x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware | 20-445603 | |
(State or other jurisdiction of incorporation or organization)
|
(I.R.S Employer Identification No.) | |
701 Market, Suite 113, St. Augustine, FL | 32095 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | x |
(Do not check if a smaller reporting company) |
Quarter Ending
|
High
|
Low
|
||||||
12/31/10
|
$ | 1.50 | $ | 1.05 | ||||
03/31/11
|
$ | 1.59 | $ | 1.45 | ||||
06/30/11
|
$ | 1.65 | $ | 0.95 | ||||
09/30/11
|
$ | 1.10 | $ | 0.51 | ||||
12/31/11
|
$ | 0.65 | $ | 0.50 | ||||
03/31/12
|
$ | 0.60 | $ | 0.40 | ||||
06/30/12
|
$ | 0.80 | $ | 0.55 | ||||
09/30/12
|
$ | 0.75 | $ | 0.63 | ||||
12/31/12
|
$ | 0.75 | $ | 0.50 | ||||
03/31/13
|
$ | 0.85 | $ | 0.50 | ||||
06/30/13
|
$ | 0.65 | $ | 0.55 | ||||
09/30/13
|
$ | 1.95 | $ | 0.60 |
Item
|
Increase (I) or Decrease (D)
|
Reason
|
||
Franchise consulting and commissions
|
I
|
Increased sales of franchises
|
||
Franchise training and expenses
|
I
|
Increase in size of training classes
|
||
Salaries and payroll taxes
|
I
|
Increase in staff to support the growth of the business
|
||
Advertising
|
I
|
Increased expenditures to grow the business
|
||
Professional fees
|
D
|
Eliminated temporary SEC accounting help and reduction in Corporate legal fees
|
||
Stock-based compensation
|
I
|
Issuance of stock for stock options, consulting expense and correction for stock issuances valuation (see notes to Financials)
|
||
Other general and administrative expenses
|
I
|
Overhead and administrative increases to support the growth of the business
|
||
Other income (expense)
|
I
|
Forgiveness of debt and corrections for stock issuances valuation (see notes to Financials)
|
Year Ended September 30,
|
||||||||
2013
|
2012
|
|||||||
Cash provided by operations
|
$
|
1,115,952
|
$
|
621,885
|
||||
Purchase of property and equipment
|
(25,991
|
)
|
(144,429
|
)
|
||||
Purchase of intangible assets (CI and SF conceptual rights and trademarks, repurchase of territories)
|
(56,800
|
)
|
(7,000
|
)
|
||||
Loans (repayment of loans)
|
(70,000
|
)
|
10,000
|
General and administrative expenses
|
$ | 1,300,000 | ||
Marketing | $ | 450,000 | ||
Business development | $ | 2,065,000 |
2014
|
2015
|
2016
|
2017
|
Total
|
||||||||||||||||
Office lease
|
$ | 10,800 | $ | 10,800 | $ | 10,800 | $ | -- | $ | 32,400 | ||||||||||
Notes payables
|
$ | 3,560 | $ | 4,640 | $ | 657 | $ | -- | $ | 8,857 |
·
|
trends, demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, any material increase or decrease in liquidity; or
|
·
|
significant changes in expected sources and uses of cash.
|
Name | Age | Position | ||
Brian Pappas
|
62
|
President, Principal Financial Officer, Principal Accounting Officer, Secretary and Director
|
||
Michelle Cote | 45 | Founder and a Director | ||
Dan O’Donnell | 45 | Vice President of Operations and a Director |
Stock
|
Option
|
All Other
|
||||||||||||||||||||||||
Name and
Principal Position
|
Fiscal
Year
|
Salary
(1)
|
Bonus
(2)
|
Awards
(3)
|
Awards
(4)
|
Compensation
(5)
|
Total
|
|||||||||||||||||||
Brian Pappas,
|
2013
|
$ | 60,000 | -- | -- | -- | $ | 248,127 | $ |
308,127
|
||||||||||||||||
Principal Executive,
|
2012
|
$ | 60,000 | -- | -- | -- | $ | 120,892 | $ | 240,892 | ||||||||||||||||
Financial and | ||||||||||||||||||||||||||
Accounting Officer | ||||||||||||||||||||||||||
Michelle Cote,
|
2013
|
-- | -- | -- | -- | $ | 137,000 | $ |
137,000
|
|||||||||||||||||
Founder
|
2012
|
-- | -- | -- | -- | $ | 158,720 | $ | 158,720 | |||||||||||||||||
Dan O’Donnell,
|
2013
|
$ | 60,000 | -- | -- | $ | 3,306 | $ | 108,000 | $ | 171,306 | |||||||||||||||
Vice President of
|
2012
|
$ | 56,000 | -- | -- | -- | $ | 78,396 | $ | 134,396 | ||||||||||||||||
Operations |
(1)
|
The dollar value of base salary (cash and non-cash) earned. |
(2)
|
The dollar value of bonus (cash and non-cash) earned.
