10-Baggas Factory 10

[mick]

this is an important read---pt.#2-C-at pinks right now fer information fer all...
http://www.otcmarkets.com/stock/PPJE/quote

for now most important is their last financial reporting.

http://www.otcmarkets.com/stock/PPJE/financials

i'm having problem at pinks.

will continue in a few minutes.

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http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=37378
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PPJ ENTERPRISE
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the nine month periods ended
September 30
2010
2009
Net Income
Cash flow from operating activities
$
172,012
126,080
Net Gain
3,624
$
(81,801)
Depreciation and amortization
350
0
Issuance of shares for service (to be issued)
82,000
7,500
Amortization of shares issued for consulting
-
0
Shares to be issued for compensation
300,000
300,000
Beneficial conversion feature expense
-
Change in fair value of derivative liability
(65,700)
(106,901)
Increase in current assets:
Contract Receivables
383,711
4,458
Increase in current liabilities:
Accounts payable and accrued expenses (Payroll Taxes)
2,234
38,721
Litigation accrual
0
0
Accrued officers’ payable
910,000
910,000
Net cash used in operating activities
170,972
(203,931)
The accompanying notes are an integral part of the consolidated financial statements.
-
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable related party
168,000
159,455
5
Net cash provided by (used in) financing activities
85,000
NET INCREASE IN CASH & CASH EQUIVALENTS
-
CASH & CASH EQUIVALENTS, BEGINNING BALANCE
-
-
CASH & CASH EQUIVALENTS, ENDING BALANCE
$
186,000
$
244,455
Supplementary Information:
Cash paid during the year for:
Interest paid
$
12,098
$
30,197
Income taxes paid (to be paid)
$
800
$
6
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(A) Organization and Nature of Business
The Company was incorporated in the State of Nevada on May 2, 2000, as Winfield Capital Group, Inc. On June 6, 2001, the Company filed a Certificate of Amendment to its Articles of Incorporation to affect a name change to "Winfield Financial Group, Inc." On April 23, 2004, the Company acquired 100% of the equity interest of PPJ Enterprise ("Healthcare"). As part of the same transaction, the Company acquired 100% of the equity interest of AutoMed Software Corp. ("AutoMed") and Silver Shadow Properties, LLC ("Silver Shadow") on May 7, 2004. Prior to the Acquisition (defined below), the Company was a business broker, primarily representing sellers and offering its clients' businesses for sale. As a result of the acquisition, the Company changed its business focus to medical billing. On January 7, 2005, the Company filed a Certificate of Amendment to its Articles of Incorporation, with the Nevada Secretary of State and changed its name to "PPJ Enterprise"
On April 23, 2004, the Company acquired 100% of the issued and outstanding shares of PPJ Enterprise, a Delaware corporation ("Healthcare"). As part of the same transaction on May 7, 2004, the Company acquired 100% of the issued and outstanding shares of AutoMed Software Corp., a Nevada corporation ("AutoMed"), and 100% of the membership interests of Silver Shadow Properties, LLC, a Nevada single member limited liability company ("Silver Shadow"). The transactions are collectively referred to herein as the "Acquisition." The Company acquired Healthcare, AutoMed, and Silver Shadow from Chandana Basu, the sole owner, in exchange for 25,150,000 newly issued treasury shares of the Company's Common Stock. As a result of the Acquisition, the Company has changed its business focus. The term "Company" shall include a reference to PPJ Enterprise (the "Company").
The merger of the Company with PPJ Enterprise, has been accounted for as a reverse acquisition under the purchase method of accounting since the shareholders of PPJ Enterprise obtained control of the consolidated entity. Accordingly, the merger of the two companies has been recorded as a recapitalization of the PPJ Enterprise, with PPJ Enterprise being treated as the continuing entity. The continuing company has retained December 31 as its fiscal year end.
Healthcare was a medical billing service provider that for over fifteen years had assisted various health care providers to successfully enhance their billing function. The accompanying financial statements have been reclassified accordingly and presented as discontinued operations.
PRINCIPLES OF CONSOLIDATION
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, AutoMed Software Corp., and Professional Billing Service. All significant inter-company accounts and transactions have been eliminated in consolidation. The acquisition of PPJ Enterprise on May 7, 2004, has been accounted for as a purchase and treated as a reverse acquisition.
NOTE 2. SIGNIFICANTACCOUNTING POLICIES.
7