Physicians Healthcare Management Group, Inc

CIK:0001528006|SEC Filings

Statements of Operations and Comprehensive Income - Unaudited (USD $)	3 Months Ended		9 Months Ended		80 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Operating expenses:
Officer compensation		$ 59,506		$ 169,916	$ 1,101,984
Consulting and professional fees	2,418	115,195	2,418	270,745	1,502,375
Operating expenses					139,270
Bad debt expense		100,829		212,262	320,843
General and administration expense	59	18,379	312	66,826	491,083
Total operating expense	2,477	293,909	2,730	719,749	3,555,555
Income (loss) from operations	(2,477)	(293,909)	(2,730)	(719,749)	(3,555,555)
Other income (expense):
Equity method loss in joint venture					(50,250)
Realized gain on sale of equity securities		71,796	0	71,796	159,225
Impairment loss on investment					(320,111)
Interest expense					(1,765,669)
Interest income		(197)		7,101	109,632
Loan extension fees				45,000	171,000
Other income			9,105		13,488
Total other income (expense)		71,599	9,105	123,897	(1,682,685)
Net income (loss)	(2,477)	(222,310)	6,375	(595,852)	(5,238,240)
Add: net loss attributable to noncontrolling interest		8,884		19,836	29,873
Net income (loss) attributable to Physicians Healthcare Management Group, Inc.	(2,477)	(213,426)	6,375	(576,016)	(5,208,367)
Net income (loss) per share - basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00	$ (0.03)
Weighted average shares outstanding - basic and diluted	155,925,507	155,925,507	155,925,507	155,925,507	161,231,258
Net income (loss)	(2,477)	(222,310)	6,375	(595,852)	(5,238,240)
Unrealized investment holding gain		219,370		140,132	362,091
Less: reclassification adjustment for realized gains included in net loss		(71,796)		(71,796)	(159,225)
Net unrealized holding gain		147,574		68,336	202,866
Transfer of cumulative unrealized holding gain on spin-off					(202,866)
Comprehensive income (loss)	(2,477)	(74,736)	6,375	(527,516)	(5,238,240)
Net loss attributable to noncontrolling interest		8,884		19,836	29,873
Comprehensive income (loss) attributable to Physicians Healthcare Management Group, Inc.	$ (2,477)	$ (65,852)	$ 6,375	$ (507,680)	$ (5,208,367)

Statements of Cash Flows - Unaudited (USD $)	9 Months Ended		80 Months Ended
Statements of Cash Flows - Unaudited (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Cash from operating activities:
Net income (loss) attributable to Physicians Healthcare Management Group, Inc.	$ 6,375	$ (576,016)	$ (5,208,367)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net loss attributable to noncontrolling interests		(19,836)	(29,873)
Equity method loss in joint venture			50,250
Gain on sale of equity securities	0	(71,796)	(159,225)
Gain on Underwriters stock previously held			(250)
Impairment loss on investment			320,111
Amortization of note receivable discount			(71,111)
Loan extension fee received in securities		(45,000)	(171,000)
Gain on return of application fee	0		(25,000)
Expenses paid by related party			26,888
Adjustment to stock purchase agreement			100
Interest expense paid in stock			1,765,671
Bad debt expense		212,262	320,843
Issuance of stock to founders and for services	0		251,572
Issuance of options for services			102,000
Depreciation and amortization		5,149	25,123
Changes in operating assets and liabilities:
Other current assets		500	(16,587)
Other assets			(2,533)
Surplus note interest receivable			(2,620)
Accounts payable	(6,496)	26,878	24,847
Accrued payroll liabilities		5,860	39,596
Due from related party	(21,822)	(212,262)	(575,764)
Net cash used in operating activities	(21,943)	(674,261)	(3,335,329)
Cash flows from investing activities:
Investment in joint venture			(250)
Cash paid in spin-off of operations	0		(118,127)
Purchase of certificate of deposit		(7,298)	(1,007,298)
Proceeds from maturity of certificates of deposit		507,298	1,007,298
Reimbursement of escrow funds and fees for HMO			25,000
Purchase of convertible note receivable			(568,889)
Purchase of marketable securities			(105,000)
Proceeds from sale of marketable securities		177,952	363,841
Purchase of non-marketable securities			(321,111)
Purchase of surplus note, loan and accrued interest	0		(589,788)
Deposit into escrow for Purchase of investment			(500,000)
Purchase of Underwriters' stock, net of cash received			8,831
Purchase of furniture, equipment and website		(2,676)	(39,599)
Net cash provided by (used in) investing activities		675,276	(1,845,092)
Cash flows from financing activities:
Proceeds from capital contributions			512,319
Purchase of treasury stock			(991)
Proceeds from note payable			71,035
Proceeds from sale of series B preferred shares	0		100,000
Payment of note payable			(100,000)
Proceeds from issuance of note payable			4,598,112
Net cash provided by financing activities			5,180,475
Net increase (decrease) in cash	(21,943)	1,015	54
Cash, beginning of period	21,997	122,966
Cash, end of period	54	123,981	54
Supplemental disclosures of cash flow information:
Cash paid for interest paid	0
Cash paid for income taxes paid

Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash	$ 54	$ 21,997
Note Receivable - Phyhealth Corpation (net of $50,000 loss recognized on investment in Phyhealth Corporation)
Total current assets	54	21,997
Total assets	54	21,997
Current liabilities:
Accounts payable	2,418	8,914
Due to related parties	175	21,997
Total current liabilities	2,593	30,911
Series B convertible preferred stock, $0.001 par value, 38,000,000 shares authorized, 31,116,176 issued and outstanding	7,467,883	7,467,883
Series A convertible preferred stock, $0.001 par value,162,000,000 shares authorized, issued and outstanding	162,000	162,000
Common stock, $0.001 par value, 425,000,000 authorized, 156,073,725 issued and 155,925,507 outstanding.	156,074	156,074
Additional paid-in capital	(2,020,878)	(2,020,878)
Less: treasury stock, at cost (148,218 common shares)	(991)	(991)
Deficit accumulated during the development stage	(5,766,627)	(5,773,002)
Total stockholders' deficit	(7,470,422)	(7,476,797)
Total liabilities and deficit	$ 54	$ 21,997