What do you all think of $PMCM? It is being hyped up and the latest 10k says they are broke and it is a going concern. Tons of people falling into the hype of this PMCM that keeps on getting touted and re touted.
http://ih.advfn.com/p.php?pid=nmona&article=57175639
They only had assets of $91 for 2012 down from the $112,731 in assets in 2012. I have a link at the bottom. I was excited about this stock until I did some research. They need to raise money .
NOTE 2 – GOING CONCERN
The Company is a development stage company and through January 31, 2013 management of the Company devoted substantially all of its efforts to establish new customized real estate management programs for its clients. While the Company has subsequently changed its business plan from real estate management to entertainment, in
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the near term the Company expects operating costs to continue to exceed funds generated from operations until significant revenues are generated from its new entertainment business and new financing sources,
The Company had only generated minimal revenues from its operations through January 31, 2013. As a result, the Company expects to continue to incur operating losses in the near term, and the operations in the near future are expected to continue to require working capital. The ability of the Company to continue as a going concern is in turn dependent on its ability to raise capital to meet its operating requirements.
The Company ’ s independent auditors, in their report on the financial statements for the year ended December 31, 2012 and 2011, expressed substantial doubt about the Company ’ s ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.
Primco Management Inc.
(A Development Stage Company)
Balance Sheets
Current Assets
Cash
December 31, 2012
$ 91
December 31, 2011
$ 112,731
Total Current Assets
December 31, 2012
91
December 31, 2011
112,731
TOTAL ASSETS
December 31, 2012
$ 91
December 31, 2011
$112,731
Results of Operations
For the year ended December 31, 2012 we generated revenues of $2,600 compared with revenues of $ 3,585 for the year ended December 31, 2011.
Our operating expenses for the year ended December 31, 2012 totaled $140,140 and included accounting expenses of $15,900; bank service charges of $ 40; consulting expenses of $14,200; and research and development costs of $110,000, resulting in a net operating loss of $137,540 for the year. By comparison, our operating expenses for the year ended December 31, 2011 totaled $52,539 and included accounting expenses of
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$14,656; bank service charges of $174; consulting expenses of $26,000; legal and professional fees of $9,999; and state filing fees and permits of $1,500, resulting in a net operating loss of $48,744 for the year.
For the period from inception (October 14, 2010) through December 31, 2012, we generated cumulative revenues of $6,185. Our operating expenses for the same period totaled $204,469, resulting in a cumulative loss from operations of $ 198,284. Our operating expenses of $194,469 included accounting expenses of $33,556; bank service charges of $ 214; consulting expenses of $40,200; legal and professional fees of $18,999; research and development costs of $110,000 and state filing fees and permits of $1,500. Our operating expenses consisted mainly of developing and rolling out our business plan with outside consulting, research and development costs, as well as basic legal and accounting expenses necessary to complete filings with the Securities and Exchange Commission.
Liquidity and Capital Resources
Our net operating loss of $137,540 for the year ended December 31, 2012 depleted our cash resources to $91 at December 31, 2012. Accordingly, we need a new infusion of capital to sustain our operations, either from our officers or from third-party sources.
Cumulatively since Inception (October 14, 2010), we received proceeds from the issuance of our common stock of $165,800, net of offering costs, and we received a total of $22,575, net of repayments, as advances from an officer. These two sources, totaling a net of $188,375, have been used to fund our cumulative operating losses of $198,284 from inception through December 31, 2012, leaving a cash balance of $91 at December 31, 2012.
We have had no off balance sheet arrangements since inception through December 31, 2012.
The Company has not generated sufficient revenue from its operations and needs to raise capital to meet the operating requirements over the next twelve months. The Company ’ s financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The report from the Company ’ s independent registered public accounting firm states that there is substantial doubt about the Company ’ s ability to continue as a going concern.
Adjustments necessary could be anything from dilution to a reverse split. Maybe that is why it is not included in this recent filing. That would not sound attractive to investors.
David Michery is involved and he was involved with this company as well that went from $3 down to .01 now.
http://finance.yahoo.com/news/seven-arts-entertainment-inc-announces-140000474.html
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