Cover
Cover - shares | 6 Months Ended | |
Mar. 31, 2023 | May 17, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 000-50098 | |
Entity Registrant Name | PUBLIC CO MANAGEMENT CORP | |
Entity Central Index Key | 0001141964 | |
Entity Tax Identification Number | 88-0493734 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9340 Wilshire Boulevard | |
Entity Address, Address Line Two | Suite 203 | |
Entity Address, City or Town | Beverly Hills | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90212 | |
City Area Code | 310 | |
Local Phone Number | 862.1957 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | PCMC | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 34,276,816 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Current assets | ||
Cash | $ 2,055 | $ 4,448 |
Total Assets | 2,055 | 4,448 |
Current liabilities | ||
Accounts payable and accrued expenses | 13,551 | 20,274 |
Accounts payable and accrued expenses - related party | 45,232 | 32,164 |
Accrued interest payable – related party | 68,279 | 63,029 |
Note payable – related party | 350,000 | 350,000 |
Total Current Liabilities | 477,062 | 465,467 |
Total Liabilities | 477,062 | 465,467 |
Stockholders’ deficit | ||
Preferred Stock, 5,000,000 authorized at $0.001 par value; zero 0 shares issued and outstanding at March 31, 2023 and September 30, 2022 | ||
Common Stock, 50,000,000 authorized at $0.001 par value; 34,276,816 shares issued and outstanding at March 31, 2023 and September 30, 2022 | 34,277 | 34,277 |
Additional paid-in capital | 5,019,739 | 5,019,739 |
Accumulated deficit | (5,529,023) | (5,515,035) |
Total stockholders’ deficit | (475,007) | (461,019) |
Total liabilities and stockholders’ deficit | $ 2,055 | $ 4,448 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 34,276,816 | 34,276,816 |
Common stock, shares outstanding | 34,276,816 | 34,276,816 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses | ||||
General and administrative expenses | $ 3,699 | $ 9,727 | $ 8,738 | $ 10,127 |
Total Operating Expenses | 3,699 | 9,727 | 8,738 | 10,127 |
(Loss) from operations | (3,699) | (9,727) | (8,738) | (10,127) |
Other income (expense) | ||||
Interest expense | (2,625) | (2,625) | (5,250) | (5,250) |
Total Other Expense | (2,625) | (2,625) | (5,250) | (5,250) |
Net (loss) | $ (6,324) | $ (12,352) | $ (13,988) | $ (15,377) |
Basic and Diluted income (loss) per share | ||||
Basic and diluted income per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding basic and diluted | 34,276,816 | 34,276,816 | 34,276,816 | 34,276,816 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Sep. 30, 2021 | $ 34,277 | $ 5,019,739 | $ (5,478,322) | $ (424,306) | |
Beginning balance, shares at Sep. 30, 2021 | 34,276,816 | ||||
Net loss | (15,377) | (15,377) | |||
Ending balance, value at Mar. 31, 2022 | $ 34,277 | 5,019,739 | (5,493,699) | (439,683) | |
Ending balance, shares at Mar. 31, 2022 | 34,276,816 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 34,277 | 5,019,739 | (5,481,347) | (427,331) | |
Beginning balance, shares at Dec. 31, 2021 | 34,276,816 | ||||
Net loss | (12,352) | (12,352) | |||
Ending balance, value at Mar. 31, 2022 | $ 34,277 | 5,019,739 | (5,493,699) | (439,683) | |
Ending balance, shares at Mar. 31, 2022 | 34,276,816 | ||||
Beginning balance, value at Sep. 30, 2022 | $ 34,277 | 5,019,739 | (5,515,035) | (461,019) | |
Beginning balance, shares at Sep. 30, 2022 | 34,276,816 | ||||
Net loss | (13,988) | (13,988) | |||
Ending balance, value at Mar. 31, 2023 | $ 34,277 | 5,019,739 | (5,529,023) | (475,007) | |
Ending balance, shares at Mar. 31, 2023 | 34,276,816 | ||||
Beginning balance, value at Dec. 31, 2022 | $ 34,277 | 5,019,739 | (5,522,699) | (468,683) | |
Beginning balance, shares at Dec. 31, 2022 | 34,276,816 | ||||
Net loss | (6,324) | (6,324) | |||
Ending balance, value at Mar. 31, 2023 | $ 34,277 | $ 5,019,739 | $ (5,529,023) | $ (475,007) | |
Ending balance, shares at Mar. 31, 2023 | 34,276,816 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net (loss) | $ (13,988) | $ (15,377) |
Changes in operating assets and liabilities | ||
Accounts payable | (6,723) | 4,200 |
Accrued expenses | 13,068 | 5,927 |
Accrued interest payable – related party | 5,250 | 5,250 |
Net cash (used in) operating activities | (2,393) | |
Cash flows from investing activities | ||
Cash flows from financing activities | ||
Net increase (decrease) in cash | (2,393) | |
Cash, beginning of period | 4,448 | 6,688 |
Cash, end of period | 2,055 | 6,688 |
SUPPLEMENTAL DISCLOSURE: | ||
Interest paid | ||
