ability to pay, historical default rates, and long-term historical loss rates published by major third-party credit-rating agencies. The Company also considers the concentration of receivables outstanding with a particular customer in assessing the adequacy of its allowances. An allowance for doubtful accounts is provided for at the point it is probable that the receivable is uncollectible. An Allowance for Doubtful Accounts amounting to $6,952 is recorded as of both February 28, 2014 and 2013. The Company does not require collateral to support its accounts receivables nor does it accrue interest thereon.

Production Costs

The Company expenses production costs as incurred when the costs are related to videos where there is no historical revenue to aid the Company in accurately forecasting revenues to be earned on the related videos.

Value of Stock Issued for Services

The Company periodically issues shares of its common stock in exchange for, or in settlement of, services. The Company’s management values the shares issued in such transactions at either the then market price of the Company’s common stock, as determined by the Board of Directors and after taking into consideration factors such as volume of shares issued or trading restrictions, or the value of the services rendered, whichever is more readily determinable.

Net Income (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding as of the years ended February 28, 2014 and 2013.

Income Taxes

Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

In assessing the recoverability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences such as loss carry-forwards and tax credits become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment and ensuring that the deferred tax asset valuation allowance is adjusted as appropriate.

Recent Pronouncements 

There are no recently issued accounting standards with pending adoptions that the Company’s management currently anticipates will have any material impact upon its financial statements.

XML

Balance Sheets (Parentheticals) (USD $)	Feb. 28, 2014	Feb. 28, 2013
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,599,750	1,599,750
Common stock, shares outstanding	1,599,750	1,599,750

XML

Note 3 - Unearned Revenue (Details) (USD $)	0 Months Ended
	Oct. 17, 2012
Deferred Revenue Disclosure [Abstract]
Proceeds from Royalties Received	$ 1,200

XML

Document And Entity Information (USD $)	12 Months Ended
	Feb. 28, 2014	May 29, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	FUTURA PICTURES, INC.
Document Type	10-K
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding		1,599,750
Entity Public Float	$ 146,700
Amendment Flag	false
Entity Central Index Key	0001321710
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Feb. 28, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

XML

Note 4 - Related Party Transaction (Details) (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 16, 2005
Related Party Transactions [Abstract]
Related Party Maximum Amount to Borrow			$ 225,000
Related Party Transaction, Rate	8.00%
Due to Related Parties	$ 192,604	$ 186,354

XML

Statements of Operations (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
REVENUE	$ 60,327	$ 62,187
COST OF REVENUE	7,726	4,622
GROSS PROFIT	52,601	57,565
OPERATING EXPENSES
Selling, general and administrative	119,392	122,703
TOTAL OPERATING EXPENSES	119,392	122,703
LOSS FROM OPERATIONS	(66,791)	(65,138)
OTHER INCOME (EXPENSE)
Other income (expense)	(368)	1,200
Interest expense	(16,809)	(18,306)
TOTAL OTHER EXPENSE	(17,177)	(17,106)
LOSS BEFORE INCOME TAXES	(83,968)	(82,244)
Income tax expense	800	800
NET LOSS	$ (84,768)	$ (83,044)
NET LOSS PER COMMON SHARE
Basic and diluted (in Dollars per share)	$ (0.05)	$ (0.05)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted (in Shares)	1,599,750	1,599,750

XML

Note 6 - Income Taxes

12 Months Ended

Feb. 28, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

NOTE 6                  INCOME TAXES

The Company's income tax expense as of February 28, 2014 and 2013 consists of minimum state taxes.

Deferred Tax Components

Significant components of the Company’s deferred tax assets are as follows at February 28, 2014 and 2013:

Net operating loss carry-forward	$	50,631
Less valuation allowance		(50,631	)
Net deferred tax assets, February 28, 2014	$	-

Net operating loss carry-forward	$	48,982
Less valuation allowance		(48,982	)
Net deferred tax assets, February 28, 2013	$	-

Summary of valuation allowance:

Balance March 1, 2012	$	42,221
Additions for the year ended February 28, 2013		6,761
Balance, March 1, 2013		48,982
Addition for the year ended February 28, 2014		1,649
Balance, February 28, 2014	$	50,631

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Net Operating Loss

The Company has approximately $219,000 net operating loss tax carry-forwards, which expire in various years through 2033.

Examination

The Company’s tax returns are open to examination for the year ended 2010 and forward. The Company recognizes and measures uncertain tax positions using a more-likely-than-not approach. The Company had no material uncertain tax positions at February 28, 2014.

