Profit Planners Management (PPMT) 10-Q 10 Oct 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Aug. 31, 2014	Oct. 01, 2014
Document And Entity Information	'	'
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	31-Aug-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2015	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	54,052,788

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Aug. 31, 2014	31-May-14
Current assets:	'	'
Cash	$30,211	$39,982
Accounts receivable (net of allowance of $19,795)	77,804	99,940
Note receivable	72,000	72,000
Other current assets	24,523	39,590
Total current assets	204,538	251,512
Property and equipment:	'	'
Property and equipment	13,172	13,172
Less: accumulated depreciation	-7,937	-6,839
Net property and equipment	5,235	6,333
Total Assets	209,773	257,845
Current liabilities:	'	'
Accounts payable and accrued expenses	46,761	46,357
Accounts payable and accrued expenses - related parties	74,282	66,700
Accrued expenses - employee compensation	130,000	130,000
Accrued expenses - officer's compensation	417,779	373,925
Deferred revenue	5,000	20,000
Total Liabilities	673,822	636,982
Commitments and contingencies (Note 7)	'	'
Stockholders' Deficit	'	'
Preferred stock - $.001 par value; 50,000,000 shares authorized; none and none issued and outstanding in 2014 and 2013, respectively	'	'
Common stock - $.001 par value; 500,000,000 shares authorized; 54,052,788 shares issued and outstanding	54,052	54,052
Additional paid-in capital	248,144	248,144
Accumulated deficit	-766,245	-681,333
Net Stockholders' Deficit	-464,049	-379,137
Total Liabilities And Stockholders' Deficit	$209,773	$257,845

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2014	31-May-14
Statement of Financial Position [Abstract]	'	'
Net of allowance	$19,795	$19,795
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	54,052,788	54,052,788
Common stock; shares outstanding	54,052,788	54,052,788

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Revenues:	'	'
Revenues- consulting and management services fees	$135,968	$188,883
Cost of revenues - personnel and overhead costs	106,628	148,058
Gross Profit	29,340	40,825
Selling, general and administrative expenses:	'	'
Corporate management	69,356	33,594
Consulting and professional expenses	15,092	29,708
Other operating expenses	29,804	68,726
Total selling, general and administrative expenses	114,252	132,028
Net loss and comprehensive loss from continuing operations	-84,912	-91,203
Discontinued operations (Note 3)	'	'
Net income and comprehensive income from operations of Organics Innovations, Inc.	'	-33,685
Net loss and comprehensive loss	($84,912)	($124,888)
Net (loss) income per weighted-average shares common stock - basic and diluted:	'	'
Continuing operations	$0	$0
Discontinued operations	'	$0
Net loss	$0	$0
Weighted-average number of shares of common stock to be issued and outstanding - basic and diluted:	54,052,788	51,657,809

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flow (Unaudited) (USD $)	3 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Net cash used in operating activities	($9,771)	($82,284)
Net cash used in investing activities	'	-6,545
Net cash provided by financing activities	'	70,500
Net change in cash	-9,771	-18,329
Cash, beginning of period	39,982	'
Cash, end of period	$30,211	$109,655

