Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Oct. 31, 2013 | Dec. 20, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Medcareers Group, Inc. | ' |
Entity Central Index Key | '0001438901 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'Yes | ' |
Is Entity's Reporting Status Current? | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $13,795,214 |
Entity Common Stock, Shares Outstanding | ' | 57,779,962 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
Current Assets | ' | ' |
Cash | $7,697 | $89,680 |
Other Current Assets | 1,095 | 0 |
Total Current Assets | 8,792 | 89,680 |
Property Plant and Equipment | ' | ' |
Equipment | 1,799 | 1,799 |
Less: Accumulated Depreciation | -1,799 | -1,799 |
Total Property Plant and Equipment | 0 | 0 |
Other Assets | 13,750 | 13,750 |
Total Assets | 22,542 | 181,897 |
Current Liabilities | ' | ' |
Accounts Payable | 58,017 | 6,918 |
Accrued Expenses | 18,661 | 11,852 |
Due to Related Parties | 243,093 | 178,143 |
Accrued Interest Payable | 104,767 | 89,333 |
Current Portion of Long Term Debt | 555,650 | 578,150 |
Total Current Liabilities | 980,189 | 864,396 |
Long term liabilities | ' | ' |
Notes payable | 555,650 | 603,150 |
Less: Current portion of notes payable | -555,650 | -587,150 |
Total long term liabilities | 0 | 25,000 |
TOTAL LIABILITIES | 980,189 | 889,396 |
Stockholders' Equity | ' | ' |
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, 0 and 0 shares issued and outstanding | 0 | 0 |
Common Stock, $0.001 par value, 350,000,000 shares authorized, 57,562,962 and 50,125,528 shares issued and outstanding | 57,563 | 50,126 |
Additional Paid In Capital | 4,638,531 | 3,997,996 |
Accumulated Deficit | -5,653,740 | -4,755,621 |
Stockholders' Equity | -957,647 | -707,499 |
Total Liabilities and Stockholders' Equity | $22,542 | $181,897 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jan. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par or stated value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares outstanding | 57,562,962 | 50,125,528 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | 58 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue | $3,185 | $8,040 | $11,405 | $13,990 | $52,569 |
Cost of Sales | 7,017 | 7,430 | 30,969 | 23,128 | 141,683 |
Gross Profit | -3,832 | 610 | -19,564 | -9,138 | -89,114 |
Operating Expenses: | ' | ' | ' | ' | ' |
Depreciation | 162,168 | 54,825 | 251,801 | 274,816 | 799,581 |
Selling and Marketing | 6,806 | 7,712 | 20,692 | 21,129 | 105,113 |
General and Administrative | 253,151 | 96,974 | 545,315 | 470,174 | 3,360,240 |
Total Operating Expenses | 422,125 | 159,511 | 817,808 | 766,119 | 4,264,934 |
Net Operating Loss | -425,937 | -158,901 | -837,372 | -775,257 | -4,354,048 |
Other (Income) Expense | ' | ' | ' | ' | ' |
Loss on Sale of Assets | 0 | 0 | 0 | 0 | 4,087 |
Loss on Recapitalization | 0 | 0 | 0 | 0 | 223,454 |
Interest Expense | 22,731 | 17,760 | 60,748 | 50,586 | 399,250 |
Total other (income) expense | 22,731 | 17,760 | 60,748 | 50,586 | 626,791 |
Net income (loss) | ($448,688) | ($176,661) | ($898,120) | ($825,843) | ($4,980,839) |
Basic and diluted loss per share | ($0.01) | $0 | ($0.02) | ($0.02) | ' |
Weighted average shares outstanding, basic and diluted | 54,493,241 | 47,256,131 | 51,039,602 | 45,016,265 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 58 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net income (loss) | ($898,120) | ($825,843) | ($4,980,839) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 25,826 |
Amortization of Deferred Loan Fees | 251,801 | 274,816 | 773,754 |
Common Stock Issued for Services | 140,000 | 75,000 | 305,000 |
Stock Option Expense | 0 | 178,384 | 1,986,017 |
Changes in operating assets and liabilities | ' | ' | ' |
Change in Other Current Assets | -1,095 | 400 | 59,099 |
Change in Other Assets | 0 | 0 | 0 |
Change in Accounts Payable | 51,099 | 0 | 66,237 |
Change in Accrued Expenses | 61,982 | 51,032 | 154,328 |
Change in Due to Related Parties | 64,950 | 83,664 | 243,093 |
Change in Other Liabilities | 0 | 0 | 0 |
Net cash provided by (used in) operating activities | -329,383 | -163,347 | -1,367,485 |
Cash Flows From Investing Activities | ' | ' | ' |
Proceeds from sale of assets | 0 | 0 | 191,026 |
Purchase of fixed assets | 0 | 0 | -215,543 |
Net cash used in investing activities | 0 | 0 | -24,427 |
Cash Flows From Financing Activities | ' | ' | ' |
Proceeds from Notes Payable | 227,500 | 45,650 | 805,650 |
Payments on Notes Payable | 0 | 0 | -35,731 |