Income taxes paid |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES | NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES Nature of Business 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. Pursuant to the Exchange Agreement, MyOffiz acquired approximately 92.1% 15,326,650 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: · Educational products to improve business processes or explore entering the capital markets; · Startup consulting to early-stage companies planning for growth; · 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 · Compliance services to fully reporting, publicly traded companies. 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. 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. Basis of Preparation The accompanying financial statements include the financial information of PCMC Holdings Inc. (“PCMC”, the “Company”) have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the “SEC”). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. Adoption of New Accounting Standard PCMC adopted Accounting Standard Update 2014-09, Revenue from Contracts with Customers, at the start of the first quarter of 2019 using the modified retrospective approach and recorded a cumulative effect adjustment to retained earnings based on the current terms and conditions for open contracts as of January 1, 2019. The adoption of the standard did not have a material impact on the Company’s Financial Statements. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-3, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instructions Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. Cash and Cash Equivalents PCMC considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASU 2019-07 Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company’s common stock for common share issuances. Revenue Recognition The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer Contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company’ preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties are in agreement and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company’s advertising platform. The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services are being provided. Accounts Receivable and Allowance for Doubtful Accounts The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, current aging status of the customer accounts, and financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no General and Administrative Expenses PCMC’s general and administrative expenses consisted of the following types of expenses during 2023 and 2022: Compensation expense, payroll expense, rent, travel and entertainment, legal and accounting, utilities, web sites, office expenses, depreciation and other administrative related expenses. Property and Equipment Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on either expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2023 or 2022. Basic and Diluted Net (Loss) per Share Schedule of basic and diluted net (loss) per share March 31, March 31, 2022 2022 Numerator: Net (Loss) attributable to common shareholders of PCMC $ (13,988 ) $ (15,377 ) Net (Loss) attributable to PCMC $ (13,988 ) $ (15,377 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 34,276,816 34,276,816 Earnings (Loss) per Share attributable to PCMC Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the six months ended March 31, 2023 and 2022. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended March 31, 2023 is zero 0 Income Taxes Uncertain tax position The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No Fair Value of Financial Instruments The ASC guidance for fair value measurements and disclosure establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs Level 2 Inputs Level 3 Inputs The Company’s financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Related Party Transactions The Company follows ASC 850, Related Party Disclosures 418,279 413,029 45,232 32,164 Research and Development The Company spent no Advertising Cost The Company spent no Depreciation The Company had no |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN As shown in the accompanying financial statements, PCMC has an accumulated deficit of $ 5,529,023 475,007 PCMC continues to review its expense structure reviewing costs and their reduction to move towards profitability. Management plans to continue raising funds through debt and equity financing to fund expenditures or other cash requirements. There can be no assurance that additional financing will be available to the Company on acceptable terms or at all. These financial statements do not give effect to adjustments to assets would be necessary for the Company be unable to continue as going concern. