FIRST RATE STAFFING Corp

CIK:0001522215|SEC Filings

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues	$ 7,594,648	$ 8,904,327	$ 20,911,704	$ 21,770,957
Cost of revenues	6,913,670	7,910,070	19,062,208	19,749,396
Gross profit	680,978	994,257	1,849,496	2,021,561
General and administrative expenses	746,760	723,302	2,143,329	1,876,634
Income (loss) from operations	(65,782)	270,955	(293,833)	144,927
Gain on sale of property and equipment	0	0	0	5,292
Gain on settlement agreement	0	0	0	75,000
Interest and other expense, net	(69,740)	(66,965)	(204,357)	(181,420)
Income (loss) before income tax	(135,522)	203,990	(498,190)	43,799
Income tax expense	0	0	0	0
Net income (loss)	$ (135,522)	$ 203,990	$ (498,190)	$ 43,799
Net income (loss) per share:
Basic and diluted	$ (0.02)	$ 0.03	$ (0.07)	$ 0.01
Weighted average shares outstanding:
Basic and diluted	7,500,000	7,500,000	7,500,000	7,500,000

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income (loss)	$ (498,190)	$ 43,799
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	78,414	225,353
Provision for bad debt	38,605	30,127
Amortization of discount on note payable	4,458	11,463
Gain on sale of property and equipment	0	(5,292)
Gain on settlement agreement	0	(75,000)
Changes in operating assets and liabilities:
Accounts receivable	(92,253)	(301,697)
Deposits and other assets	(125,000)	(1,440)
Accounts payable	(285,547)	(163,039)
Accrued expenses	497,011	214,019
Net cash used in operating activities	(382,502)	(21,707)
Investing activities
Notes receivable - related party (borrowing) collections	1,500	(64,030)
Procees from sale of property and equipment	0	12,500
Net cash provided by (used in) investing activities	1,500	(51,530)
Financing activities
Payments on note payable	(90,000)	(145,000)
Payments on car loan payable	(3,114)	(346)
Payments on note payable - related party, net	0	(2,118)
Net cash used in financing activities	(93,114)	(147,464)
Net change in cash	(474,116)	(220,701)
Cash, beginning of the year	565,040	787,238
Cash, end of year	90,924	566,537
Supplemental disclosure of cash flow information:
Interest paid	8,229	2,332
Incone taxes paid	0	0
Supplemental disclosures of non-cash investing and financing transactions:
Acquisition of property and equipment through loan	$ 0	$ 49,612

BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash	$ 90,924	$ 565,040
Accounts receivable, net	786,657	733,009
Total current assets	877,581	1,298,049
Property and equipment, net	43,025	53,309
Intangible assets, net	204,392	272,522
Notes receivable - related party	97,418	98,918
Deposit and other assets	132,640	7,640
Total assets	1,355,056	1,730,438
Current liabilities
Accounts payable	69,905	355,452
Accrued expenses	1,277,874	780,863
Car loan payable, current portion	5,376	4,623
Notes payable - current portion, net of discount	112,244	107,786
Total current liabilities	1,465,399	1,248,724
Car loan payable, net of current portion	27,738	31,605
Notes payable, net of current portion	40,000	130,000
Total liabilities	1,533,137	1,410,329
Commitments and contingencies
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, zero shares issued and outstanding	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized, 7,500,000 shares issued and authorized at September 30, 2016 (unaudited) and December 31, 2015	750	750
Additional paid-in capital	1,089,802	1,089,802
Accumulated deficit	(1,268,633)	(770,443)
Total stockholders' equity (deficit)	(178,081)	320,109
Total liabilities and stockholders' equity (deficit)	$ 1,355,056	$ 1,730,438