Proceeds from Sale of Common Stock | 19,900 | 122,000 | 341,900 |
Debt Assumed on Acquisition | 0 | ' | 246,670 |
Debt Assumed by Buyer on Asset Sale | 0 | 0 | -185,939 |
Interest Added to Notes Payable | 0 | 0 | 209,429 |
Common Stock Issued on Recapitalization | 0 | 0 | 16,000 |
Net cash provided by (used in ) financiing activities | 247,400 | 167,650 | 1,397,979 |
Net Change in Cash | -81,983 | 4,302 | 6,067 |
Cash at Begining of Period | 89,680 | 912 | 1,630 |
Cash at End of Period | 7,697 | 5,214 | 7,697 |
Supplemental cash flow information | ' | ' | ' |
Interest paid | 4,575 | 0 | 43,518 |
Taxes paid | 0 | 0 | 0 |
Issuance of Common Stock for Services | 140,000 | 75,000 | 305,000 |
Issuance of Common Stock for Debt | $314,739 | $0 | $1,199,210 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Begining balance, APIC at Jan. 31, 2012 | ' | $2,819,470 | ' | ' |
Begining balance, stockholders' equity at Jan. 31, 2012 | ' | ' | -3,407,669 | ' |
Begining balance, amount at Jan. 31, 2012 | 43,315 | ' | ' | ' |
Begining balance, shares at Jan. 31, 2012 | 43,315,000 | ' | ' | ' |
Issuance of common stock for cash, shares | 3,220,000 | ' | ' | ' |
Issuance of common stock for cash, amount | 3,220 | ' | ' | ' |
Issuance of common stock, APIC | ' | 318,780 | ' | ' |
Issuance of common stock for services, shares | 750,000 | ' | ' | ' |
Issuance of common stock for services, amount | 750 | ' | ' | ' |
Issuance of common stock for services, APIC | ' | 74,250 | ' | ' |
Issuance of common stock for deferred fees, shares | 2,840,528 | ' | ' | ' |
Issuance of common stock for deferred fees, amount | 2,841 | ' | ' | ' |
Issuance of common stock for deferred fees, APIC | ' | 307,129 | ' | ' |
Stock option expense | ' | 478,367 | ' | ' |
Net Income (Loss) | ' | ' | -1,347,952 | ' |
Ending balance, APIC at Jan. 31, 2013 | ' | 3,997,996 | ' | ' |
Stockholders' Equity at Jan. 31, 2013 | ' | ' | -4,755,621 | -707,499 |
Common stock, amount at Jan. 31, 2013 | 50,126 | ' | ' | ' |
Common stock, shares outstanding at Jan. 31, 2013 | 50,125,528 | ' | ' | 50,125,528 |
Issuance of common stock for cash, shares | 199,000 | ' | ' | ' |
Issuance of common stock for cash, amount | 199 | ' | ' | 19,900 |
Issuance of common stock, APIC | ' | 19,701 | ' | ' |
Issuance of common stock for services, shares | 1,700,000 | ' | ' | ' |
Issuance of common stock for services, amount | 1,700 | ' | ' | ' |
Issuance of common stock for services, APIC | ' | 138,300 | ' | ' |
Issuance of common stock for deferred fees, shares | 1,732,720 | ' | ' | ' |
Issuance of common stock for deferred fees, amount | 1,733 | ' | ' | ' |
Issuance of common stock for deferred fees, APIC | ' | 171,600 | ' | ' |
Stock option expense | ' | ' | ' | 0 |
Accrued Interest, shares | 3,805,714 | ' | ' | ' |
Accrued Interest, amount | 3,805 | ' | ' | ' |
Accrued Interest, APIC | ' | 310,934 | ' | ' |
Net Income (Loss) | ' | ' | -898,120 | -898,120 |
Ending balance, APIC at Oct. 31, 2013 | ' | 4,638,531 | ' | ' |
Stockholders' Equity at Oct. 31, 2013 | ' | ' | 5,653,741 | -957,647 |
Common stock, amount at Oct. 31, 2013 | $57,563 | ' | ' | ' |
Common stock, shares outstanding at Oct. 31, 2013 | 57,562,962 | ' | ' | 57,562,962 |
NOTE_1_NATURE_OF_ACTIVITIES_AN
NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES | ' |
Nature of Activities, History and Organization The Company was formed as RX Scripted, LLC on December 30, 2004 as a North Carolina limited liability company and converted to a Nevada Corporation as RX Scripted, Inc. on December 5, 2007. On December 16, 2009, an amendment was filed with the State of Navada to change the name to “MedCareers Group, Inc.” (the “Company” or “MedCareers”) and change the authorized capital of the Company. On November 5, 2010, the Company issued 24,000,000 shares of its Common Stock in exchange for 100% of Nurses Lounge, Inc. (“Nurses Lounge”), a Texas corporation. As a result of the share exchange, Nurses Lounge became the wholly owned subsidiary of MedCareers. As a result, the shareholders of Nurses Lounge owned a majority of the voting stock of MedCareers. The transaction was regarded as a reverse merger whereby Nurses Lounge was considered to be the accounting acquirer as its shareholders retained control of MedCareers after the exchange, although MedCareers is the legal parent company. The share exchange was treated as a recapitalization of MedCareers. As such, Nurses Lounge (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if MedCareers had always been the reporting company and, on the share exchange date, changed its name and reorganized its capital. The Company operates a website for nurses, nursing schools and nurses organizations which enables the respective entities to communicate more easily and efficiently with their members. | |