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Note 5 - Stockholders' Deficit

12 Months Ended

Feb. 28, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 5                 STOCKHOLDERS’ DEFICIT

For the years ended February 28, 2014 and 2013, the Company’s President devoted time to the operations of the Company. Beginning in fiscal year 2014, the President devoted more time than in the past to cover certain bookkeeping functions of the Company in order to save costs on outside consultants. Compensation expense totaling $63,200 and $41,600 has been recorded for the years ended February 28, 2014 and 2013, respectively. The President has waived reimbursement of the entire amount during each of the years ended February 28, 2014 and 2013, respectively, and accordingly the amounts have been recorded as a contribution to capital.

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Note 5 - Stockholders' Deficit (Details) (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Stockholders' Equity Note [Abstract]
Share-based Compensation	$ 63,200	$ 41,600

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Note 1 - Summary of Significant Accounting Policies (Details) (USD $)					12 Months Ended			9 Months Ended			12 Months Ended				12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014 Customer B [Member] Accounts Receivable [Member]	Feb. 28, 2013 Customer B [Member] Accounts Receivable [Member]	Feb. 28, 2014 Customer B [Member] Sales Revenue, Goods, Net [Member]	Feb. 28, 2013 Customer B [Member] Sales Revenue, Goods, Net [Member]	Feb. 28, 2014 Customer C [Member] Accounts Receivable [Member]	Nov. 30, 2012 Customer C [Member] Sales Revenue, Goods, Net [Member]	Feb. 28, 2014 Customer D [Member] Accounts Receivable [Member]	Feb. 28, 2013 Customer A [Member] Accounts Receivable [Member]	Feb. 28, 2014 Customer A [Member] Sales Revenue, Goods, Net [Member]	Feb. 28, 2013 Customer A [Member] Sales Revenue, Goods, Net [Member]	Feb. 28, 2014 Accounts Receivable [Member]	Feb. 28, 2013 Accounts Receivable [Member]	Feb. 28, 2014 Sales Revenue, Goods, Net [Member]	Feb. 28, 2013 Sales Revenue, Goods, Net [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Concentration Risk, Percentage			13.00%	34.00%			16.00%		24.00%	10.00%			63.00%	44.00%
Concentration Risk, Percentage					27.00%	11.00%		12.00%			10.00%	10.00%			37.00%	33.00%
Allowance for Doubtful Accounts Receivable (in Dollars)	$ 6,952	$ 6,952

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Accounting Policies, by Policy (Policies)

12 Months Ended

Feb. 28, 2014

Accounting Policies [Abstract]

Organization and Nature of Business [Policy Text Block]

Organization and Nature of Business

Futura Pictures, Inc. (the “Company”) was incorporated under the laws of the state of Delaware on December 10, 2003. The Company was formed to engage in the production and the co-financing of films, documentaries and similar products produced solely for the distribution directly to the domestic and international home video markets.

As a result of not being able to raise the necessary funds to either co-finance or produce any motion pictures, management changed the Company’s business plan to that of producing and distributing self-improvement/educational DVDs and workforce training programs.

Effective January 1, 2011, pursuant to an Asset Transfer, Assignment and Assumption Agreement, we acquired from Progressive Training, Inc. all of its assets and liabilities related to Progressive’s workforce training business.

Basis of Accounting, Policy [Policy Text Block]

Unclassified Balance Sheet

The Company has elected to present an unclassified balance sheet.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company's historical results as well as management's future expectations. The Company's actual results could vary materially from management's estimates and assumptions.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain reclassifications have been made to the prior year financial statements in order for them to be in conformity with the current year presentation.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Disclosure About Fair Value of Financial Instruments

The Company estimates that the fair value of all financial instruments at February 28, 2014 and 2013 do not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations and Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of accounts receivable.

Four customers represented approximately 63% (10%, 13%, 16% and 24%) of total gross accounts receivable as of February 28, 2014.  Two customers represented approximately 44% (10% and 34%) of total gross accounts receivable as of February 28, 2013.

Two customers in the year ended February 28, 2014 represented approximately 37% (10% and 27%) of total revenues for that period.  Three customers in the year ended February 28, 2013 represented approximately 33% (10%, 11% and 12%) of total revenues for that period.

No other customers represented greater than 10% of total revenues in the years ended February 28, 2014 or 2013. No other individual customer balance represented more than 10% of the total gross accounts receivable at February 28, 2014 or 2013.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company sells videos they produce, as well as videos produced by third parties. Sales are recognized upon shipment of videos to the customer or upon website download by the customer. The products sold may not be returned by the customer. Accordingly, the Company has made no provision for returns.