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 3 – NOTES PAYABLE Schedule of notes payable Original Due Interest June 30, Sept 30, Name Note Date Date Rate 2022 2021 Related Party: Specialty Capital Lenders LLC – Related Party 9/30/2016 10/01/2021 3 % 350,000 350,000 During the six months ending March 31, 2023 and 2022, the Company had $ 5,250 5,250 On September 30, 2016, the Company issued a Promissory Note to Stephen Brock, the Company’s Chief Executive Officer and Director, in the principal amount of three hundred fifty thousand dollars USD ($ 350,000 3 October 31, 2023 On August 3, 2020, the promissory note was assigned by Brock to Specialty Capital Lenders LLC. As of September 30, 2020, the Company had entered into an Obligation Extension Agreement (“Extension Agreement”) with Specialty Capital Lenders LLC. Pursuant to the terms of the Extension Agreement, the original principal will continue to accrue interest at the rate of three (3%) percent per annum beginning on October 1, 2020. The Extension Agreement shall terminate as of October 1, 2022, at which time all unpaid principal and accrued interest will be due and payable to Specialty Capital Lenders LLC. The Company may, at its sole discretion, at any time prepay all or any part of the principal amount of the Promissory Note, without premium, but with all accrued interest to the date of prepayment. Partial prepayments will be applied to accrued interest and then to principal. As of March 31, 2023 and September 30, 2022, the Company owed $ 350,000 68,279 63,029 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company is obligated for payments under related party accrued expenses and notes payable. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS On August 3, 2020 Specialty Capital Lenders LLC was assigned a $ 350,000 350,000 68,279 63,029 As of March 31, 2023 and September 30, 2022, the Company owed $ 45,232 32,164 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY Preferred Stock The Company has 5,000,000 0.001 no Common Stock The Company has 50,000,000 0.001 34,276,816 The Company issued no |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7 – INCOME TAXES The Company follows ASC 740, Accounting for Income Taxes. During 2009, there was a change in control of the Company. Under section 382 of the Internal Revenue Code such a change in control negates much of the tax loss carry forward and deferred income tax. Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry forwards. For federal income tax purposes, the Company uses the accrual basis of accounting, the same that is used for financial reporting purposes. As of March 31, 2023 and September 30, 2022, the Company's accumulated deficit was $ 5,529,023 5,515,035 72,471 Federal income tax returns have not been examined and reported upon by the Internal Revenue Service; returns of the years since September 30, 2020 are still open. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company has evaluated subsequent events as of the date of the financial statements were available to be issued and has determined that there are no disclosable subsequent events. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business 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. Pursuant to the Exchange Agreement, MyOffiz acquired approximately 92.1% 15,326,650 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: · Educational products to improve business processes or explore entering the capital markets; · Startup consulting to early-stage companies planning for growth; · 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 · Compliance services to fully reporting, publicly traded companies. 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. 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. |
Basis of Preparation | Basis of Preparation The accompanying financial statements include the financial information of PCMC Holdings Inc. (“PCMC”, the “Company”) have been prepared in accordance with the instructions to financial reporting as prescribed by the Securities and Exchange Commission (the “SEC”). The preparation of these financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, the financial statements contained in this report include all known accruals and adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods reported herein. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard PCMC adopted Accounting Standard Update 2014-09, Revenue from Contracts with Customers, at the start of the first quarter of 2019 using the modified retrospective approach and recorded a cumulative effect adjustment to retained earnings based on the current terms and conditions for open contracts as of January 1, 2019. The adoption of the standard did not have a material impact on the Company’s Financial Statements. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. |
Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-3, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instructions |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are primarily used in our revenue recognition, long-lived asset impairments and adjustments, deferred tax, stock-based compensation, and reserves for legal matters. |
