$PCMC
PUBLIC CO MANAGEMENT CORP

2023 Q1 Form 10-Q Financial Statement

#000121465923003012 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.700K $5.040K $3.340K
YoY Change
% of Gross Profit
Research & Development $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $3.699K $5.039K $3.340K
YoY Change -61.97% 1159.75%
Operating Profit -$3.699K -$5.039K
YoY Change -61.97% 1159.75%
Interest Expense $2.625K $2.625K -$2.630K
YoY Change 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$2.625K -$2.625K
YoY Change 0.0% 0.0%
Pretax Income -$6.320K -$7.660K -$5.970K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$6.324K -$7.664K -$5.970K
YoY Change -48.8% 153.36%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 34.28M shares 34.28M shares 34.28M shares
Diluted Shares Outstanding 34.28M shares 34.28M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.060K $3.410K $4.450K
YoY Change
Cash & Equivalents $2.055K $3.406K $4.448K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.060K $3.410K $4.450K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$5.00 -$4.00 -$2.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.060K $3.410K $4.450K
Total Long-Term Assets -$5.00 -$4.00 -$2.00
Total Assets $2.055K $3.406K $4.448K
YoY Change -33.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.78K $56.44K $52.44K
YoY Change
Accrued Expenses $68.28K $65.65K $63.03K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $350.0K $350.0K $350.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $477.1K $472.1K $465.5K
YoY Change 8.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $477.1K $472.1K $465.5K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $477.1K $472.1K $465.5K
YoY Change 8.0%
SHAREHOLDERS EQUITY
Retained Earnings -$5.529M -$5.523M -$5.515M
YoY Change 0.67%
Common Stock $34.28K $34.28K $34.28K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$475.0K -$468.7K -$461.0K
YoY Change
Total Liabilities & Shareholders Equity $2.055K $3.406K $4.448K
YoY Change -33.49%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$6.324K -$7.664K -$5.970K
YoY Change -48.8% 153.36%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$1.350K -$1.042K $226.8K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -217.0K
YoY Change
NET CHANGE
Cash From Operating Activities -1.350K -$1.042K 226.8K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 -217.0K
Net Change In Cash -1.350K -$1.042K 9.760K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.350K -$1.042K $226.8K
Capital Expenditures $0.00
Free Cash Flow $226.8K
YoY Change

