Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Entity Registrant Name | FULLCIRCLE REGISTRY INC |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2016 |
Trading Symbol | flcr |
Amendment Flag | false |
Entity Central Index Key | 1,127,993 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 187,606,258 |
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 | 2,016 |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 0 | $ 17,313 |
Inventory | 4,227 | 3,267 |
Accounts receivable, net | 26,615 | 28,496 |
Prepaid expenses | 445 | 305 |
Total Current Assets | 31,287 | 49,381 |
Fixed assets | ||
Property and equipment | 6,574,608 | 6,563,277 |
Accumulated depreciation | (1,532,927) | (1,307,549) |
Total Fixed Assets | 5,041,681 | 5,255,728 |
Other Assets | 10,870 | 10,870 |
TOTAL ASSETS | 5,083,838 | 5,315,979 |
Current Liabilities | ||
Current portion of long term debt | 4,501,873 | 4,477,921 |
Accounts payable | 98,277 | 90,111 |
Deferred rental income | 0 | 13,373 |
Accrued property taxes | 139,218 | 148,190 |
Other accrued expenses | 5,534 | 8,845 |
Preferred dividends payable | 37,407 | 33,124 |
Note payable related parties | 1,147,480 | 1,081,653 |
Note payable | 30,000 | 30,000 |
Accrued interest | 428,864 | 234,588 |
Total Current Liabilities | 6,388,653 | 6,117,805 |
Long Term Liabilities | ||
Equipment note payable, less current portion | 134,141 | 256,374 |
Total Long Term Liabilities | 134,141 | 256,374 |
Total Liabilities | 6,522,794 | 6,374,179 |
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 187,443,238 and 185,754,300 shares respectively | 187,444 | 185,755 |
Additional paid-in-capital | 9,398,089 | 9,390,532 |
Accumulated deficit | (11,024,799) | (10,634,797) |
Total Stockholders' Deficit | (1,438,956) | (1,058,200) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 5,083,838 | $ 5,315,979 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Parentheticals | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 187,443,238 | 185,754,300 |
Common Stock, shares outstanding | 187,443,238 | 185,754,300 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Revenues | $ 261,568 | $ 287,858 | $ 820,667 | $ 918,407 |
Cost of sales | 81,378 | 80,159 | 236,658 | 303,276 |
Gross profit | 180,190 | 207,699 | 584,009 | 615,131 |
Operating expenses | ||||
Selling, general & administrative | 194,250 | 3,981 | 488,401 | 501,144 |
Total operating expenses | 194,250 | 3,981 | 488,401 | 501,144 |
Income (loss) before depreciation & amortization | (14,060) | 203,718 | 95,608 | 113,987 |
Depreciation | ||||
Depreciation expense | (75,126) | (66,599) | (225,378) | (199,798) |
Operating income (loss) | (89,186) | 137,119 | (129,770) | (85,811) |
Other expense | ||||
Interest expense | (78,275) | (90,535) | (255,949) | (267,364) |
Total other expense | (78,275) | (90,535) | (255,949) | (267,364) |
Net income (loss) before income taxes | (167,461) | 46,584 | (385,719) | (353,175) |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | $ (167,461) | $ 46,584 | $ (385,719) | $ (353,175) |
Net basic and fully diluted income (loss) per share | $ (0.001) | $ 0 | $ (0.002) | $ (0.002) |
Weighted avg shares outstanding/Basic | 187,443,238 | 174,117,482 | 186,882,313 | 166,840,797 |
Weighted avg shares outstanding/Diluted | 216,734,771 | 195,838,857 | 216,216,791 | 187,842,954 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (385,719) | $ (353,175) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Depreciation | 225,378 | 199,798 |
Stock issued for services | 4,246 | 162,117 |
Stock returned to treasury | 0 | (25) |
Change in assets and liabilities | ||
(Increase) decrease in prepaid expenses | (140) | 694 |
Decrease in accounts receivable | 1,881 | 5,740 |
Increase in inventory | (960) | (1,576) |
Increase (decrease) in accounts payable | 8,166 | (2,286) |
Increase in accrued interest | 194,276 | 67,409 |
Decrease in accrued expenses and other current liabilities | (12,283) | (156,035) |
Decrease in prepaid rental income | (13,373) | 0 |
Net cash provided by (used in) operating activities | 21,472 | (77,339) |
Cash flows from investing activities | ||
Purchase of property and equipment | (11,331) | 0 |
Net cash used in operating activities | (11,331) | 0 |
Cash flows from financing activities | ||
Payments on mortgage payable | 0 | (98,092) |
Payments on digital equipment financing payable | (98,281) | (78,752) |
Proceeds from notes payable related parties | 65,827 | 192,252 |
Proceeds from sale of common stock | 5,000 | 62,500 |
Net cash provided by (used in) financing activities | (27,454) | 77,908 |
Net increase (decrease) in cash | (17,313) | 569 |
Cash at beginning of period | 17,313 | 6,316 |
Cash at end of period | 0 | 6,885 |
Cash used for: | ||
Interest | 61,673 | 199,955 |
Non-cash transactions | ||
Stock issued for services | $ 4,246 | $ 162,117 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION. | 9 Months Ended |
Sep. 30, 2016 | |
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 Companys most recent audited financial statements and notes thereto included in its December 31, 2015 Annual Report on Form 10-K. Operating results for the three-months and nine-months ended September 30, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
