Profit Planners Management (PPMT) 10-Q 10 Apr 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2014	Apr. 01, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Profit Planners Management, Inc.	'
Entity Central Index Key	'0001468164	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--05-31	'
Document Type	'10-Q	'
Document Period End Date	28-Feb-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	53,737,972

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Feb. 28, 2014	31-May-13
Current assets:	'	'
Cash	$21,664	$127,984
Accounts receivable (net of allowance of $60,173 and $0, respectively)	80,652	93,432
Other current assets	12,876	22,411
Current assets of discontinued operations	905	'
Total current assets	116,097	243,827
Property and equipment:	'	'
Property and equipment	13,172	11,522
Less: accumulated depreciation	-5,741	-2,494
Net property and equipment	7,431	9,028
Non-current assets of discontinued operations	7,227	'
Total Assets	130,755	252,855
Current liabilities:	'	'
Accounts payable and accrued expenses	54,438	35,873
Accounts payable and accrued expenses - related parties	35,650	35,650
Accrued expenses - officer's compensation	350,687	218,641
Deferred revenue	'	51,250
Current liabilities of discontinued operations	3,319	'
Total Liabilities	444,094	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	276,479	154,904
Less: amount due from subscriber under subscription agreement	-28,334	-28,334
Accumulated deficit	-615,535	-266,005
Net Stockholders' Deficit	-313,339	-88,559
Total Liabilities And Stockholders' Deficit	$130,755	$252,855

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2014	31-May-13
Balance Sheets [Abstract]	'	'
Allowance for doubtful accounts	$60,173	$0
Preferred stock; par value	$0.00	$0.00
Preferred stock; shares authorized	50,000,000	50,000,000
Preferred stock; shares issued	'	'
Preferred stock; shares outstanding	'	'
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		9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013
Revenues:	'	'	'	'
Consulting and management services fees	$142,576	$177,845	$507,982	$631,055
Consulting and management services fees - related party	3,000	'	3,000	'
Total revenues	145,576	177,845	510,982	631,055
Cost of revenues - personnel and overhead costs	142,275	128,611	413,883	395,605
Gross Profit	3,301	49,234	97,099	235,450
Selling, general and administrative expenses:	'	'	'	'
Corporate management	71,337	33,659	158,843	82,731
Consulting and professional expenses	25,443	14,979	72,056	59,857
Other operating expenses	52,043	77,216	186,016	151,482
Total selling, general and administrative expenses	148,823	125,854	416,915	294,070
Net loss and comprehensive loss from continuing operations	-145,522	-76,620	-319,816	-58,620
Net income (loss) and comprehensive income (loss) from discontinued operations, net of tax	2,044	'	-29,714	'
Net loss and comprehensive loss	($143,478)	($76,620)	($349,530)	($58,620)
Basic net (loss) income per weighted-average shares common stock	'	'	'	'
Continuing operations	$0	$0	($0.01)	$0
Discontinued operations	$0	'	$0	'
Net income (loss)	$0	$0	($0.01)	$0
Diluted net (loss) income per weighted-average shares common stock	'	'	'	'
Continuing operations	$0	$0	($0.01)	$0
Discontinued operations	$0	'	$0	'
Net income (loss)	$0	$0	($0.01)	$0
Weighted-average number of shares of common stock to be issued and outstanding	'	'	'	'
Basic	53,737,972	50,507,416	53,036,965	50,468,588
Diluted	54,052,788	51,077,788	53,351,781	51,077,788

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flow (Unaudited) (USD $)	9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Statement of Cash Flows [Abstract]	'	'
Net cash (used in) provided by operating activities	($166,275)	$19,443
Net cash used in investing activities	-10,545	-6,376
Net cash provided by financing activities	70,500	5,000
Net change in cash	-106,320	18,067
Cash, beginning of period	127,984	80,537
Cash, end of period	$21,664	$98,604

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2014
Basis of Presentation [Abstract]	'
BASIS OF PRESENTATION	'
	NOTE 1 - BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial information 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 information for the three months and nine months ended February 28, 2014 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 information 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 February 28, 2014 are not necessarily indicative of the results for the full fiscal year.

Revenue_Recognition

Revenue Recognition	9 Months Ended
	Feb. 28, 2014
Revenue Recognition [Abstract]	'
REVENUE RECOGNITION	'
	NOTE 2 – REVENUE RECOGNITION
	The Company’s revenues are derived from management, financial and accounting advisory service fees.  Product sales from the Company’s Organic Innovations subsidiary’s e-commerce sites are reflected in discontinued operations.  The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Feb. 28, 2014
Discontinued Operations [Abstract]	'
DISCONTINUED OPERATIONS	'
	NOTE 3 – DISCONTINUED OPERATIONS
	As of February 28, 2014 the Company reached a decision to sell the assets of its Organic Innovations business.  The assets consist of three domain names, trademarks, websites and customer lists.  The domain names were purchased from third parties and a related party (Note 6) and have a carrying value of $7,227 as of February 28, 2014.  The other assets were internally developed and have no carrying value.  The Company currently is in discussions with interested parties and intends to sell the assets within a year.  Cash flows from the business arise primarily from the gross margin of the products and working capital timing.
	Product sales represent revenue from the sale of products and related shipping fees.  Product sales and shipping revenues, net of promotional discounts, rebates, and return allowances, are recorded when the products are shipped and title passes to customers.  Return allowances, which reduce revenue, are estimated using historical experience.  Revenue from product sales is recorded net of sales taxes.  Current discount offers, when accepted by our customers, are treated as a reduction to sales revenues.
	The following table summarized the results of the Organic Innovations business for the three and nine months ended February 28, 2014 and 2013.
		Three Months					Nine Months
		Ended February 28,					Ended February 28,
		2014			2013		2014			2013
	Net product sales	$	14,142		$	-	$	21,024		$	-
	Cost of sales		(10,765	)		-		(15,743	)		-
	Other operating expenses		(1,333	)		-		(34,995	)		-
	Income (loss) from discontinued operations		2,044			-		(29,714	)		-
	Income taxes		-			-		-			-
	Net income (loss) from discontinued operations, net of taxes	$	2,044			-	$	(29,714	)		-
	Cash flows from discontinued operations	$	1,899		$	-	$	(25,632	)	$	-
	The discontinued operations are in a net operating loss position and any taxable income generated would be offset by the losses incurred.  Since management cannot determine if the operation will be able to generate sufficient taxable income to realize any tax benefits a valuation allowance has been established to offset the asset.

