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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firemans Contractors Inc (CE) | USOTC:FRCN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
1700
|
27-0811315
|
(State or other jurisdiction of
incorporation or organization)
|
(Primary Standard Industrial
Classification Code Number)
|
(IRS Employer
Identification No.)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
Index
|
Page Number
|
|
PART I
|
FINANCIAL INFORMATION
|
|
ITEM 1.
|
Financial Statements
|
F-1
|
ITEM 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
4
|
ITEM 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
6
|
ITEM 4.
|
Controls and Procedures
|
6
|
PART II
|
OTHER INFORMATION
|
|
ITEM 1.
|
Legal Proceedings
|
7
|
ITEM 1A.
|
Risk Factors
|
7
|
ITEM 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
7
|
ITEM 3.
|
Defaults Upon Senior Securities
|
7
|
ITEM 4.
|
Mine Safety Disclosures
|
7
|
ITEM 5.
|
Other Information
|
7
|
ITEM 6.
|
Exhibits
|
7
|
SIGNATURES
|
8
|
Financial Statements
|
|
Balance Sheets as of March 31, 2013 (Unaudited) and June 30, 2012
|
F-2
|
Statements of Operations for the Three and the Nine Months Ended March 31, 2013 and 2012 (Unaudited)
|
F-3
|
Statement of Stockholders' Deficit for the Nine Months Ended March 31, 2013 (Unaudited)
|
F-4 - F-5
|
Statements of Cash Flows for the Nine Months Ended March 31, 2013 and 2012 (Unaudited)
|
F-6
|
Condensed Notes to Financial Statements
|
F-7 to F-16
|
Firemans Contractors, Inc.
|
||||||||||||||||||||||||||||||||||||
Statements of Stockholders' Deficit
|
||||||||||||||||||||||||||||||||||||
For the Nine Months Ended March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Class A Convertible
|
Class B Convertible
|
Additional
|
||||||||||||||||||||||||||||||||||
preferred stock
|
preferred stock
|
Common stock
|
paid-in
|
Accumulated
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
deficit
|
Total
|
||||||||||||||||||||||||||||
Balance June 30, 2012
|
200,000 | $ | 200,000 | - | $ | - | 89,256,480 | $ | 89,256 | $ | 335,731 | $ | (1,634,832 | ) | $ | (1,009,845 | ) | |||||||||||||||||||
Share Exchange Jul. 2012
|
2,000,000 | 2,000 | (20,000,000 | ) | (20,000 | ) | 18,000 | - | ||||||||||||||||||||||||||||
Stock issued for services @ $0.0034/sh. Jul. 2012
|
3,000,000 | 3,000 | 7,200 | 10,200 | ||||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0011/sh. Aug. 2012
|
57,042,569 | 57,043 | 4,284 | 61,327 | ||||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0018/sh. Aug. 2012
|
8,147,746 | 8,148 | 6,852 | 15,000 | ||||||||||||||||||||||||||||||||
Stock issued for services @ $0.008/sh. Aug. 2012
|
3,000,000 | 3,000 | 21,000 | 24,000 | ||||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0012/sh. Sep. 2012
|
71,319,077 | 71,319 | 14,276 | 85,595 | ||||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0009/sh. Oct. 2012
|
27,777,778 | 27,778 | (2,778 | ) | 25,000 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00095/sh. Oct. 2012
|
14,375,411 | 14,375 | (718 | ) | 13,657 | |||||||||||||||||||||||||||||||
Share Exchange Oct. 2012
|
1,834,500 | 1,835 | (18,345,000 | ) | (18,345 | ) | 16,510 | - | ||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00035/sh. Oct. 2012
|
16,666,667 | 16,667 | (11,667 | ) | 5,000 | |||||||||||||||||||||||||||||||
Stock issued due to reset provision Oct. 2012
|