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 $11,024,799 and $10,634,797 as of September 30, 2016 and December 31, 2015, respectively The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is managements 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: · Raising new investment capital in the form of loans, sufficient to invest in theater operations improvements that will result in continual quarterly revenue growth until revenues are sufficient to meet operating expenses on an ongoing basis. · Leasing or developing our Georgetown 14 Cinema property, which may involve developing a portion of our parking area. · Maintaining the Company mission of minimal overhead costs while sourcing services in consulting roles to keep overhead costs 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 latter part of this 3 rd |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2016 | |
STOCKHOLDERS EQUITY: | |
STOCKHOLDERS EQUITY | NOTE 3. STOCKHOLDERS EQUITY During the nine-month period ended September 30, 2016 the company issued an aggregate amount of 1,688,938 shares of common stock. The following is a listing of the common stock transactions. 1,000,000 shares of Common Stock were issued for $5,000 in cash, at $.005 per share, for working capital. 528,768 shares of Common Stock were issued for $2,645 or $.005 per share, for consulting services. 160,170 shares of Common Stock were issued for $1,601, or $.01 per share, for consulting services. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 4. SIGNIFICANT ACCOUNTING POLICIES Capital Structure In accordance with ASC 505, Equity, the Companys 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 187,443,238 on September 30, 2016 and 185,754,300 on December 31, 2015. The common stock has one vote per share. The common stock is traded on the OTCBB (now OTC Pink) under the symbol FLCR. The Company has not paid, nor declared, any dividends associated with its common stock 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 the Company can 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 managements estimates. Actual results could differ from those estimates. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2016 | |
SUBSEQUENT EVENT | |
SUBSEQUENT EVENT | NOTE 5. SUBSEQUENT EVENT The Company evaluated subsequent events through the date the financial statements were issued and filed with the SEC. There were no subsequent events that required recognition or disclosure. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies: | |
Capital Structure | Capital Structure In accordance with ASC 505, Equity, the Companys 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 $.001 par value, issued and outstanding 187,443,238 on September 30, 2016 and 185,754,300 on December 31, 2015. The common stock has one vote per share. The common stock is traded on the OTCBB (now OTC Pink) under the symbol FLCR. The Company has not paid, nor declared, any dividends associated with its common stock since its inception and does not intend to declare any such dividends in the foreseeable future. The Company's ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, dividends may be paid to the extent that the corporation's assets exceed its liabilities and the Company can to pay its debts as they become due in the usual course of business. Class B Preferred shares have a 2% preferred dividend, payable annually. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and expenses during the reporting period. In these Consolidated Financial Statements, assets, liabilities and expenses involve extensive reliance on managements estimates. Actual results could differ from those estimates. |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Going Concern Details | ||
Accmulated Deficit | $ 11,024,799 | $ 10,634,797 |
Equity Transactions (Details)
Equity Transactions (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Equity Transactions Details: | |
Aggregate shares of common stock issued | 1,688,938 |
Issued shares of common Stock for working capital | 1,000,000 |
Issued shares of common Stock for working capital in cash | $ | $ 5,000 |
Issued shares of common Stock for working capital per share | $ / shares | $ 0.005 |
Issued shares of common Stock for consulting services | 528,768 |
Issued shares of common Stock for consulting services value | $ | $ 2,645 |
Issued shares of common Stock for consulting services per share | $ / shares | $ 0.005 |
Issued shares of common Stock for consulting services | 160,170 |
Issued shares of common Stock for consulting services value | $ | $ 1,601 |
Issued shares of common Stock for consulting services per share | $ / shares | $ 0.01 |
Significant Accounting Polici14
Significant Accounting Policies (Details) | Sep. 30, 2016$ / sharesshares | Dec. 31, 2015shares |
Capital Structure Details | ||
Preferred Stock shares authorized | 10,000,000 | |
Preferred Stock par value | $ / shares | $ 0.001 | |
Class A Preferred Stock issued and outstanding | 10,000 | |
Class B Preferred Stock issued and outstanding | 300,600 | |
Class B shares have voting rights of votes for 1 Preferred B share | 10 | |
Common Stock shares authorized | 200,000,000 | |
Common Stock par value | $ / shares | $ 0.001 | |
Common Stock, issued and outstanding | 187,443,238 | 185,754,300 |
Common stock has vote per share | 1 | |
Class B Preferred shares, preferred dividend payable annually (in Percent) | 2.00% |