Receivables, Policy [Policy Text Block]

Accounts Receivable and Allowance for Doubtful Accounts

The Company establishes the allowance for doubtful accounts based on its assessment of the collectability of individual customer accounts. The adequacy of these allowances is regularly reviewed by considering internal factors such as historical experience, credit quality and age of the receivable balances as well as external factors such as economic and political conditions that may affect a customer's ability to pay, historical default rates, and long-term historical loss rates published by major third-party credit-rating agencies. The Company also considers the concentration of receivables outstanding with a particular customer in assessing the adequacy of its allowances. An allowance for doubtful accounts is provided for at the point it is probable that the receivable is uncollectible. An Allowance for Doubtful Accounts amounting to $6,952 is recorded as of both February 28, 2014 and 2013. The Company does not require collateral to support its accounts receivables nor does it accrue interest thereon.

Cost of Sales, Policy [Policy Text Block]

Production Costs

The Company expenses production costs as incurred when the costs are related to videos where there is no historical revenue to aid the Company in accurately forecasting revenues to be earned on the related videos.

Value of Stock Issued for Services [Policy Text Block]

Value of Stock Issued for Services

The Company periodically issues shares of its common stock in exchange for, or in settlement of, services. The Company’s management values the shares issued in such transactions at either the then market price of the Company’s common stock, as determined by the Board of Directors and after taking into consideration factors such as volume of shares issued or trading restrictions, or the value of the services rendered, whichever is more readily determinable.

Earnings Per Share, Policy [Policy Text Block]

Net Income (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding as of the years ended February 28, 2014 and 2013.

Income Tax, Policy [Policy Text Block]

Income Taxes

Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the amount of taxable income and pretax financial income and between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

In assessing the recoverability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences such as loss carry-forwards and tax credits become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment and ensuring that the deferred tax asset valuation allowance is adjusted as appropriate.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Pronouncements 

There are no recently issued accounting standards with pending adoptions that the Company’s management currently anticipates will have any material impact upon its financial statements.

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Note 6 - Income Taxes (Tables)

12 Months Ended

Feb. 28, 2014

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net operating loss carry-forward	$	50,631
Less valuation allowance		(50,631	)
Net deferred tax assets, February 28, 2014	$	-

Net operating loss carry-forward	$	48,982
Less valuation allowance		(48,982	)
Net deferred tax assets, February 28, 2013	$	-

Balance March 1, 2012	$	42,221
Additions for the year ended February 28, 2013		6,761
Balance, March 1, 2013		48,982
Addition for the year ended February 28, 2014		1,649
Balance, February 28, 2014	$	50,631

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Note 2 - Significant Uncertainty Regarding the Company's Ability to Continue as a Going Concern and Management Plans (Details) (USD $)	Feb. 28, 2014
Going Concern [Abstract]
Working Capital Deficit	$ 255,000

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Note 6 - Income Taxes (Details) - Significant Components of the Deferred Tax Assets (USD $)	12 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 29, 2012
Significant Components of the Deferred Tax Assets [Abstract]
Net operating loss carry-forward	$ 50,631	$ 48,982
Less valuation allowance	(50,631)	(48,982)	(42,221)
Balance	50,631	48,982	42,221
Additions	$ 1,649	$ 6,761

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Statement of Stockholders' Deficit (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Feb. 28, 2013	$ 160	$ 358,604	$ (592,569)	$ (233,805)
Balance (in Shares) at Feb. 28, 2013	1,599,750
Contributed services		63,200		63,200
Net loss for the year ended February 28, 2014			(84,768)	(84,768)
Balance at Feb. 28, 2014	$ 160	$ 421,804	$ (677,337)	$ (255,373)
Balance (in Shares) at Feb. 28, 2014	1,599,750

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Note 4 - Related Party Transaction

12 Months Ended

Feb. 28, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 4                 RELATED PARTY TRANSACTION

Prepaid Loan Commitment

On February 16, 2005, the Company’s President, Buddy Young, accepted an unsecured promissory note from the Company and agreed to lend up to $225,000 to the Company to fund any cash shortfalls through December 31, 2014. The note bears interest at 8% and is due upon demand, no later than June 30, 2015. The outstanding balance was $192,604 and $186,354 as of February 28, 2014 and 2013 respectively.

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Note 6 - Income Taxes (Details) (USD $)	Feb. 28, 2014
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 219,000