17,947,121 | 17,947 | (17,947 | ) | - | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00035/sh. Nov. 2012
|
13,333,333 | 13,333 | (8,666 | ) | 4,667 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0005/sh. Nov. 2012
|
20,666,660 | 20,667 | (10,334 | ) | 10,333 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00055/sh. Nov. 2012
|
13,636,363 | 13,636 | (6,136 | ) | 7,500 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00048/sh. Dec. 2012
|
13,958,333 | 13,958 | (7,258 | ) | 6,700 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00035/sh. Dec. 2012
|
14,000,000 | 14,000 | (9,100 | ) | 4,900 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00028/sh. Dec. 2012
|
13,928,571 | 13,929 | (10,029 | ) | 3,900 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00024/sh. Jan. 2013
|
13,750,000 | 13,750 | (10,450 | ) | 3,300 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00025/sh. Jan. 2013
|
15,600,000 | 15,600 | (11,700 | ) | 3,900 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00022/sh. Jan. 2013
|
28,181,818 | 28,182 | (21,982 | ) | 6,200 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0002/sh. Jan. 2013
|
65,893,000 | 65,893 | (52,715 | ) | 13,178 |
Stock issued for note conv. @ $0.0001/sh. Jan. 2013
|
19,150,000 | 19,150 | (17,235 | ) | 1,915 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00017/sh. Feb. 2013
|
27,647,059 | 27,647 | (22,947 | ) | 4,700 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.0001/sh. Feb. 2013
|
63,650,000 | 63,650 | (57,285 | ) | 6,365 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00008/sh. Feb. 2013
|
85,647,543 | 85,647 | (78,795 | ) | 6,852 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00015/sh. Feb. 2013
|
47,800,000 | 47,800 | (40,630 | ) | 7,170 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00004/sh. Mar. 2013
|
75,766,870 | 75,767 | (72,736 | ) | 3,031 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00005/sh. Mar. 2013
|
32,200,000 | 32,200 | (30,590 | ) | 1,610 | |||||||||||||||||||||||||||||||
Stock issued for note conv. @ $0.00006/sh. Mar. 2013
|
50,000,000 | 50,000 | (47,000 | ) | 3,000 | |||||||||||||||||||||||||||||||
Stock issued for s/h note conv. @ $0.001/sh. Mar. 2013
|
50,000 | 50,000 | 1,165,500 | 1,165 | (49,949 | ) | 1,216 | |||||||||||||||||||||||||||||
Beneficial conversion features
|
262,627 | 262,627 | ||||||||||||||||||||||||||||||||||
Net loss
|
(646,814 | ) | (646,814 | ) | ||||||||||||||||||||||||||||||||
Balance March 31, 2013 (Unaudited)
|
250,000 | $ | 250,000 | 5,000,000 | $ | 5,000 | 884,997,399 | $ | 884,997 | $ | 87,833 | $ | (2,281,646 | ) | $ | (1,053,816 | ) | |||||||||||||||||||
The accompanying footnotes are an integral part of these financial statements.
|
•
|
Level 1 — quoted prices for identical assets or liabilities in active markets.
|
•
|
Level 2 — quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates) and inputs derived principally from or corroborated by observable market data by correlation or other means.
|
•
|
Level 3 — unobservable inputs for the asset or liability.
|
(i)
|
The Company has no remaining obligation or intent to refund any cash received or forgive any unpaid notes or receivables;
|
(ii)
|
Substantially all of the initial services required by the franchise agreement have been performed by us;
|
(iii)
|
No other material conditions or obligations related to the determination of substantial performance exist.
|
Mar. 31, 2013
|
Jun. 30, 2012
|
|||||||
Paint and materials
|
$ | 300 | $ | 4,499 | ||||
Total inventory
|
$ | 300 | $ | 4,499 |
2013
|
$ | 4,875 | ||
2014
|
19,500 | |||
2015
|
4,875 | |||
Total
|
$ | 29,250 | ||
Operations
|
Franchise
|
Total
|
||||||||||
Three Months Ended March 31, 2013
|
||||||||||||
Revenues
|
$ | 320,474 | $ | - | $ | 320,474 | ||||||
Franchise fees
|
- | 3,037 | 3,037 | |||||||||
Royalties
|
- | 4,265 | 4,265 | |||||||||
Total Revenues
|
$ | 320,474 | $ | 7,302 | $ | 327,776 | ||||||
Cost of revenues
|
$ | 229,059 | $ | - | $ | 229,059 | ||||||
Sales and marketing expenses
|
19,207 | 500 | 19,707 | |||||||||
General and administrative expenses
|
87,678 | 19,860 | 107,538 | |||||||||
Depreciation and amortization
|
2,540 | - | 2,540 | |||||||||
Interest income
|
- | 491 | 491 | |||||||||
Net income/(loss)
|
(83,485 | ) | (12,566 | ) | (96,051 | ) | ||||||
Nine Months Ended March 31, 2013
|
||||||||||||
Revenues
|
$ | 778,160 | $ | - | $ | 778,160 | ||||||
Franchise fees
|
73,037 | 73,037 | ||||||||||
Royalties
|
11,197 | 11,197 | ||||||||||
Total Revenues
|
$ | 778,160 | $ | 84,234 | $ | 862,394 | ||||||
Cost of revenues
|
$ | 591,154 | $ | - | $ | 591,154 | ||||||
Sales and marketing expenses
|
56,382 | 500 | 56,882 | |||||||||
General and administrative expenses
|
391,812 | 55,892 | 447,704 | |||||||||
Depreciation and amortization
|
8,906 | - | 8,906 | |||||||||
Interest income
|
- | 1,413 | 1,413 | |||||||||
Net income/(loss)
|
(676,069 | ) | 29,255 | (646,814 | ) | |||||||
As of March 31, 2013
|
||||||||||||
Property and equipment, net
|
$ | 27,210 | $ | - | $ | 27,210 | ||||||
Total assets
|
209,236 | 58,964 | 268,200 | |||||||||
●
|
Capital and Funding – Seek to obtain capital from all available sources, including bank financing, private sales of stock and/or convertible debt. We expect income from operations and franchise sales to contribute to ongoing capital needs in the near future.
|
●
|
Advertising and Marketing – Work with several marketing companies to develop brand identity, marketing materials, and update our web site. Utilize all available marketing venues and public relations opportunities to promote the Company and its products, services, and franchise system. Specifically, hire sales people, use direct mail, as well as images on our trucks, trailers and equipment, online advertisings and marking with major search engines like Google, Yahoo and Bing. We will also cultivate a referral program and network in various business organizations and associations.
|
●
|
Sales – Grow our core business in North Texas, and expand in other areas.
|
●
|
Franchise Development – Marketing the Firemans Contractors® franchise concept and licensing of Company’s Service Marks, with the short-term objective of establishing ten new franchisees during calendar year 2013.
|
Exemption
|
||||||||||
from
|
Terms of
|
|||||||||
Date
|
regulation
|
conversion
|
||||||||
Sold
|
Amount
|
Securities Sold
|
Consideration
|
claimed
|
or exercise
|
|||||
03/06/13
|
75,766,870
|
Common Stock
|
Debt Conversion and fees - $3,031
|
Reg. D
|
None
|
|||||
03/13/13
|
32,200,000
|
Common Stock
|
Debt Conversion and fees - $1,610
|
Reg. D
|
None
|
|||||
03/22/13
|
50,000,000
|
Common Stock
|
Debt Conversion - $3,000
|
Reg. D
|
None
|
|||||
04/01/13
|
26,666,667
|
Common Stock
|
Debt Conversion - $1,600
|
Reg. D
|
None
|
|||||
04/02/13
|
36,666,667
|
Common Stock
|
Debt Conversion - $2,200
|
Reg. D
|
None
|
Exhibit Number
|
Exhibit
|
|
FIREMANS CONTRACTORS, INC.
|
||
Date: May 20, 2013
|
By:
|
/s/
Renee Gilmore
|
Renee Gilmore
|
||
Principal Executive Officer
|
Date: May 20, 2013
|
By:
|
/s/ Nikolay Frolov
|
Nikolay Frolov
|
||
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Firemans Contractors (CE) Chart |
1 Month Firemans Contractors (CE) Chart |
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