|
(3)
|
The fair value of stock issued for services computed in accordance with ASC 718 on the date of grant.
|
(4)
|
The fair value of options granted computed in accordance with ASC 718 on the date of grant.
|
(5)
|
All other compensation received that we could not properly report in any other column of the table, including consulting and commissions.
|
Employee Stock Options Granted | |||||||||||
Exercise
|
|||||||||||
Grant |
Options
|
Price Per
|
Expiration
|
||||||||
Name
|
Date
|
Granted (#)
|
Share
|
Date
|
|||||||
Dan O’Donnell
|
July 1, 2013
|
25,000 | $ | 0.60 |
December 31, 2015
|
||||||
Richard Nickelson
|
July 1, 2013
|
25,000 | $ | 0.60 |
December 31, 2015
|
Name | Option Price | No. of Options | Expiration Date | ||||||
Dan O’Donnell. VP of Operations
|
$ | 0.60 | 25,000 |
December 31, 2015
|
Plan Category
|
Number of Securities to be Issued Upon Exercise of Outstanding Options,
Warrants and Rights
|
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights
|
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding Securities Reflected in Column (a))
|
|||||||||
(a)
|
(b)
|
(c)
|
||||||||||
Stock Options
|
50,000 | $ | 0.60 | -- |
Name and Address
|
Shares
Owned |
Percent of
Outstanding Shares |
||||||
Brian Pappas
|
||||||||
701 Market St., Ste. 113
|
||||||||
St. Augustine, FL 32095
|
2,229,000 | (1) | 18.9 | % | ||||
Michele Cote
|
||||||||
701 Market St., Ste. 113
|
||||||||
St. Augustine, FL 32095
|
1,400,000 | (2) | 11.9 | % | ||||
Dan O’Donnell
|
||||||||
701 Market St., Ste. 113
|
||||||||
St. Augustine, FL 32095
|
185,000 | 1.6 | % | |||||
(All officers and directors as a group 3 persons)
|
3,814,000 | 32.4 | % |
(1)
|
Shares are held of record by FranVentures, LLC, a limited liability company managed by Mr. Pappas.
|
(2)
|
Shares are held of record by Cote Trading Company, LLC, a limited liability company controlled by Ms. Cote.
|
●
|
$746,226 and $583,617, respectively, for franchise consulting and commissions;
|
●
|
$-0- and $12,400, respectively, for franchise training and expenses;
|
Year Ended September 30, 2012
|
||||
Audit Fees
|
$ | 21,680 | ||
Audit-Related Fees
|
-- | |||
Tax Fees
|
-- | |||
All Other Fees
|
-- |
Year Ended September 30, 2013
|
||||
Audit Fees
|
$ | 24,000 | ||
Audit-Related Fees
|
-- | |||
Tax Fees
|
-- | |||
All Other Fees
|
-- |
Exhibits
|
Description |
Page Number
|
||
3.1.1
|
Certificate of Incorporation
|
(1)
|
||
3.1.2
|
Amendment to Certificate of Incorporation
|
(3)
|
||
3.1.2
|
Bylaws
|
(1)
|
||
10
|
Agreement relating to the acquisition of BFK Franchise Company
|
(2)
|
||
31
|
Rule 13a-14(a) Certifications
|
|||
32
|
Section 1350 Certification
|
101.INS **
|
XBRL Instance Document
|
|
101.SCH **
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL **
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF **
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB **
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE **
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to the same exhibit filed with the Company’s registration statement on Form SB-2, File #333-145999.