Basic_of_Presentation

Basic of Presentation	3 Months Ended
	Aug. 31, 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 ended August 31, 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, 2014 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, 2014. The interim results for the three months ended August 31, 2014 are not necessarily indicative of the results for the full fiscal year.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Aug. 31, 2014
Summary of Significant Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Revenue recognition
	The Company’s revenues are derived from management, financial and accounting advisory service fees. 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.
	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 0 and 314,816 potentially dilutive shares outstanding as of August 31, 2014 and August 31, 2013, respectively. Due to the loss for the periods presented, the shares are not included in the calculation as they would be anti-dilutive.
	Reclassifications
	Certain amounts in the prior period presented have been reclassified to conform to the current period classification. These reclassifications have no effect on the previously reported net loss.
	Going Concern
	As reflected in the accompanying audited financial statements, the Company has had a net loss and comprehensive loss from continuing operations of $84,912 and $124,888 for the three months ended August 31, 2014 and August 31, 2013, respectively; and an accumulated deficit of $766,245 at August 31, 2014.  These factors raise 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 to sufficiently support its cost structure through existing and new clients while actively seeking channels to develop business. Management may seek additional financing using equity or debt instruments in the future through additional private placement offerings.
	There can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing will be available in the future, at terms satisfactory to the Company. Failure to achieve 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.
	Recently Issued Accounting Pronouncements
	In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. It is too early to assess the impact of the adoption of this new guidance on the Company’s financial position.
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers. The standard outlines a five-step model for revenue recognition with the core principle being that a company should recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Companies can choose to apply the standard using either the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be prepared for the year of adoption using the new standard but prior periods presented will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings. This new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company has not yet made a determination been made as to the method of application (full retrospective or modified retrospective). It is too early to assess whether the impact of the adoption of this new guidance will have a material impact on the Company's results of operations, financial position or cash flows.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Aug. 31, 2014
Discontinued Operations [Abstract]	'
DISCONTINUED OPERATIONS	'
	NOTE 3 – DISCONTINUED OPERATIONS
	On May 9, 2014, the Company completed the sale of assets of its Organic Innovations subsidiary that consisted of to three domain names, trademarks, websites and customer lists, to a third party pursuant to the terms of the Asset Purchase Agreement between the parties dated as of May 7, 2014 for an aggregate purchase price of $115,000. The purchase price was paid in cash of $19,000, the assumption of a Company obligation to the CEO for $25,000 and a promissory note for $72,000 carrying an interest rate of 8% per annum that matures on May 6, 2015. As of August 31, 2014, interest income of $1,831 accrued on the promissory note.
	As a result of the sale of its Organic Innovations business, management has reclassified the related activities to discontinued operations. For the three months ended August 31, 2014 and 2013, the business incurred expenses of $0 and $33,685, respectively. For the three months ended August 31, 2013, development costs totaling $33,685, have been reclassified under discontinued operations on the condensed consolidated statement of operations and comprehensive loss.
	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.

Going_Concern

Going Concern	3 Months Ended
	Aug. 31, 2014
Going Concern [Abstract]	'
GOING CONCERN	'
	NOTE 4 – GOING CONCERN
	As reflected in the accompanying condensed consolidated financial statements, the Company had a net loss and comprehensive loss from continuing operations of $84,912 for the three months ended August 31, 2014 and the Company has minimal historical evidence of positive earnings as evidenced by the accumulated deficit of $766,245 at August 31, 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 while actively seeking channels to develop business. Management may seek additional financing using equity or debt instruments in the future through additional private placement offerings.
	There can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing will be available in the future, at terms satisfactory to the Company. Failure to achieve 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	3 Months Ended
	Aug. 31, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	NOTE 5 – RELATED PARTY
	The Company 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 $417,779 and $373,925 as of August 31, 2014 and May 31, 2014, respectively.
	The Company had accrued compensation expense payable to a Director of the Company for providing legal counsel services for $1,000 per month. The compensation obligations owed to the Director totaled $19,000 and $16,000 as of August 31, 2014 and May 31, 2014, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	NOTE 6 – INCOME TAXES
	The Company has not recorded any income tax expense or benefit for the three months ended August 31, 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.