Cash and Cash Equivalents | Cash and Cash Equivalents PCMC considers all highly liquid investments purchased with an original maturity of three months or less to be cash and cash equivalents. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation to employees in accordance with ASC 718 requiring employee equity awards to be accounted for under the fair value method. Accordingly, share-based compensation is measured at grant date, based on the fair value of the award and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with ASU 2019-07 Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model for common stock options and the closing price of the company’s common stock for common share issuances. |
Revenue Recognition | Revenue Recognition The core principles of revenue recognition under ASC 606 include the following five criteria: 1. Identify the contract with the customer Contract with our customers may be oral, written, or implied. A written and signed invoice stating the terms and conditions is the Company’ preferred method. The terms of a written contract may be contained within the body of an invoice or in an email. No work is commenced without an understanding between the Company and our client that a valid contract exists. 2. Identify the performance obligations in the contract Our sales and account management teams define the scope of services to be offered, to ensure all parties are in agreement and obligations are being delivered to the customer as promised. The performance obligation may not be fully identified in a mutually signed contract, but may be outlined in email correspondence, face-to-face meetings, additional proposals or scopes of work, or phone conversations. 3. Determine the transaction price Pricing is discussed and identified by the operations team prior to submitting an invoice to the customer. 4. Allocate the transaction price to the performance obligations in the contract If a contract involves multiple obligations, the transaction pricing is allocated accordingly, during the performance obligation phase. 5. Recognize revenue when (or as) we satisfy a performance obligation The Company uses digital marketing that includes digital advertising, SEO management and digital ad support. We provide whether presenting a vibrant but simple message about our clients that will enlighten their audience or deploying an influential digital marketing campaign on our online site or across one or multiple social media platforms. Revenue is recognized when ads are run on Company’s advertising platform. The company generates analytical reports monthly or as required to show how the ad dollars were spent and how the targeting resulted in click-through. The report satisfies the performance obligation, regardless of the outcome or effectiveness of the campaign. Sales are recognized when promised services are started in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Sales for service contracts generally are recognized as the services are being provided. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company establishes an allowance for bad debts through a review of several factors including historical collection experience, current aging status of the customer accounts, and financial condition of our customers. The Company does not generally require collateral for our accounts receivable. There were no |
General and Administrative Expenses | General and Administrative Expenses PCMC’s general and administrative expenses consisted of the following types of expenses during 2023 and 2022: Compensation expense, payroll expense, rent, travel and entertainment, legal and accounting, utilities, web sites, office expenses, depreciation and other administrative related expenses. |
Property and Equipment | Property and Equipment Property and equipment are carried at the cost of acquisition or construction and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance are expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is determined based on either expected future cash flows at a rate we believe incorporates the time value of money. No indications of impairments were identified in 2023 or 2022. |
Basic and Diluted Net (Loss) per Share | Basic and Diluted Net (Loss) per Share Schedule of basic and diluted net (loss) per share March 31, March 31, 2022 2022 Numerator: Net (Loss) attributable to common shareholders of PCMC $ (13,988 ) $ (15,377 ) Net (Loss) attributable to PCMC $ (13,988 ) $ (15,377 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 34,276,816 34,276,816 Earnings (Loss) per Share attributable to PCMC Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) When an entity has a net loss, it is prohibited from including potential common shares in the computation of diluted per share amounts. Accordingly, we have utilized basic shares outstanding to calculate both basic and diluted loss per share for the six months ended March 31, 2023 and 2022. The number of potential anti-dilutive shares excluded from the calculation shares for the period ended March 31, 2023 is zero 0 |