Significant Accounting Policies: | |
The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application. The application of accounting principles requires the estimating, matching and timing of revenue and expense. The accounting policies used conform to generally accepted accounting principles which have been consistently applied in the preparation of these financial statements. | |
The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. | |
Basis of Presentation: | |
The Company prepares its financial statements on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States. | |
Principles of Consolidation: | |
The financial statements include the accounts of Medcareers Group, Inc. as well as Nurses Lounge, Inc. All significant inter-company transactions have been eliminated. All amounts are presented in U.S. Dollars unless otherwise stated. | |
Emerging Growth Company Critical Accounting Policy Disclosure: | |
The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging grown company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future. | |
Cash and Cash Equivalents: | |
The Company considers all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. At times, cash balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The carrying amount approximates fair market value. | |
Fixed Assets: | |
Fixed assets are carried at cost. Depreciation is provided over each asset’s estimated useful life. Upon retirement and disposal, the asset cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the determination of the net income. Additions and significant improvements are capitalized and depreciated. | |
Advertising Costs: | |
The Company incurred no advertising costs for the periods ended October 31, 2013 and 2012. | |
Income Taxes: | |
Income from the corporation is taxed at regular corporate rates per the Internal Revenue Code. Although the Company has tax loss carry-forwards (see Note 6), there is uncertainty as to utilization prior to their expiration. Accordingly, the future income tax asset amounts have been fully offset by a valuation allowance. | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Use of Estimates: | |
In order to prepare financial statement in conformity with accounting principles generally accepted in the United States, management must make estimates, judgments and assumptions that affect the amounts reported in the financial statements and determines whether contingent assets and liabilities, if any, are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based. | |
Fair Value of Financial Instruments: | |
Pursuant to ASC No. 820, “Fair Value Measurements and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of January 31, 2010. The Company’s financial instruments consist of cash, accounts payable, advances and notes payable. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. | |
Revenue Recognition: | |
Revenue from contracts for consulting services with fees based on time and materials or cost-plus are recognized as the services are performed and amounts are earned. The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. For contracts with fixed fees, the Company recognizes revenues as amounts become billable in accordance with contract terms, provided the billable amounts are not contingent, are consistent with the services delivered, and are earned. The Company recognizes revenue in accordance with ASC 605-10, "Revenue Recognition in Financial Statements", (formerly Staff Accounting Bulletin No. 104 (“SAB 104”). Revenue is recognized when persuasive evidence of an arrangement exists, delivery or service has occurred, the sale price is fixed or determinable and receipt of payment is probable. | |
Development Stage Company: | |
The Company complies with Accounting Codification Standard 915-10 for its characterization of the Company as development stage. | |
Earnings per Common Share: | |
Earnings (loss) per share are calculated in accordance with ASC 260 “Earnings per Share”. The weighted average number of common shares outstanding during each period is used to compute basic earnings (loss) per share. Diluted earnings per share are computed using the weighted average number of shares and potentially dilutive common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Potentially dilutive common shares consist of stock options and are excluded from the diluted earnings per share computation in periods where the Company has incurred a net loss, as their effect would be considered anti-dilutive. | |