|
(2)
|
Incorporated by reference to Exhibit 10.1 filed with the Company’s report on Form 8-K dated July 2, 2010.
|
(3)
|
Incorporated by reference to Exhibit 3.1.2 filed with the Company’s report on Form 10-K filed on April 27, 2011.
|
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash | $ | 2,004,947 | 1,041,786 | |||||
Accounts receivable, less allowance for doubtful accounts of $10,000 and $12,000, respectively |
310,150
|
195,493
|
||||||
Prepaid expenses | 826 | 26,334 | ||||||
Other receivables - current portion | 94,301 | 72,109 | ||||||
Deferred tax asset | 1,058 | - | ||||||
Total Current Assets | 2,411,282 | 1,366,626 | ||||||
Note receivable from related party
|
70,000 | - | ||||||
Other receivables - net of current portion
|
37,491 | 30,904 | ||||||
Property and equipment, net of accumulated depreciation of $60,073 and $29,805, respectively | 294,863 | 283,522 | ||||||
Intangible assets
|
95,270 | 25,250 | ||||||
Deposits
|
15,000 | 32,619 | ||||||
Total Assets | $ | 2,923,906 | 1,708,017 | |||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities:
|
||||||||
Accounts payable: | ||||||||
Related parties | $ | 5,690 | 16,771 | |||||
Other | 171,889 | 163,171 | ||||||
Payroll accruals | 13,105 | 11,878 | ||||||
Unearned revenue | 35,900 | - | ||||||
Accrued marketing fund | 100,754 | 90,155 | ||||||
Customer deposits | 120,001 | 47,500 | ||||||
Income tax payable | 13,131 | - | ||||||
Notes Payable: | ||||||||
Related parties | 20,000 | 40,000 | ||||||
Other | 3,560 | 3,500 | ||||||
Total Current Liabilities | 484,030 | 372,975 | ||||||
Other payables - net of current portion
|
5,297 | - | ||||||
Total Liabilities | 489,327 | 372,975 | ||||||
Stockholders’ Equity:
|
||||||||
Preferred stock, $.0001 par value; 10,000,000 shares authorized; | ||||||||
-0- and -0- shares issued and outstanding, respectively | - | - | ||||||
Common stock, $.0001 par value; 50,000,000 shares authorized; | ||||||||
11,809,409 and 11,556,075 shares issued and outstanding, respectively | 1,181 | 1,155 | ||||||
Additional paid-in capital | 2,157,673 | 2,006,118 | ||||||
Retained earnings (deficit) | 275,725 | (672,231 | ) | |||||
Total Stockholders’ Equity | 2,434,579 | 1,335,042 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 2,923,906 | 1,708,017 |
For The Fiscal Years Ended
|
||||||||
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Revenues:
|
||||||||
Initial franchise fees | $ | 3,700,221 | $ | 2,793,624 | ||||
Royalty fees
|
995,900 | 479,860 | ||||||
Corporate Creativity Center sales | 124,598 | 143,783 | ||||||
4,820,719 | 3,417,267 | |||||||
Operating expenses:
|
||||||||
Franchise consulting and commissions: | ||||||||
Related parties | 746,226 | 583,617 | ||||||
Other | 976,776 | 905,031 | ||||||
Franchise training and expenses: | ||||||||
Related parties | - | 12,400 | ||||||
Other | 272,125 | 124,552 | ||||||
Salaries and payroll taxes | 539,982 | 397,250 | ||||||
Advertising | 455,108 | 324,230 | ||||||
Professional fees | 97,886 | 161,429 | ||||||
Office expense | 158,964 | 137,480 | ||||||
Depreciation | 30,267 | 18,525 | ||||||
Stock-based compensation | 108,280 | 12,550 | ||||||
Other general and administrative expenses | 389,348 | 157,707 | ||||||
Total operating expenses | 3,774,962 | 2,834,771 | ||||||
