Futuris Company Announces Completion of Audit for the Fiscal Year Ending July 31, 2020 and Provides Shareholder Update
FAIRFAX, Va., Oct. 15, 2020 /PRNewswire/ -- Futuris Company (OTC: FTRS) ("Futuris" or the "Company"), a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies, today announced the completion of the audit of its Consolidated Annual Financial Statements for the fiscal year ending July 31, 2020. An independent auditor and PCOAB registered accounting firm, BF Borgers CPA PC, completed the audit of the Company's financial statements within the guidelines of Generally Accepted Accounting Principles (GAAP). The results have been filed with the SEC in a Form 8-K accessible here.
"In addition to the closing of our share exchange agreement, name and symbol change, the filing of our audited financials will provide us flexibility to continue to execute on our M&A growth strategy. During this period of completing all of our corporate governance initiatives, we successfully closed on our first acquisition, Pioneer Global, and remain in active due diligence to close several other similar synergistic acquisitions. We look forward to providing our shareholders with continued updates during our quarterly and annual financial reporting periods at minimum," stated Kalyan Pathuri, President of Futuris Company.
Corporate Highlights and Shareholder Update:
- On June 29, 2020, a change in control of Mission Mining Company entered into a definitive share exchange agreement by and between Futuris.
- Following its share exchange agreement, the Company successfully completed its corporate name and ticker symbol change to Futuris Company and "FTRS."
- Closed on the acquisition of Pioneer Global, a US staffing services company providing a variety of staffing solutions to various businesses and organizations, helping them improve their business performance through cutting-edge technologies. Pioneer Global has a trailing twelve month sales of approximately $5 million.
- Announced signing of Head of Terms for an exclusive equity investment agreement with The Private Office of Mr. John Bernard for $10 million in exchange for a 15% post-money ownership stake on a fully diluted basis, whom the Company remains in active due diligence with and is subject to the satisfactory completion of due diligence to close.
- The Company effectuated a 1 for 3 reverse stock split as of the record date August 20, 2020. As of October 13, 2020, the Company had 288,352,964 common shares outstanding.
- Revenue for the fiscal year 2020 totaled approximately $1.0 million
About Futuris Company
Futuris is a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies that specialize in professional service verticals such as medical, accounting/finance, information technology, recruitment process outsourcing (RPO), and human resources. The Company is committed to building a global staffing company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Investor Contact
KCSA Strategic Communications
Valter Pinto / Allison Soss
[email protected]
PH: (212) 896-1254
BALANCE SHEET |
||
July 31, 2020 |
||
ASSETS |
||
July 31, 2020 |
||
CURRENT ASSETS |
||
Cash and Cash Equivalents |
$ |
178,764 |
Accounts receivables |
791,327 |
|
Advance to Vendors |
53,920 |
|
Prepaid expenses |
643 |
|
Other Current Assets |
418,821 |
|
Total current assets |
1,443,475 |
|
PROPERTY AND EQUIPMENT, at cost |
||
Goodwill |
1,550,431 |
|
Accumulated depreciation and amortization |
(0) |
|
Total property and equipment, net |
1,550,431 |
|
Total assets |
$ |
2,993,906 |
LIABILITIES AND STOCKHOLDER'S EQUITY |
||
July 31, 2020 |
||
CURRENT LIABILITIES |
||
Long Term Loan from Shareholders |
$ |
2,136,353 |
Factoring |
887,391 |
|
Accounts payable |
53,600 |
|
Promissory Notes payable |
653,177 |
|
Accrued liabilities |
453,939 |
|
Other short term liabilities |
149,708 |
|
Payroll taxes payable |
612 |
|
Total current liabilities |
4,334,780 |
|
Total liabilities |
4,334,780 |
|
STOCKHOLDER'S EQUITY |
||
Common stock, $0.001 par value, 1 billion shares authorized, 288,352,964 issued and outstanding |
288,353 |
|
Preferred stock Special 2019 Series A, 1 share |
0 |
|
Preferred stock Series F, 110 shares authorized, 1 |
0 |
|
Preferred stock, Series G, $0.0001 par value, 20 |
0 |
|
Retained earnings |
(1,629,227) |
|
Total stockholder's equity |
(1,340,874) |
|
Total liabilities and stockholder's equity |
$ |
2,993,906 |
STATEMENTS OF INCOME |
||||
For the Twelve Months Ended July 31, 2020 |
||||
2020 |
||||
Revenue Earned |
||||
Outsourced contingent workforce |
1,041,570 |
|||
Total revenue earned |
1,041,570 |
|||
Cost of earned revenue |
||||
Outsourced contingent workforce |
851,917 |
|||
Total cost of earned revenue |
851,917 |
|||
Gross profit |
189,653 |
|||
General and administrative expenses |
87,524 |
|||
Earnings before interest, taxes, depreciation & amortization |
102,129 |
|||
Non-Operating Income (Expense) |
||||
Interest expense |
(27,396) |
|||
Income before taxes on income |
74,733 |
|||
Income tax benefit |
0 |
|||
Net income |
$ |
74,733 |
||
STATEMENT OF CASH FLOWS |
||||||
Twelve Months Ended July 31, 2020 |
||||||
2020 |
||||||
Cash flows from operating activities: |
||||||
Net Income |
$ |
74,527 |
||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||
Depreciation and amortization |
- |
|||||
Loss on disposal of property and equipment |
- |
|||||
Deferred Tax Liability |
- |
|||||
Changes in operating assets and liabilities: |
||||||
Increase in Contract receivables |
(791,327) |
|||||
Increase in Other Current Assets |
(473,384) |
|||||
Increase in Accounts Payable |
53,600 |
|||||
Increase in Other Current Liabilities |
604,259 |
|||||
Net cash provided by operating activities |
(532,325) |
|||||
Cash flows used in investing activities: |
||||||
Business Acquisition |
(1,415,402) |
|||||
Goodwill paid on Business Acquisition |
(1,550,431) |
|||||
Net cash provided by Investing Activities |
(2,965,833) |
|||||
Cash flows from financing activities: |
||||||
Interest Free Loan from Majority Shareholder |
2,136,354 |
|||||
Factoring of Contract Receivables |
887,390 |
|||||
Issuance of Promissory Notes |
653,177 |
|||||
Net cash provided by Financing Activities |
3,676,921 |
|||||
Net increase (decrease) in cash and cash equivalents |
178,764 |
|||||
Cash and cash equivalents, beginning of period |
0 |
|||||
Cash and cash equivalents, end of period |
$ |
178,764 |
||||
SOURCE Futuris Company
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article