Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | FULLCIRCLE REGISTRY INC | |
Entity Trading Symbol | FLCR | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1127993 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 172,590,542 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $44,966 | $6,316 |
Inventory | 3,508 | 2,583 |
Accounts receivable, net | 46,879 | 28,584 |
Prepaid expenses | 524 | 958 |
Total Current Assets | 95,877 | 38,441 |
Fixed Assets | ||
Property and equipment | 6,563,277 | 6,563,277 |
Accumulated depreciation | -965,631 | -899,032 |
Total Fixed Assets | 5,597,646 | 5,664,245 |
Other Assets | 10,870 | 10,870 |
TOTAL ASSETS | 5,704,393 | 5,713,556 |
Current Liabilities | ||
Current portion of long term debt | 306,411 | 312,593 |
Accounts payable | 99,938 | 79,997 |
Deferred rental income | 13,373 | 13,373 |
Accrued property taxes | 286,741 | 266,627 |
Other accrued expenses | 6,326 | 5,543 |
Preferred dividends payable | 28,611 | 27,128 |
Note payable related parties | 905,430 | 836,311 |
Note payable | 30,000 | 30,000 |
Accrued interest | 158,500 | 140,324 |
Total Current Liabilities | 1,835,330 | 1,711,896 |
Long Term Liabilities | ||
Equipment note payable, less current portion | 320,028 | 348,087 |
Mortgage note payable, less current portion | 4,236,235 | 4,267,461 |
Total Long Term Liabilities | 4,556,263 | 4,615,548 |
Total Liabilities | 6,391,593 | 6,327,444 |
Stockholders' Deficit | ||
Preferred stock, authorized 10,000,000 shares of $.001 par value Preferred A, issued and outstanding is 10,000 | 10 | 10 |
Preferred B, issued and outstanding is 300,600 | 300 | 300 |
Common stock, authorized 200,000,000 shares of $.001 par value, issued and outstanding shares of 166,500,542 and 143,605,394 shares, respectively | 166,501 | 143,606 |
Additional paid-in-capital | 9,295,224 | 9,175,320 |
Accumulated deficit | -10,149,235 | -9,933,124 |
Total Stockholders' Deficit | -687,200 | -613,888 |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $5,704,393 | $5,713,556 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Parentheticals | ||
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred A, issued and outstanding | 10,000 | 10,000 |
Preferred B, issued and outstanding | 300,600 | 300,600 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 166,500,542 | 143,605,394 |
Common Stock, shares outstanding | 166,500,542 | 143,605,394 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUE: | ||
Revenues | $316,079 | $386,143 |
Cost of sales | 108,798 | 149,963 |
Gross profit | 207,281 | 236,180 |
Operating expenses | ||
Selling, general & administrative | 268,835 | 192,775 |
Total operating expenses | 268,835 | 192,775 |
Income (loss) before depreciation and amortization | -61,554 | 43,405 |
Depreciation and amortization | ||
Depreciation expense | -66,599 | -63,252 |
Operating loss | -128,153 | -19,847 |
Other expense | ||
Interest expense | -86,476 | -75,662 |
Total other expense | -86,476 | -75,662 |
Net loss before income taxes | -214,629 | -95,509 |
Income taxes | 0 | 0 |
Net loss | ($214,629) | ($95,509) |
Net basic and fully diluted loss per share | $0.00 | $0.00 |
Weighted average shares outstanding - Basic | 155,770,554 | 131,784,426 |
Weighted average shares outstanding - Diluted | 175,816,184 | 143,949,446 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | ($214,629) | ($95,509) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation | 66,599 | 63,252 |
Stock issued for services | 90,324 | 0 |
Change in assets and liabilities | ||
Decrease in prepaid expenses | 433 | 1,429 |
(Increase) decrease in accounts receivable | -18,295 | 2,168 |
Increase in inventory | -925 | 0 |
Increase in accounts payable | 19,942 | 2,481 |
Increase in accrued interest | 18,177 | 28,960 |
Increase in accrued expenses and other current liabilities | 20,898 | 30,187 |
Net cash provided by (used in) operating activities | -17,476 | 32,968 |
Cash flows from investing activities | ||
Purchase of fixed assets | 0 | -945 |
Net cash used in investing activities | 0 | -945 |
Cash flows from financing activities | ||
Payments on mortgage payable | -48,027 | -32,758 |
Payments on digital equipment financing payable | -17,440 | -24,388 |
Proceeds from notes payable related parties | 69,119 | 34,684 |
Proceeds from sale of common stock | 52,474 | 0 |
Net cash provided by(used in) financing activities | 56,126 | -22,462 |
Net increase in cash | 38,650 | 9,561 |
Cash at beginning of period | 6,316 | 14,267 |
Cash at end of period | 44,966 | 23,828 |
Cash paid for: | ||
Interest | $68,299 | $46,702 |
BASIS_OF_FINANCIAL_STATEMENT_P
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | NOTE 1. BASIS OF FINANCIAL STATEMENT PRESENTATION. |
The information furnished herein was taken from the books and records of the Company without audit. However, such information reflects all adjustments, which are, in the opinion of management, necessary to properly reflect the results of the interim period presented. The information presented is not necessarily indicative of the results from operations expected for the full fiscal year. | |
The accompanying un-audited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its December 31, 2014, Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2015 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2. GOING CONCERN. |
The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has suffered recurring losses, negative working capital and is dependent upon raising capital to continue operations. The Company has incurred losses resulting in an accumulated deficit of $10,149,235 and $9,933,124 as of March 31, 2015 and December 31, 2014, respectively. | |
The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to generate additional working capital by increasing revenue as a result of new sales and marketing initiatives and by raising additional capital from investors. | |
Management's plans with regards to these issues are as follows: | |
Improving our Georgetown 14 Cinemas investment. | |