Income from operations | 1,045,757 | 582,496 | ||||||
Other income (expense):
|
||||||||
Interest (expense) | (4,882) | - | ||||||
Other income (expense) | (80,846 | ) | 22,314 | |||||
Total other income (expense) | (85,728 | ) | 22,314 | |||||
Income before provision for | ||||||||
income taxes | 960,029 | 604,810 | ||||||
Provision for income taxes (Note 1)
|
12,073 | - | ||||||
Net Income
|
$ | 947,956 | $ | 604,810 | ||||
Net Income per share
|
||||||||
Basic | $ | 0.08 | $ | 0.05 | ||||
Basic Weighted average number of common shares outstanding | 11,675,102 | 11,445,492 | ||||||
Diluted | $ | 0.08 | $ | - | ||||
Diluted Weighted average number of common | ||||||||
shares outstanding | 11,678,873 | - |
For the Fiscal Years Ended
|
||||||||
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 947,956 | $ | 604,810 | ||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation | 30,267 | 18,525 | ||||||
Compensatory equity issuances | 108,280 | 12,550 | ||||||
Bad debt expense | 11,036 | - | ||||||
Write-off of note receivable | 23,000 | - | ||||||
Gain on sale of territory | (7,553 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (125,703 | ) | (106,488 | ) | ||||
Accounts payable | (2,363 | ) | 99,308 | |||||
Accrued liabilities | 1,228 | - | ||||||
Accrued marketing funds | 10,599 | 145,409 | ||||||
Customer deposits | 72,501 | - | ||||||
Deferred tax asset | (1,058 | ) | - | |||||
Deposits | 17,619 | - | ||||||
Income tax payable | 13,131 | - | ||||||
Other receivables | (28,779 | ) | (125,895 | ) | ||||
Prepaid expenses | 9,890 | (26,334 | ) | |||||
Unearned revenue | 35,900 | - | ||||||
Net cash provided by operating activites | 1,115,952 | 621,885 | ||||||
Cash flows from investing activities:
|
||||||||
Property and equipment purchases | (25,991 | ) | (144,429 | ) | ||||
Intangible asset purchases | (56,800 | ) | (7,000 | ) | ||||
Note receivable from related party | (70,000 | ) | 10,000 | |||||
Net cash used in investing activities | (152,791 | ) | (141,429 | ) | ||||
Cash flows from financing activities:
|
||||||||
Notes payable | - | 43,500 | ||||||
Net cash provided by financing activities | - | 43,500 | ||||||
Net change in cash | 963,161 | 523,956 | ||||||
Cash, beginning of period
|
1,041,786 | 517,830 | ||||||
Cash, end of period
|
$ | 2,004,947 | 1,041,786 | |||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for: | ||||||||
Income taxes | $ | - | - | |||||
Interest | $ | 4,882 | - | |||||
Supplemental non-cash investing and financing activities: | ||||||||
Common stock issued for intangible assets | $ | 23,300 | $ | 18,250 | ||||
Reclassification of prepaid expenses | $ | 15,618 | - | |||||
Common stock issued to settle note payable | $ | 20,000 | - |
Additional
|
Retained
|
|||||||||||||||||||
Common Stock
|
Paid-in
|
Earnings
|
||||||||||||||||||
Shares
|
Par Value
|
Capital
|
(Deficit)
|
Total
|
||||||||||||||||
Balance, September 30, 2011
|
10,288,575 | $ | 1,029 | $ | 1,975,445 | $ | (1,277,040 | ) | $ | 699,434 | ||||||||||
Stock issued under exchange agreement (Note 2)
|
1,260,000 | 126 | (126 | ) | - | 0 | ||||||||||||||
Compensatory stock issuances (Note 7)
|
11,000 | 1 | 8,799 | - | 8,800 | |||||||||||||||
Cancellation of prior shares issued erroneously (Note 7)
|
(33,500 | ) | (3 | ) | 3 | - | - | |||||||||||||