Income Taxes | Income Taxes Uncertain tax position The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. No |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The ASC guidance for fair value measurements and disclosure establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Inputs Level 2 Inputs Level 3 Inputs The Company’s financial instruments consist of cash and cash equivalents, accounts payable and debt. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Related Party Transactions | Related Party Transactions The Company follows ASC 850, Related Party Disclosures 418,279 413,029 45,232 32,164 |
Research and Development | Research and Development The Company spent no |
Advertising Cost | Advertising Cost The Company spent no |
Depreciation | Depreciation The Company had no |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net (loss) per share | Schedule of basic and diluted net (loss) per share March 31, March 31, 2022 2022 Numerator: Net (Loss) attributable to common shareholders of PCMC $ (13,988 ) $ (15,377 ) Net (Loss) attributable to PCMC $ (13,988 ) $ (15,377 ) Denominator: Weighted average common and common equivalent shares outstanding – basic and diluted 34,276,816 34,276,816 Earnings (Loss) per Share attributable to PCMC Basic $ (0.00 ) $ (0.00 ) Diluted $ (0.00 ) $ (0.00 ) |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Schedule of notes payable Original Due Interest June 30, Sept 30, Name Note Date Date Rate 2022 2021 Related Party: Specialty Capital Lenders LLC – Related Party 9/30/2016 10/01/2021 3 % 350,000 350,000 |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||||
Net (Loss) attributable to common shareholders of PCMC | $ (13,988) | $ (15,377) | ||
Net (Loss) attributable to PCMC | $ (6,324) | $ (12,352) | $ (13,988) | $ (15,377) |
Denominator: | ||||
Weighted average common and common equivalent shares outstanding – basic and diluted | 34,276,816 | 34,276,816 | ||
Earnings (Loss) per Share attributable to PCMC | ||||
Basic | $ 0 | $ 0 | ||
Diluted | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Number of common stock issued during the period | 0 | 0 | |
Accounts receivable | $ 0 | $ 0 | |
Allowance for doubtful accounts | $ 0 | 0 | |
Anti-dilutive shares excluded from the calculation shares | 0 | ||
Unrecognized tax benefits | $ 0 | 0 | |
Related party note and interest balances | 418,279 | 413,029 | |
Related party accrued liabilities | 45,232 | $ 32,164 | |
Research and development cost | 0 | $ 0 | |
Advertising cost | 0 | 0 | |
Depreciation expense | $ 0 | $ 0 | |
MyOffiz [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of common stock issued during the period | 15,326,650 | ||
MyOffiz [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Percentage acquired | 92.10% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 5,529,023 | $ 5,515,035 |
Working capital deficit | $ 475,007 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Note payable - related party | $ 350,000 | $ 350,000 |
Specialty Capital Lenders LLC [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Original Note Date | Sep. 30, 2016 | |
Due Date | Oct. 01, 2021 | |
Interest Rate | 3% | |
Note payable - related party | $ 350,000 | $ 350,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Aug. 03, 2020 | |
Debt Instrument [Line Items] | ||||||
Interest expense | $ 2,625 | $ 2,625 | $ 5,250 | $ 5,250 | ||
Note payable - related party | 350,000 | 350,000 | $ 350,000 | |||
Accrued interest | 68,279 | $ 68,279 | 63,029 | |||
Specialty Capital Lenders LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3% | |||||
Maturity date | Oct. 31, 2023 | |||||
Note payable - related party | $ 350,000 | $ 350,000 | $ 350,000 | |||
Specialty Capital Lenders LLC [Member] | Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 350,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2023 | Sep. 30, 2022 | Aug. 03, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Promissory note outstanding | $ 350,000 | $ 350,000 | |
Accrued interest payable | 68,279 | 63,029 | |
Due to Related party | 45,232 | 32,164 | |
Specialty Capital Lenders LLC [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Promissory note outstanding | $ 350,000 | $ 350,000 | |
Specialty Capital Lenders LLC [Member] | Promissory Note [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Principal amount | $ 350,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | 6 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Equity [Abstract] | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, shares authorized | 50,000,000 | 50,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares outstanding | 34,276,816 | 34,276,816 | |
Number of common stock issued during the period | 0 | 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Accumulated deficit | $ 5,529,023 | $ 5,515,035 |
Offset income | $ 72,471 |