CMSI is moving in the right direction in this sector. The next 10Q will blow this one away. IMHO
Form 10-Q for CANNABIS MEDICAL SOLUTIONS, INC.
10-Nov-2010
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis contains various "forward looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding future events or the future financial performance of the Company that involve risks and uncertainties. Certain statements included in this Form 10-Q, including, without limitation, statements related to anticipated cash flow sources and uses, and words including but not limited to "anticipates", "believes", "plans", "expects", "future" and similar statements or expressions, identify forward looking statements. Any forward-looking statements herein are subject to certain risks and uncertainties in the Company's business, including but not limited to, reliance on customers and competition in its markets, market demand, product performance, maintenance of relationships with key suppliers, difficulties of contracting or retaining independent contractors and any changes in current accounting rules, all of which may be beyond the control of the Company. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth therein.
Management's Discussion and Analysis of Results of Financial Condition and Results of Operations ("MD&A") should be read in conjunction with the condensed consolidated financial statements included herein. Further, this quarterly report on Form 10-Q should be read in conjunction with the Company's Financial Statements and Notes to Financial Statements included in Report on Form 10-K for the year ended December 31, 2009.
Overview
BUSINESS
Cannabis Medical Solutions, Inc., (referred to hereafter as "CMSI," or, the "Company"), was initially incorporated under the laws of the State of Delaware in February 1997 under the name Easy Street Online, Inc., as successor to each of Hobbes & Co., LLC ("Hobbes"), INET Communications Company, LLC ("INET") and Sara Girl & Co., LLC ("Sara Girl").
In August of 1997, the Company changed its name to Frontline Communications Corp. ("Frontline") and operated as a regional Internet service provider ("ISP") providing Internet access, web hosting, website design, and related services to residential and small business customers throughout the Northeast United States and, through a network partnership agreement, Internet access to customers nationwide. Frontline traded on the American Stock Exchange under the symbol "FNT."
On April 3, 2003, Frontline acquired Proyecciones y Ventas Organizadas, S.A. de C.V. ("Provo Mexico") and in December 2003 changed its name to "Provo International Inc." ("Provo"). Provo was organized into three distinct divisions: (1) Provo International, which was responsible for overseeing mergers, acquisitions, financing transactions and regulatory compliance activities (2) Provo US, a division of Provo, was responsible for the continued management of the Internet service business, which was its core business prior to its acquisition of (3) Provo Mexico, a wholly owned subsidiary of Provo International, which distributed prepaid calling cards and cellular phone airtime in Mexico.
In March 2009, Provo changed its name to Ebenefits Direct, Inc., which, through its wholly-owned subsidiary, L.A. Marketing Plans, LLC, ("LAMP"), is a company currently engaged in the business of direct response marketing. LAMP markets and sells non-insurance healthcare programs designed to complement medical insurance products and to provide savings for those who cannot afford or qualify for traditional health insurance products.
On October 14, 2008, Ebenefits Direct, Inc. changed its name to Seraph Security, Inc. and continues to operate the LAMP business, and eCommerce a credit and debit card processing company.
On May 20, 2009, Seraph Security, Inc. changed its name to Commerce Online, Inc. to more accurately reflect its core business.
As of March 4, 2010, Commerce Online, Inc. changed its name to Cannabis Medical Solutions, Inc.
March 8, 2010 the company completed acquisition of 800 Commerce in April 2010. The Company issued 1,000,000 shares for 100% interest in 800 Commerce. The shares were valued at $250,000.
THREE MONTHS ENDED SEPTEMBER 30, 2009
COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2010
Sales for the three month period ended September 30, 2010 and 2009 were $ 10,530 and 0 respectively.
Selling, general and administrative expenses decreased from $377,785 for the three month period ended September 30, 2009 to $13,435 for the three month period ended September 30, 2010 due to costs associated with stock issued in lieu of salary and consulting expenses.
Net loss decreased to a loss of $2,905 for the three month period ended September 30 , 2010 from net loss of $377,785 for the three month period ended September 30 , 2009, due to the above analysis of Income and Expenses.
NINE MONTHS ENDED SEPTEMBER 30, 2009
COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2010
Sales for the nine month period ended September 30, 2010 and 2009 were $ 25,717 and 0 respectively.
Selling, general and administrative expenses decreased from $408,791 for the nine month period ended September 30, 2009 to $120,555 for the nine month period ended September 30, 2010 due to costs associated with stock issued in lieu of salary and consulting expenses.
Net income (loss) decreased to a loss $94,838 for the nine month period ended September 30 , 2010 from net loss of $408,791 for the nine month period ended September 30 , 2009, due to the above analysis of Income and Expenses.
AI
