Profit Planners Management (PPMT) 10-Q 15 Oct 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Aug. 31, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	Profit Planners Management, Inc.
Entity Central Index Key	1468164
Amendment Flag	FALSE
Current Fiscal Year End Date	-26
Document Type	10-Q
Document Period End Date	31-Aug-13
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Aug. 31, 2013	31-May-13
Current Assets:
Cash	$109,655	$127,984
Accounts receivable (net of allowance of $26,977 and $0), respectively	114,707	93,432
Other current assets	18,430	22,411
Total current assets	242,792	243,827
Property and Equipment:
Property and equipment	18,067	11,522
Less: Accumulated depreciation	-3,954	-2,494
Net property and equipment	14,113	9,028
Total Assets	256,905	252,855
Current liabilities:
Accounts payable and accrued expenses	47,869	35,873
Accounts payable and accrued expenses - related parties	38,650	35,650
Accrued expenses - officer's compensation	249,891	218,641
Deferred revenue	25,858	51,250
Total Liabilities	362,268	341,414
Stockholders' Deficit
Preferred stock - $.001 par value; 50,000,000 shares authorized; none and none issued and outstanding
Common stock - $.001 par value; 500,000,000 shares authorized; 53,737,972 and 50,562,972 shares issued and outstanding, respectively	53,737	50,562
Common stock - $.001 par value; 314,816 shares subscribed not issued	314	314
Additional paid-in capital	259,813	154,904
Less: Amount due from subscriber under subscription agreement	-28,334	-28,334
Accumulated Deficit	-390,893	-266,005
Net Stockholders' Deficit	-105,363	-88,559
Total Liabilities And Stockholders' Deficit	$256,905	$252,855

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2013	31-May-13
Balance Sheets [Abstract]
Allowance for doubtful accounts	$26,977	$0
Preferred stock; par value	$0.00	$0.00
Preferred stock; shares authorized	50,000,000	50,000,000
Preferred stock; shares issued	0	0
Preferred stock; shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock; shares authorized	500,000,000	500,000,000
Common stock, shares, issued	53,737,972	50,562,972
Common stock; shares outstanding	53,737,972	50,562,972
Common stock; shares subscribed not issued	314,816	314,816

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	Aug. 31, 2013	Aug. 31, 2012
Statements of Operations and Comprehensive Income [Abstract]
Revenues	$188,883	$250,800
Cost of revenue	148,058	124,519
Gross Profit	40,825	126,281
Operating expenses:
Development expenses	33,685
Officer's compensation	33,594	26,287
Consulting and professional expenses	29,708	6,800
Other operating expenses	68,726	34,441
Total operating expenses	165,713	67,528
Net (Loss) Income and Comprehensive (Loss) Income	($124,888)	$58,753
Basic and diluted net (loss) income per weighted-average shares common stock	$0	$0
Weighted-average number of shares of common stock to be issued and outstanding - basic	51,657,809	50,407,416
Weighted-average number of shares of common stock to be issued and outstanding - diluted	51,657,809	51,077,788

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Aug. 31, 2013	Aug. 31, 2012
Statement of Cash Flows [Abstract]
Net cash (used in) provided by operating activities	($82,284)	$106,961
Net cash used in investing activities	-6,545
Net cash provided by financing activities	70,500
Net change in cash	-18,329	106,961
Cash, beginning of period	127,984	80,537
Cash, end of period	$109,655	$187,498

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Aug. 31, 2013
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	NOTE 1 - BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements of Profit Planners Management, Inc. (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.
	The condensed consolidated financial statements for the three months ended August 31, 2013 include the accounts of the Company and its wholly-owned subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
	The balance sheet at May 31, 2013 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
	The unaudited interim financial statements should be read in conjunction with the Company’s Form 10-K, which contains the audited consolidated financial statements and notes thereto, together with Management’s Discussion and Analysis, for the year ended May 31, 2013. The interim results for the period ended August 31, 2013 are not necessarily indicative of the results for the full fiscal year.

Net_Loss_Per_Common_Share

Net Loss Per Common Share	3 Months Ended
	Aug. 31, 2013
Net Loss Per Common Share [Abstract]
NET LOSS PER COMMON SHARE	NOTE 2 – NET LOSS PER COMMON SHARE
	Basic net income (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were 314,816 and 370,370 potentially dilutive shares outstanding as of August 31, 2013 and August 31, 2012, respectively. Due to the loss for the periods presented, the shares are not included in the calculation as they would be anti-dilutive.