Net_Loss_Per_Common_Share

Net Loss Per Common Share	9 Months Ended
	Feb. 28, 2014
Net Loss Per Common Share [Abstract]	'
NET LOSS PER COMMON SHARE	'
	NOTE 4 – NET LOSS PER COMMON SHARE
	Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (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 370,372 potentially dilutive shares outstanding as of February 28, 2014 and February 28, 2013, 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	9 Months Ended
	Feb. 28, 2014
Going Concern [Abstract]	'
GOING CONCERN	'
	NOTE 5 – GOING CONCERN
	As reflected in the accompanying condensed consolidated financial statements, the Company had a net loss of $349,530 for the nine months ended February 28, 2014 and the Company has minimal historical evidence of positive earnings as evidenced by the accumulated deficit of $615,535 at February 28, 2014. 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.

Related_Party

Related Party	9 Months Ended
	Feb. 28, 2014
Related Party [Abstract]	'
RELATED PARTY	'
	NOTE 6 – RELATED PARTY
	On October 1, 2013 the Company purchased for $4,000, a domain name and site from Golden Age Medical Inc., a company owned by the CEO.
	In January 2014, the Company received a retainer of $5,000 and provided services totaling $3,000 to a company in which the CEO has a controlling interest.
	The Company also had accrued officer’s salary expense payable to the CEO, who has a controlling ownership interest in the Company. The net compensation owed to the CEO totaled $350,687 and $218,641 as of February 28, 2014 and May 31, 2013, respectively.

Income_Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2014
Income Taxes [Abstract]	'
INCOME TAXES	'
	NOTE 7 – INCOME TAXES
	The Company has not recorded any income tax expense or benefit for the nine months ended February 28, 2014. 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	9 Months Ended
	Feb. 28, 2014
Stockholder's Equity [Abstract]	'
STOCKHOLDER'S EQUITY	'
	NOTE 8 – STOCKHOLDERS’ EQUITY
	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 condensed 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 expenses 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.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Feb. 28, 2014
Discontinued Operations [Abstract]	'
Summary of results of Organic Innovations business	'
		Three Months					Nine Months
		Ended February 28,					Ended February 28,
		2014			2013		2014			2013
	Net product sales	$	14,142		$	-	$	21,024		$	-
	Cost of sales		(10,765	)		-		(15,743	)		-
	Other operating expenses		(1,333	)		-		(34,995	)		-
	Income (loss) from discontinued operations		2,044			-		(29,714	)		-
	Income taxes		-			-		-			-
	Net income (loss) from discontinued operations, net of taxes	$	2,044			-	$	(29,714	)		-
	Cash flows from discontinued operations	$	1,899		$	-	$	(25,632	)	$	-

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Net income (loss) from discontinued operations, net of taxes	$2,044	'	($29,714)	'
Organic Innovations Inc [Member]	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Net product sales	14,142	'	21,024	'
Cost of sales	-10,765	'	-15,743	'
Other operating expenses	-1,333	'	-34,995	'
Income (loss) from discontinued operations	2,044	'	-29,714	'
Income taxes	'	'	'	'
Net income (loss) from discontinued operations, net of taxes	2,044	'	-29,714	'
Cash flows from discontinued operations	$1,899	'	($25,632)	'

Discontinued_Operations_Detail1

Discontinued Operations (Details Textual) (USD $)	Feb. 28, 2014
Discontinued Operations (Textual)	'
Domain names, carrying value	$7,227

Net_Loss_Per_Common_Share_Deta

Net Loss Per Common Share (Details)	9 Months Ended
	Feb. 28, 2014	Feb. 28, 2013
Net Loss Per Common Share (Textual)	'	'
Potentially dilutive shares, outstanding	314,816	370,372

Going_Concern_Details

Going Concern (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	31-May-13
Going Concern (Textual)	'	'	'	'	'	'
Net loss	'	($143,478)	($76,620)	($349,530)	($58,620)	'
Accumulated deficit	'	-615,535	'	-615,535	'	-266,005
Private placement offerings amount	$70,500	'	'	'	'	'

Related_Party_Details

Related Party (Details ) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2013	Jan. 31, 2014	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	31-May-13
Related Party (Textual)	'	'	'	'	'	'	'
Purchase of domain name and site from Golden Age Medical Inc	$4,000	'	'	'	'	'	'
Retainer amount received	'	5,000	'	'	'	'	'
Consulting and management services fees - related party	'	'	3,000	'	3,000	'	'
Compensation owed to CEO	'	'	'	'	$350,687	'	$218,641

Stockholders_Equity_Details

Stockholders Equity (Details) (USD $)	Feb. 28, 2014	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)	'	'	'	'	'
Common stock, par value	$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
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	'