Firemans Contractors, Inc.

CIK:0001471271|SEC Filings

Condensed Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Condensed Statements of Operations (USD $)	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]
Revenues	$ 181,293	$ 320,474	$ 686,161	$ 778,160
Franchise fees and royalties	40,189	7,302	62,881	84,234
Total Revenues	221,482	327,776	749,042	862,394
Cost of revenues (exclusive of depreciation shown separately below)	131,820	229,059	526,513	591,154
Sales and marketing expenses	39,923	19,707	98,741	56,882
General and administrative expenses	81,737	107,538	290,471	447,704
(Gain)/loss on sale of equipment	(5,279)	3,536	(8,279)	9,667
(Gain)/loss on sale of notes receivable	9,550	0	9,550	0
Depreciation and amortization	1,529	2,540	6,609	8,906
Total operating expenses	259,280	362,380	923,605	1,114,313
Operating loss	(37,798)	(34,604)	(174,563)	(251,919)
Other income/(loss)
Interest income	378	491	1,143	1,413
Gain/(loss) on derivative liabilities	(9,142)	(18,151)	(24,689)	(17,901)
Interest expense (related parties)	(6,961)	(4,793)	(19,407)	(20,128)
Interest expense	(15,927)	(38,994)	(71,731)	(358,279)
Total other loss	(31,652)	(61,447)	(114,684)	(394,895)
Loss before taxes	(69,450)	(96,051)	(289,247)	(646,814)
Income tax (expense) benefit	0	0	0	0
Net loss	$ (69,450)	$ (96,051)	$ (289,247)	$ (646,814)
Basic and diluted loss per share	$ (0.000144336)	$ (0.007615945)	$ (0.001397984)	$ (0.093910975)
Basic and diluted weighted average number of common shares outstanding	481,167,384	12,611,829	206,902,949	6,887,523

Condensed Statements of Cash Flows (USD $)	9 Months Ended
Condensed Statements of Cash Flows (USD $)	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net loss	$ (289,247)	$ (646,814)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,609	8,906
(Gain)/loss on sale of equipment	(8,279)	9,667
(Gain)/loss on derivative liabilities	24,689	17,901
(Gain)/loss on sale of notes receivable	9,550	0
Consulting expenses (stock)		34,200
Interest and fee expenses (stock)	34,829	46,250
Beneficial conversion feature amortization	6,940	233,361
Debt discount amortization	4,100	79,713
Change in operating assets and liabilities:
Accounts receivable	39,962	(92,840)
Inventory		2,199
Prepaid expenses	(2,000)	13,533
Note receivable	(15,717)	(53,964)
Other Assets		2,313
Accounts payable	218	66,985
Accrued expenses	24,310	(27,386)
Warranty liability	(920)	2,331
Other payables	8,587	249
Loans payable to shareholders	127,045	183,079
Payments on loans payable to shareholders	(6,995)	(14,300)
Accrued interest (related parties)	12,295	(5,596)
Net cash used in operating activities	(24,024)	(140,213)
Cash flows from investing activities:
Proceeds from sales of notes receivable	22,951
Proceeds from sale of equipment	11,000
Purchase of property and equipment		(1,500)
Net cash provided by/(used in) investing activities	33,951	(1,500)
Cash flows from financing activities:
Proceeds from convertible notes payable		155,000
Net cash flows provided by financing activities		155,000
Increase in cash and cash equivalents	9,927	13,287
Cash at beginning of period	18,112	7,008
Cash at end of period	28,039	20,295
Cash paid for:
Interest	8,940	12,086
Interest (related parties)	7,112	8,283
Non-cash activities:
Stock issued for loans and interest	165,673	304,800
Stock issued for shareholder loans and interest	3,500	1,216
Derivative liability and beneficial conversion features		278,333
Reclassification of loans payable to shareholders to convertible notes payable		316,117
Non-cash sale of equipment for A/P	$ 9,000

Condensed Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
Current assets
Cash	$ 28,039	$ 18,112
Accounts receivable	82,327	117,315
Prepaid expenses	2,000
Current portion of notes receivable	35,693	40,375
Total current assets	148,059	175,802
Property and equipment, less accumulated depreciation of $8,084 and $19,136, respectively	6,340	24,669
Note receivable	1,350	13,453
Other assets	1,625	1,625
TOTAL ASSETS	157,374	215,549
Current Liabilities
Accounts payable	266,024	274,806
Accrued expenses	90,893	66,583
Accrued interest (related parties)	24,486	12,191
Warranty liability	9,176	10,096
Other payables	13,862	5,275
Convertible notes payable, net of unamortized beneficial conversion features and debt discount of $0 and $11,040, respectively	379,129	493,960
Derivative liabilities	26,577	64,533
Loans payable to shareholders	564,839	448,289
Total current liabilities	1,374,986	1,375,733
Total liabilities	1,374,986	1,375,733
Stockholders' deficit
600,000,000 shares common stock authorized at $0.001/par value 560,333,445 and 18,966,619 issued and outstanding, respectively	560,334	18,967
Additional paid-in capital	614,582	959,130
Accumulated deficit	(2,682,528)	(2,393,281)
Total stockholders' deficit	(1,217,612)	(1,160,184)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	157,374	215,549
Convertible Class A Preferred Stock [Member]
Stockholders' deficit
350,000 shares Class A Convertible preferred stock authorized at $1.00/par value ($10 liquidation preference) 250,000 issued and outstanding 40,000,000 shares Class B Convertible preferred stock authorized at $0.001/par value ($0.10 liquidation preference) 40,000,000 and 5,000,000 issued and outstanding, respectively	250,000	250,000
Convertible Class B Preferred Stock [Member]
Stockholders' deficit
350,000 shares Class A Convertible preferred stock authorized at $1.00/par value ($10 liquidation preference) 250,000 issued and outstanding 40,000,000 shares Class B Convertible preferred stock authorized at $0.001/par value ($0.10 liquidation preference) 40,000,000 and 5,000,000 issued and outstanding, respectively	$ 40,000	$ 5,000