Going_Concern

Going Concern	3 Months Ended
	Aug. 31, 2013
Going Concern [Abstract]
GOING CONCERN	NOTE 3 – GOING CONCERN
	As reflected in the accompanying condensed consolidated financial statements, the Company had net loss of $124,888 for the three months ended August 31, 2013 and the Company has minimal historical evidence of positive earnings as evidenced by the accumulated deficit of $390,893 at August 31, 2013. The historical trend of losses raises substantial doubt about the Company’s ability to continue as a going concern.
	Management believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company to continue as a going concern. These actions include continuing to grow the Company’s revenues sufficient to support its cost structure through existing and new clients. In addition, management intends to obtain capital in the near future through additional private placement offerings.  In August 2013, the Company obtained $70,500 through private placement offerings.
	There can be no assurance that anticipated revenue growth and the raising of equity will be successful nor is there assurance that the Company’s anticipated financing will be available in the future, at terms satisfactory to the Company. Failure to achieve revenue growth and the equity and financing at satisfactory terms and amounts could have a material adverse effect on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Income_Taxes

Income Taxes	3 Months Ended
	Aug. 31, 2013
Income Taxes [Abstract]
INCOME TAXES	NOTE 4 – INCOME TAXES
	The Company has not recorded any income tax expense or benefit for the three months ended August 31, 2013. Any taxable income generated will be offset by net operating losses (NOL) generated in previous years. At the present time, management cannot determine if the Company will be able to generate sufficient taxable income to realize the benefit of the NOL carryforwards; accordingly, a valuation allowance has been established to offset the asset.

Stockholders_Equity

Stockholder's Equity	3 Months Ended
	Aug. 31, 2013
Stockholder's Equity [Abstract]
STOCKHOLDER'S EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY
	On September 26, 2012, the board of directors of the Company approved a stock dividend payable to the holders of its issued and outstanding common stock, par value $.001 per share (the Stock Dividend). Under the terms of the Stock Dividend approved by the board, the holders of the Company’s common stock as of September 28, 2012 (the Record Date) were issued one (1) share of the Registrant’s common stock for each one (1) share owned by such holders on the Record Date. The Stock Dividend was effective on October 10, 2012 (the Payment Date).
	As a result of the Stock Dividend, 25,203,708 shares of the Registrant’s common stock were issued to the Registrant’s shareholders of record as of the Record Date.
	On June 10, 2013, the Company issued 325,000 restricted shares of Company common stock, valued at $29,250, to employees and advisors of the Company as a discretionary bonus approved by the Board of Directors.  The value of the common stock was based on a market price of $.09 per common share on the date of issuance.  The amounts are reflected as salary and consulting expenses in the consolidated financial statements.
	Effective July 1, 2013, the Company entered into a six-month services agreement with a consultant for performance of CFO and similar services. Under the agreement, approved by the parties and the Company’s Board of Directors on August 2, 2013, the consultant will be compensated through the issuance of 500,000 restricted shares of the Company’s common stock valued at $25,000.  The value of the common stock was based on a market price of $.05 per common share on August 2, 2013.  The value of the stock issued will be recognized as consulting expense over the contract period as services are rendered and reflected in cost of sales and operating expenses as appropriate.
	On August 7, 2013, the Company entered into agreements with accredited investors whereby the Company issued 2,350,000 shares of common stock at a price of $.03 per share for total proceeds of $70,500.
	All periods presented in the accompanying condensed consolidated financial statements have been retroactively adjusted to reflect the issuance of the stock dividend.

Net_Loss_Per_Common_Share_Deta

Net Loss Per Common Share (Details)	3 Months Ended
	Aug. 31, 2013	Aug. 31, 2012
Net Loss Per Common Share (Textual)
Potentially dilutive shares, outstanding	314,816	370,370

Going_Concern_Details

Going Concern (Details) (USD $)	1 Months Ended	3 Months Ended
	Aug. 31, 2013	Aug. 31, 2013	Aug. 31, 2012	31-May-13
Going Concern (Textual)
Net loss		($124,888)	$58,753
Accumulated Deficit	-390,893	-390,893		-266,005
Private placement offerings	$70,500

Stockholders_Equity_Details

Stockholders Equity (Details) (USD $)	1 Months Ended			0 Months Ended
	Sep. 26, 2012	Aug. 31, 2013	31-May-13	Jun. 10, 2013	Aug. 02, 2013	Aug. 07, 2013
				Restricted Stock [Member]	Consulting Agreement [Member]	Agreements with accredited investors [Member]
					Restricted Stock [Member]
Stockholder's Equity (Textual)
Record Date	28-Sep-12
Common stock, par value	$0.00	$0.00	$0.00			$0.03
Common stock issued, Value						$70,500
Common stock, shares, issued		53,737,972	50,562,972			2,350,000
Common Stock Dividends, Shares	25,203,708
Stock based compensation, shares issued				325,000	500,000
Stock based compensation, shares issued, value				$29,250	$25,000
Stock based compensation, shares issued, per share				$0.09	$0.05