Expanding revenues by purchasing, or otherwise acquiring, independent businesses. | |
Raising new investment capital, either in the form of equity or loans, sufficient to meet the Company's operating expenses until the revenues are sufficient to meet operating expenses on an ongoing basis. | |
Locating and merging with other profitable private companies where the owners are seeking liquidity and exit plans. | |
Maintaining the Company mission of minimal overheads while sourcing services in consulting roles to keep overheads at a minimum. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2015 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | |
NOTE 3. STOCKHOLDERS’ EQUITY | |
During the three-month period ended March 31, 2015 the company issued an aggregate amount of 23,895,148 shares of common stock. The following is a listing of the common stock transactions. | |
12,153,358 shares of Common Stock were issued for $47,500 in cash, at $.00391 per share, for working capital. | |
3,000,000 shares of Common Stock were issued for $15,000, or $.005 per share, for consulting services. | |
2,500 shares of Common Stock were returned to treasury at $.01 per share. | |
288,040 shares of Common Stock were issued at $.02 per share, or $5,780.50 for consulting services | |
500,000 shares of Common Stock were issued at $.01, per share or $5,000, for working capital. | |
6,956,250 shares of Common Stock were issued at $.01 per share, or $69,562.50, for consulting services. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 4. SIGNIFICANT ACCOUNTING POLICIES |
Capital Structure | |
In accordance with ASC 505, “Equity,” the Company’s capital structure is as follows: | |
Preferred stock, authorized 10,000,000 shares of $.001 par value. Class A issued and outstanding is 10,000. Class A preferred shares have no voting rights. Class B issued and outstanding is 300,600 shares. The Class B shares have voting rights of 10 votes for 1 Preferred B share. There is no publicly traded market for our preferred shares. | |
Common stock, authorized 200,000,000 shares of $.001 par value, issued and outstanding 166,500,542 on March 31, 2015 and 143,605,394 on December 31, 2014. The common stock has one vote per share. The common stock is traded on the OTCBB under the symbol FLCR. | |
The Company has not paid, nor declared, any dividends since its inception and does not intend to declare any such dividends in the foreseeable future. The Company's ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, dividends may be paid to the extent that the corporation's assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business. | |
Class B Preferred shares have a 2% preferred dividend, payable annually. | |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and expenses during the reporting period. In these Consolidated Financial Statements, assets, liabilities and expenses involve extensive reliance on management’s estimates. Actual results could differ | |
from those estimates. |
SUMMARY_OF_ACCOUNTING_POLICIES
SUMMARY OF ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF ACCOUNTING POLICIES | |
Capital Structure | Capital Structure |
In accordance with ASC 505, “Equity,” the Company’s capital structure is as follows: | |
Preferred stock, authorized 10,000,000 shares of $.001 par value. Class A issued and outstanding is 10,000. Class A preferred shares have no voting rights. Class B issued and outstanding is 300,600 shares. The Class B shares have voting rights of 10 votes for 1 Preferred B share. There is no publicly traded market for our preferred shares. | |
Common stock, authorized 200,000,000 shares of $.001 par value, issued and outstanding 166,500,542 on March 31, 2015 and 143,605,394 on December 31, 2014. The common stock has one vote per share. The common stock is traded on the OTCBB under the symbol FLCR. | |
The Company has not paid, nor declared, any dividends since its inception and does not intend to declare any such dividends in the foreseeable future. The Company's ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, dividends may be paid to the extent that the corporation's assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business. | |
Class B Preferred shares have a 2% preferred dividend, payable annually. | |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and expenses during the reporting period. In these Consolidated Financial Statements, assets, liabilities and expenses involve extensive reliance on management’s estimates. Actual results could differ | |
from those estimates. |
Going_Concern_Details
Going Concern (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Going concern details | ||
The Company has incurred losses resulting in an accumulated deficit | $10,149,235 | $9,933,124 |
Common_Stock_TransactionsThree
Common Stock Transactions-Three months ended-March 2015 (Details) | Number of shares | Shares Issued For cash | Per share |
Balance of shares at Dec. 31, 2014 | 0 | 0 | 0 |
Company issued an aggregate amount of shares | 33,895,148 | 0 | 0 |
Common stock shares issued 1st level | 12,153,358 | 47,500 | 0.00391 |
Common stock shares issued 2nd level | 3,000,000 | 15,000 | 0.005 |
Common stock returned by treasury | 2,500 | 0 | 0.01 |
Common Stock were issued for consulting services | 288,040 | 5,780.50 | 0.02 |
Common stock issued for working capital | 500,000 | 5,000 | 0.01 |
Common Stock were issued for consulting services. | 6,956,250 | 69,562.50 | 0.01 |
Balance of shares . at Mar. 31, 2015 | 0 | 0 | 0 |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Share details | ||
Preferred stock, shares authorised(per share .001) | 10,000,000 | |
Class A issued and outstanding shares | 10,000 | |
Class B issued and outstanding shares | 300,600 | |
Common stock, authorized shares(per share .001) | 200,000,000 | |
Issued shares of common stock | 166,500,542 | |
outstanding shares of common stock | 166,500,542 | |
Class B Shares have preferred dividend | 2.00% |