Stock issued as payment for liabilities (Note 7)
|
5,000 | 0 | 3,750 | - | 3,750 | |||||||||||||||
Stock issued for busiess acquisition (Note 7)
|
25,000 | 2 | 18,248 | - | 18,250 | |||||||||||||||
Net income for the year ended September 30, 2012
|
- | - | - | 604,810 | 604,810 | |||||||||||||||
Balance, September 30, 2012
|
11,556,075 | $ | 1,155 | $ | 2,006,118 | $ | (672,230 | ) | $ | 1,335,044 | ||||||||||
Stock issued as payment on notes payables (Note 7)
|
10,000 | 1 | 9,999 | - | 10,000 | |||||||||||||||
Stock issued as payment on notes payables (Note 7)
|
10,000 | 1 | 9,999 | - | 10,000 | |||||||||||||||
Stock issued for business acquisition (Note 7)
|
35,000 | 3 | 17,497 | - | 17,500 | |||||||||||||||
Stock issued for business acquisition (Note 7)
|
10,000 | 1 | 5,799 | - | 5,800 | |||||||||||||||
Compensatory stock issuances (Note 7)
|
35,000 | 3 | 20,997 | - | 21,000 | |||||||||||||||
Compensatory stock issuances (Note 7)
|
5,000 | 1 | 2,999 | - | 3,000 | |||||||||||||||
Replacement of prior shares issued erroneously (Note 7)
|
66,667 | 7 | 38,660 | - | 38,667 | |||||||||||||||
Adjustment to correct share counts (Note 7)
|
66,667 | 7 | 29,993 | - | 30,000 | |||||||||||||||
Stock options expense (Note 9)
|
- | - | 6,613 | - | 6,613 | |||||||||||||||
Compensatory stock issuances (Note 7)
|
15,000 | 2 | 8,999 | - | 9,000 | |||||||||||||||
Net income for the year ended September 30, 2013
|
- | - | - | 947,955 | 947,955 | |||||||||||||||
Balance, September 30, 2013
|
11,809,409 | $ | 1,181 | $ | 2,157,673 | $ | 275,725 | $ | 2,434,579 |
Level 1: | Quoted prices in active markets for identical assets or liabilities. |
Level 2:
|
Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability.
|
Level 3:
|
Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
|
●
|
$746,226 and $583,617, respectively, for franchise consulting and commissions;
|
●
|
$-0- and $12,400, respectively, for franchise training and expenses;
|
September 30,
|
||||||||
2013
|
2012
|
|||||||
Software
|
$ | 30,558 | $ | - | ||||
Furniture and Fixtures
|
57,654 | 54,435 | ||||||
Equipment
|
33,109 | 29,857 | ||||||
Real Property
|
233,615 | 229,035 | ||||||
354,936 | 313,327 | |||||||
Less accumulated depreciation
|
(60,073 | ) | (29,805 | ) | ||||
$ | 294,863 | $ | 283,522 |
2014 | 2015 | 2016 | Total | |||||||||||||
Payment schedules for Notes And Other Receivables | $ | 94,301 | $ | 31,711 | $ | 5,780 | $ | 131,792 |
2014
|
2015
|
2016
|
Total
|
|||||||||||||
Payment schedules for Deferred Commissions
|
$ | 3,560 | $ | 4,640 | $ | 657 | $ | 8,857 |
BFK Franchise Company LLC
September 30,
|
||||||||||||
2013
|
2012 | 2011 | ||||||||||
Franchises in operation - beginning of year
|
210 | 75 | 36 | |||||||||
Franchises sold during the year
|
175 | 137 | 42 | |||||||||
Franchises cancelled, terminated or repurchased during the year
|
(5 | ) | (2 | ) | (3 | ) | ||||||
Franchises in operation - end of year
|
380 | 210 | 75 |
CI Franchise Company LLC
September 30,
|
||||||||||||
2013
|
2012 | 2011 | ||||||||||
Franchises in operation - beginning of year
|
0 | 0 | 0 | |||||||||
Franchises sold during the year
|
15 | 0 | 0 | |||||||||
Franchises cancelled, terminated or repurchased during the year
|
0 | 0 | 0 | |||||||||
Franchises in operation - end of year
|
15 | 0 | 0 |
2014
|
2015
|
2016
|