There were no potentially dilutive common stock equivalents as of January 31, 2013, therefore basic earnings per share equals diluted earnings per share for the year ended January 31, 2013. The Company had 8,743,000 options outstanding at January 31, 2013. As the Company incurred a net loss during the year ended January 31, 2013, the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive. | |
As the Company incurred a net loss during the period ended October 31, 2013, the basic and diluted loss per common share is the same amount. As of October 31, 2013, the Company had 11,970,500 stock options outstanding and zero options that could potentially have a dilutive effect on basic earnings per share in the future. As the Company incurred a net loss during the period ended October 31, 2013, the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive. | |
Recently Issued Accounting Pronouncements: | |
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows. | |
NOTE_2_DEFERRED_LOAN_FEES
NOTE 2 DEFERRED LOAN FEES | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Insurance [Abstract] | ' | ||||||||
NOTE 2 DEFERRED LOAN FEES | ' | ||||||||
Deferred loan fees represent fees paid to make or extend notes payable. Stock was issued and valued at the date of issue and amortized over the term of the loan. Deferred loan fees at October 31, 2013 and January 31, 2013 were as follows: | |||||||||
31-Oct-13 | 31-Jan-13 | ||||||||
Deferred Loan Fees – Net | $ | 13,750 | $ | 92,217 | |||||
NOTE_3_NOTES_PAYABLE
NOTE 3 NOTES PAYABLE | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
NOTE 3 NOTES PAYABLE | ' | ||||||||
The components of the Company’s debt as of October 31, 2013 and January 31, 2013 were as follows: | |||||||||
Oct, 2013 | Jan, 2013 | ||||||||
Note Payable - $100,000, 12% interest payable monthly or accrued, due Nov 4, 2013 | $ | 100,000 | $ | 100,000 | |||||
Note Payable - $223,150, 12% interest payable monthly or accrued, due Jan 31, 2014 | 223,150 | 288,150 | |||||||
Note Payable - $25,000, 12% interest payable monthly or accrued, due Oct 31, 2013 | 25,000 | 25,000 | |||||||
Note Payable - $45,000, 12% interest added to note quarterly, due January 31, 2014 | 45,000 | 25,000 | |||||||
Note Payable - $16,000, 12% interest added to note quarterly, due January 31, 2014 | 16,000 | 16,000 | |||||||
Note Payable - $70,000, 12% interest added to note quarterly, due February 4, 2013 | — | 70,000 | |||||||
Note Payable - $40,000, 20% interest added to note quarterly, due October 31, 2013 | 40,000 | 40,000 | |||||||
Note Payable - $4,000, 12% interest added to note quarterly, due January 31, 2014 | 4,000 | 4,000 | |||||||
Note Payable - $30,000, 12% interest added to note quarterly, due November 5, 2013 | — | 30,000 | |||||||
Note Payable - $25,000, 12% interest added to note quarterly, due October 31, 2013 | 25,000 | 0 | |||||||
Note Payable - $5,000, 12% interest added to note quarterly, due November 5, 2013 | 5,000 | 5,000 | |||||||
Note Payable - $30,000, 12% interest added to note quarterly, due October 31, 2013 | 30,000 | 0 | |||||||
Note Payable - $42,500, 12% interest added to note quarterly, due April 23, 2013 | 42,500 | 0 | |||||||
Subtotal | 555,650 | 603,150 | |||||||
Less – currently payable | (555,650 | ) | (578,150 | ) | |||||
Long-term debt | $ | 0 | $ | 0 | |||||
The Company expensed $60,748 of interest, of which $4,575 was paid and the balance added to accrued interest at October 31, 2013 and $52,186 of interest expense at January 31, 2013 respectively. | |||||||||
NOTE_4_STOCKHOLDERS_EQUITY
NOTE 4 STOCKHOLDERS' EQUITY | 9 Months Ended | ||||
Oct. 31, 2013 | |||||
Equity [Abstract] | ' | ||||
NOTE 4 STOCKHOLDERS' EQUITY | ' | ||||
Preferred Stock: | |||||
The Company is authorized to issue 10,000,000 shares of Preferred Stock, having a par value of $0.001 per share. There are no preferred shares outstanding at October 31, 2013 and January 31, 2013. | |||||
Common Stock: | |||||
The Company is authorized to issue 350,000,000 common shares at a par value of $0.001 per share. These shares have full voting rights. At October 31, 2013 there were 57,562,962 shares outstanding and 50,125,528 shares outstanding at January 31, 2013. No dividends were paid in the periods ended October 31, 2013 or year ended January 31, 2013. | |||||