Facts In Submission

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CY2022Q4 us-gaap Nature Of Operations
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<p id="xdx_846_eus-gaap--NatureOfOperations_zHU4GLF80lOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86F_zDA9Xp8C49uj">Nature of Business</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">Public Company Management Corporation ("Company”), a Nevada corporation, was formed on October 26, 2000. On October 1, 2004, MyOffiz, Inc. ("MyOffiz") entered into an Exchange Agreement with the certain controlling shareholders of GoPublicToday.com, Inc., Pubco WhitePapers, Inc., and Public Company Management Services, Inc. The Company was the holding company for, and conducted its operations through, its subsidiary companies. The term "we" and "our" refers to the Company and its subsidiaries unless otherwise stated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">Pursuant to the Exchange Agreement, MyOffiz acquired approximately <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_c20221231__us-gaap--BusinessAcquisitionAxis__custom--MyOffizMember_z1c5sPwTGdml" title="Percentage acquired">92.1</span>% of the outstanding shares of GoPublicToday.com, Inc., all of the outstanding shares of Pubco WhitePapers, Inc., and all of the outstanding shares of Public Company Management Services, Inc in exchange for the new issuance of an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221001__20221231__srt--CounterpartyNameAxis__custom--MyOffizMember_pdd" title="Number of common stock issued during the period">15,326,650</span> of MyOffiz's common stock. Subsequent to the Exchange Agreement, MyOffiz obtained 100% of the partially owned subsidiaries, changed its fiscal year end from June 30 to September 30, and changed its name to Public Company Management Corporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">The Company was a management consulting firm that educated and assisted small businesses to improve their management, corporate governance, regulatory compliance, and other business processes, with a focus on capital market participation. The Company offered the following services to its clients at various stages of the business lifecycle:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify; padding-right: 0.05in"><span style="font-family: Times New Roman, Times, Serif">Educational products to improve business processes or explore entering the capital markets;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify; padding-right: 0.05in"><span style="font-family: Times New Roman, Times, Serif">Startup consulting to early-stage companies planning for growth;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify; padding-right: 0.05in"><span style="font-family: Times New Roman, Times, Serif">Management consulting to companies seeking to enter the capital markets via self-underwriting or direct public offering or to move from one capital market to another; and</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">·</span></td><td style="text-align: justify; padding-right: 0.05in"><span style="font-family: Times New Roman, Times, Serif">Compliance services to fully reporting, publicly traded companies.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">The Company generated revenues primarily from consulting services that it provided to private company clients seeking to become fully reporting, publicly traded companies. The Company also generated revenue from regulatory compliance services that the Company was providing to public company clients that are required to file periodic and other reports with the Securities and Exchange Commission (“SEC”). The Company would be paid a flat fee for these services, which generally consisted of cash and restricted shares of the Company’s clients’ common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">Predicated upon the economic recession of 2008, commencing with the subprime mortgage crisis and bank crisis, a significant increase in housing foreclosures ultimately caused the stock market to crash in September 2008. At that time, and prior, the Company faced competition from a large number of consulting firms, investment banks, venture capitalists, merchant banks, financial advisors, and other similar management consulting and regulatory compliance services firms. Due to (i) the inability to raise funds in the marketplace and (ii) the intense competition in every aspect of the Company’s business, the Company was unable to operate profitably.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p>
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-0.00
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2022Q4 PCMC Related Party Transactions Policytext Block
RelatedPartyTransactionsPolicytextBlock
<p id="xdx_844_ecustom--RelatedPartyTransactionsPolicytextBlock_zHY8Wf8EWUv9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"><b><span id="xdx_861_zeN6FY4zK9h1">Related Party Transactions</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify">The Company follows ASC 850, <i>Related Party Disclosures</i>, for the identification of related parties and disclosure of related party transactions. Related party note and interest balances as of December 31, 2022 and September 30, 2022 were $<span id="xdx_905_eus-gaap--AccountsPayableRelatedPartiesCurrent_c20221231_pp0p0" title="Related party note and interest balances">415,654</span> and $<span id="xdx_90F_eus-gaap--AccountsPayableRelatedPartiesCurrent_c20220930_pp0p0" title="Related party note and interest balances">413,029</span>, respectively and related party accrued liabilities as of December 31, 2022 and September 30, 2022 of $<span id="xdx_909_ecustom--RelatedPartyAccruedLiabilities_c20221231_pp0p0" title="Related party accrued liabilities">32,164</span> and $<span id="xdx_904_ecustom--RelatedPartyAccruedLiabilities_c20220930_pp0p0" title="Related party accrued liabilities">32,164</span>, respectively (see Note 4. Related Party Transactions).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
415654 usd
CY2022Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
413029 usd
CY2022Q4 PCMC Related Party Accrued Liabilities
RelatedPartyAccruedLiabilities
32164 usd
CY2022Q3 PCMC Related Party Accrued Liabilities
RelatedPartyAccruedLiabilities
32164 usd
CY2022Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2021Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2022Q4 us-gaap Deferred Advertising Costs
DeferredAdvertisingCosts
0 usd
CY2021Q4 us-gaap Deferred Advertising Costs
DeferredAdvertisingCosts
0 usd
CY2022Q4 us-gaap Depreciation
Depreciation
0 usd
CY2021Q4 us-gaap Depreciation
Depreciation
0 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-5522699 usd
CY2022Q4 PCMC Working Capital Deficit
WorkingCapitalDeficit
468683 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
2625 usd
CY2021Q4 us-gaap Interest Expense
InterestExpense
2625 usd
CY2022Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
350000 usd
CY2022Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
350000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
66654 usd
CY2022Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
63029 usd
CY2022Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
350000 usd
CY2022Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
63029 usd
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
35136 usd
CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
32164 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34276816 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34276816 shares
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2022Q4 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
5522699 usd
CY2022Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
5515035 usd
CY2022Q4 PCMC Offset Income
OffsetIncome
66147 usd

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