Total
|
|||||||||||||
Lease of office space
|
$ | 10,800 | $ | 10,800 | $ | 10,800 | $ | 32,400 |
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Deferred tax assets:
|
||||||||
Short-term
|
$ | 1,058 | $ | -0- | ||||
Long-term
|
-0- | -0- | ||||||
Total deferred tax asset
|
$ | 1,058 | $ | -0- | ||||
Deferred tax liabilities:
|
||||||||
Short-term
|
$ | -0- | $ | -0- | ||||
Long-term
|
-0- | -0- | ||||||
Total deferred tax liabilities
|
$ | -0- | $ | -0- | ||||
Total deferred tax assets | -0- | -0- | ||||||
Net deferred tax liability | $ | -0- | $ | -0- |
September 30, 2013
|
September 30, 2012
|
|||||||||||||||
Temporary
|
Tax
|
Temporary
|
Tax
|
|||||||||||||
Difference
|
Effect
|
Difference
|
Effect
|
|||||||||||||
Deferred tax assets:
|
||||||||||||||||
Depreciation timing difference
|
$
|
3,084
|
$
|
1,058
|
$
|
-0-
|
$
|
-0-
|
||||||||
Net operating loss
|
-0-
|
-0-
|
251,549
|
94,658
|
||||||||||||
Valuation allowance
|
-0-
|
-0-
|
-251,549
|
-94,658
|
||||||||||||
Total deferred tax asset
|
3,084
|
1,058
|
-0-
|
-0-
|
||||||||||||
Deferred tax liabilities:
|
-0-
|
-0-
|
-0-
|
-0-
|
||||||||||||
Total deferred liability
|
-0-
|
-0-
|
-0-
|
-0-
|
||||||||||||
Net deferred tax asset
|
$
|
3,084
|
$
|
1,058
|
$
|
-0-
|
$
|
-0-
|
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Federal:
|
$ | 10,844 | $ | -0- | ||||
Florida:
|
2,247 | -0- | ||||||
Total current taxes payable
|
$ | 13,131 | $ | -0- |
September 30,
2013
|
September 30,
2012
|
|||||||
U.S. Federal statutory graduated rate
|
16.24 | % | 34.00 | % | ||||
State income tax rate, net of federal benefit
|
4.73 | % | 3.63 | % | ||||
Net rate
|
20.97 | % | 37.63 | % | ||||
Net operating loss used
|
-19.66 | % | 0.00 | % | ||||
Net operating loss for which no tax benefit is currently available
|
0.00 | % | -37.63 | % | ||||
Effective tax rate
|
1.31 | % | -- |
CREATIVE LEARNING CORPORATION
|
|||
|
By:
|
/s/ Brian Pappas | |
Brian Pappas, | |||
Chief Executive Officer |
Signature
|
Title
|
Date
|
||
/s/ Brian Pappas
|
Principal Executive, Financial Accounting Officer and a
|
June 5, 2014
|
||
Brian Pappas
|
Director
|
|||
/s/ Michelle Cote
|
Director
|
June 5, 2014
|
||
Michelle Cote
|
||||
/s/ Dan O’Donnell
|
Director
|
June 5, 2014
|
||
Dan O’Donnell
|
June 5, 2014 |
By:
|
/s/ Brian Pappas | |
Brian Pappas, | |||
Principal Executive Officer |
June 5, 2014 |
By:
|
/s/ Brian Pappas | |
Brian Pappas, | |||
Principal Financial Officer
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of the Company.
|
June 5, 2014 |
By:
|
/s/ Brian Pappas | |
Brian Pappas, | |||
Principal Executive and Financial Officer
|
Notes Payable (Details Narrative) (USD $)
|
12 Months Ended | |
---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Notes to Financial Statements | ||
Non-interest bearing promissory note to related party for Consulting Services | $ 20,000 | $ 40,000 |
Remaining balance on promissory note | 20,000 | 40,000 |
Issuance of common stock | 20,000 | |
Deferred commission payments | 8,857 | |
Notes payable to related parties | 40,000 | |
Other notes payables | $ 3,500 |
Income Taxes (Details Narrative) (USD $)
|
Sep. 30, 2013
|
Sep. 30, 2012
|
---|---|---|
Notes to Financial Statements | ||
Net loss carryovers | $ 0 | $ 906,760 |
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