In the nine months ended October 31, 2013, the Company issued common stock for the following: | |||||
199,000 shares issued for cash for $19,900; | |||||
1,700,000 shares issued for services valued at $140,000; | |||||
1,732,720 shares issued for loan fees; | |||||
3,805,714 for conversion of $275,000 notes payable and accrued interest of $39,739. | |||||
Options and Warrants: | |||||
The Company had the following options or warrants outstanding at October 31, 2013: | |||||
Issued To | # Options | Dated | Expire | Strike Price | |
President and CEO | 4,000,000 | 11/18/10 | 11/18/15 | $0.25 per share | |
Vice President | 2,000,000 | 11/18/10 | 11/18/15 | $0.25 per share | |
Shareholder | 127,500 | 8/28/11 | 8/28/16 | $0.10 per share | |
Shareholder | 50,000 | 4/4/12 | 4/4/13 | $0.20 per share | |
Shareholder | 8,000 | 4/27/12 | 4/27/13 | $0.20 per share | |
Shareholder | 127,500 | 4/29/12 | 4/29/17 | $0.10 per share | |
Shareholder | 200,000 | 5/17/12 | 5/17/13 | $0.20 per share | |
Shareholder | 50,000 | 5/22/12 | 5/22/13 | $0.20 per share | |
Shareholder | 80,000 | 5/21/12 | 5/21/13 | $0.20 per share | |
Shareholder | 25,000 | 7/12/12 | 7/12/13 | $0.20 per share | |
Shareholder | 25,000 | 7/10/12 | 7/10/13 | $0.20 per share | |
Shareholder | 50,000 | 8/9/12 | 8/9/13 | $0.20 per share | |
Shareholder | 1,000,000 | 8/31/12 | 8/31/16 | $0.12 per share | |
Shareholder | 2,000,000 | 1/18/13 | 1/18/18 | $0.12 per share | |
Shareholder | 100,000 | 3/29/13 | 3/29/16 | $0.10 per share | |
Shareholder | 127,500 | 7/31/13 | 7/30/18 | $0.10 per share | |
CFO | 2,000,000 | 9/23/13 | 9/22/16 | $0.25 per share | |
Total | 11,970,500 | ||||
NOTE_5_EMPLOYEE_BENEFIT_PLANS
NOTE 5 EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Oct. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
NOTE 5 EMPLOYEE BENEFIT PLANS | ' |
At October 31, 2013, there were no qualified or non-qualified employee pension, profit sharing, stock option, or other plans authorized for any class of employees. | |
NOTE_6_INCOME_TAXES
NOTE 6 INCOME TAXES | 9 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
NOTE 6 INCOME TAXES | ' | ||||||||
MedCareers Group, Inc. has incurred losses since inception. Therefore, MedCareers has no federal tax liability. Additionally there are limitations imposed by certain transactions which are deemed to be ownership changes. The net deferred tax asset generated by the loss carryforward has been fully reserved. The cumulative net operating loss carryforward is $5,653,740 at October 31, 2013 of which $4,709,107 is available for carryforward for federal income tax purposes and will expire in fiscal year 2026 to 2028. Prior to November 5, 2010, there was no income tax carryforward due to the loss being incurred while the Company was taxed as a partnership and the income taxed pro rata to its partners. At October 31, 2013 and January 31, 2013, the deferred tax asset consisted of the following: | |||||||||
31-Oct-13 | 31-Jan-13 | ||||||||
Deferred tax asset: | |||||||||
From net operating loss | $ | 1,601,096 | $ | 1,295,736 | |||||
Less valuation allowance | (1,601,096 | ) | (1,295,736 | ) | |||||
Net deferred tax asset | $ | 0 | $ | 0 | |||||
NOTE_7_COMMITMENTS_AND_CONTING
NOTE 7 COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
NOTE 7 COMMITMENTS AND CONTINGENCIES | ' |
The Company may from time to time be involved with various litigation and claims that arise in the normal course of business. As of October 31, 2013, no such matters were outstanding. | |
NOTE_8_GOING_CONCERN
NOTE 8 GOING CONCERN | 9 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 8 GOING CONCERN | ' |
MedCareers’ financial statements are prepared using United States generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred cumulative losses through October 31, 2013 of $5,653,740 and has a working capital deficit at October 31, 2013 of $971,397. | |
Historically, revenues have not been sufficient to cover operating costs that would permit the Company to continue as a going concern. The potential proceeds from the sale of common stock and other contemplated debt and equity financing, and increases in operating revenues from new development and business acquisitions might enable MedCareers to continue as a going concern. There can be no assurance that the Company can or will be able to complete any debt or equity financing, or develop or acquire one or more business interests on terms favorable to it. MedCareers’ financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |