10-Baggas Factory 10

[mick]

this is an important read---pt.#2-E-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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2. The date that adoption is required
3. The date the employer plans to adopt the recognition provisions of this Statement, if earlier.
The requirement to measure plan assets and benefit obligations as of the date of the employer's fiscal year-end statement of financial position is effective for fiscal years ending after December 15, 2008. The management is currently evaluating the effect of this pronouncement on the consolidated financial statements.
In September 2006, FASB issued SFAS 157 `Fair Value Measurements'. This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles ("GAAP"), and expands disclosures about fair value measurements. This Statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. However, for some entities, the application of this Statement will change current practice. This Statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The management is currently evaluating the effect of this pronouncement on the consolidated financial statements.
NOTE 2 STOCKHOLDERS' EQUITY (DEFICIENCY)
Common Stock
The Company is presently authorized to issue 7,500,000,000 shares of $0.0001 par value Common Stock. The Company currently has 5,584,175,298 common shares issued and outstanding. The holders of common stock, and of shares issuable upon exercise of any Warrants or Options, are entitled to equal dividends and distributions, per share, with respect to the common stock when, as and if declared by the Board of Directors from funds legally available therefore. No holder of any shares of common stock has a pre-emptive right to subscribe for any securities of the Company nor is any common shares subject to redemption or convertible into other securities of the Company. Upon liquidation, dissolution or winding up of the Company, and after payment of creditors and preferred stockholders, if any, the assets will be divided pro-rata on a share-for-share basis among the holders of the shares of common stock. All shares of common stock now outstanding are fully paid, validly issued and non-assessable. Each share of common stock is entitled to one vote with respect to the election of any director or any other matter upon which shareholders are required or permitted to vote. Holders of the Company's common stock do not have cumulative voting rights, so that the holders of more than 50% of the combined shares voting for the election of directors may elect all of the directors, if they choose to do so and, in that event, the holders of the remaining shares will not be able to elect any members to the Board of Directors.
The officer is entitled to 1,000,000 shares of common stocks par value .40 every year pursuant to the employment agreement. The value of the stock is based on the market value at April 1, 2004.
Class A and B Preferred Stock
The Company's Articles of Incorporation (Articles") authorize the issuance of 100,000 Class A Preferred Stocks par value at $10.00 and 300,000,000 shares of Class B Preferred Stock par value at $2.50. 10,000 shares of Preferred Stock are currently issued and outstanding. Under the Company's Articles, the Board of Directors has the power, without
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further action by the holders of the Common Stock, to designate the relative rights and preferences of the preferred stock, and issue the preferred stock in such one or more series as designated by the Board of Directors. The designation of rights and preferences could include preferences as to liquidation, redemption and conversion rights, voting rights, dividends or other preferences, any of which may be dilutive of the interest of the holders of the Common Stock or the Preferred Stock of any other series. The issuance of Preferred Stock may have the effect of delaying or preventing a change in control of the Company without further shareholder action and may adversely affect the rights and powers, including voting rights, of the holders of Common Stock. In certain circumstances, the issuance of preferred stock could depress the market price of the Common Stock.
NOTE 3 COMMITMENTS
We currently have no commitments which may have adverse effects on the Company share values.
NOTE 4. CURRENT BUSINESS
The Company’s (subsidiary) main operation is Medical Billing and Collection Services. The Company is also in a process of updating its proprietor software to comply with current need for health care compliance including EMR technology and reduction of operating expenses for the health care practices. The Company has multiple Clients and continuing to add new clients every month.
Few former clients of previous subsidiary “HBSGI” have returned to the current subsidiary of the company for billing and collection needs. The Company is in process of negotiation with 20 to 30 clients and expect to close all or most by the end of 2010.
The Company recorded interest expense of $12,098 and $30,197 for the three month periods ended September 30, 2010 and 2009 respectively
On June 27, 2006, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with New Millennium Capital Partners II, LLC, AJW Qualified Partners, LLC, AJW Offshore, Ltd. and AJW Partners, LLC (collectively, the "Investors"). Under the terms of the Securities Purchase Agreement, the Investors purchased an aggregate of (i) $2,000,000 in callable convertible secured notes (the "Notes") and (ii) warrants to purchase 50,000,000 shares of our common stock (the "Warrants").
Pursuant to the Securities Purchase Agreement, the Investors purchased the Notes and Warrants in three trenches as set forth below:
At closing, on July 1, 2006 ("Closing"), the Investors purchased Notes aggregating $700,000 and warrants to purchase 17,500,000 shares based on the prorate shares of our common stock;
. On August 8, 2006 the investors purchased Notes aggregating $600,000 and warrants to purchase 15,000,000 shares based on the prorate shares of our common stock and,
. Upon effectiveness of the Registration Statement, theInvestors will purchase Notes aggregating $700,000. The Company has withdrawn the third trench as the Registration Statement was not effective to bring more funds into the Company.
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