Contingent_Employee_Bonus

Contingent Employee Bonus	3 Months Ended
	Aug. 31, 2014
Compensation Related Costs [Abstract]	'
CONTINGENT EMPLOYEE BONUS	'
	NOTE 7 – CONTINGENT EMPLOYEE BONUS
	On January 1, 2013, the Company entered into a compensation agreement with an employee that provides for a bonus based upon certain performance requirements. Since inception of the compensation agreement, management has evaluated the results of the employee’s performance and determined that the likelihood of payment would be remote as the employee did not meet the minimum performance requirements.
	The employee and management are in negotiations to finalize the previous and future compensation, however, management estimates that it is probable the Company will settle with the employee for a $130,000 bonus for past services.
	As a result of the expected settlement, the Company expensed $130,000 during 2014 in conjunction with the bonus. No amounts have been paid out related to the bonus as of August 31, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Aug. 31, 2014
Summary of Significant Accounting Policies [Abstract]	'
Revenue recognition	'
	Revenue recognition
	The Company’s revenues are derived from management, financial and accounting advisory service fees. 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.
Net loss per common share	'
	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 0 and 314,816 potentially dilutive shares outstanding as of August 31, 2014 and August 31, 2013, respectively. Due to the loss for the periods presented, the shares are not included in the calculation as they would be anti-dilutive.
Reclassifications	'
	Reclassifications
	Certain amounts in the prior period presented have been reclassified to conform to the current period classification. These reclassifications have no effect on the previously reported net loss.
Going Concern	'
	Going Concern
	As reflected in the accompanying audited financial statements, the Company has had a net loss and comprehensive loss from continuing operations of $84,912 and $124,888 for the three months ended August 31, 2014 and August 31, 2013, respectively; and an accumulated deficit of $766,245 at August 31, 2014.  These factors raise 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 to sufficiently support its cost structure through existing and new clients while actively seeking channels to develop business. Management may seek additional financing using equity or debt instruments in the future through additional private placement offerings.
	There can be no assurance that the actions taken and raising of equity will be successful or that the Company’s anticipated financing will be available in the future, at terms satisfactory to the Company. Failure to achieve 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.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In August 2014, the FASB issued Accounting Standards Update “ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this ASU provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. It is too early to assess the impact of the adoption of this new guidance on the Company’s financial position.
	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09: Revenue from Contracts with Customers. The standard outlines a five-step model for revenue recognition with the core principle being that a company should recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Companies can choose to apply the standard using either the full retrospective approach or a modified retrospective approach. Under the modified approach, financial statements will be prepared for the year of adoption using the new standard but prior periods presented will not be adjusted. Instead, companies will recognize a cumulative catch-up adjustment to the opening balance of retained earnings. This new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company has not yet made a determination been made as to the method of application (full retrospective or modified retrospective). It is too early to assess whether the impact of the adoption of this new guidance will have a material impact on the Company's results of operations, financial position or cash flows.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	31-May-14
Potentially dilutive shares, outstanding	0	314,816	'
Accumulated deficit	($766,245)	'	($681,333)
Net loss	($84,912)	($124,888)	'

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended		12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	31-May-14	7-May-14
Discontinued Operations (Textual)	'	'	'	'
Sale of assets purchase price consideration	'	'	'	$115,000
Payment of purchase price was paid in cash	'	'	'	19,000
Obligation to CEO calculated under sale of assets	'	'	'	25,000
Promissory note receivable	72,000	'	72,000	72,000
Promissory note Interest rate percentage	'	'	'	8.00%
Promissory note, Maturity Date	'	'	6-May-15	'
Interest income accrued on promissory note	1,831	'	'	'
Business incurred expenses	0	33,685	'	'
Development costs totaling	'	$33,685	'	'

Going_Concern_Details

Going Concern (Details) (USD $)	3 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	31-May-14
Going Concern [Abstract]	'	'	'
Net loss and comprehensive loss from continuing operations	($84,912)	($91,203)	'
Accumulated deficit	($766,245)	'	($681,333)

Related_Party_Details

Related Party (Details) (USD $)	Aug. 31, 2014	31-May-14
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]	'	'
Compensation obligations owed to CEO	$417,779	$373,925
Director [Member]	'	'
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]	'	'
Compensation obligations owed to CEO	19,000	16,000
Providing legal counsel services	$1,000	'

Contingent_Employee_Bonus_Deta

Contingent Employee Bonus (Details) (Deferred Bonus [Member], USD $)	3 Months Ended
	Aug. 31, 2014
Deferred Bonus [Member]	'
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]	'
Compensation, Description	'Management estimates that it is probable the Company will settle with the employee for a $130,000 bonus for past services.
Accrued compensation	$130,000