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EX-32.1 - IMK GROUP, INC.exhibit32-1.htm
EX-31.1 - IMK GROUP, INC.exhibit31-1.htm

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 10-Q
(Mark One)
[X]
Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended November 30, 2010

[  ]
Transition Report under Section 13 or 15(d) of the Exchange Act for the Transition Period from ________ to ___________

Commission File Number: 333-123611

FUTURA PICTURES, INC.
(Exact name of small business issuer as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)
56-2495218
(I.R.S. Employer Identification No.)

17337 Ventura Boulevard, Suite 305
Encino, California    91316
Issuer's Telephone Number:  (818) 784-0040
(Address and phone number of principal executive offices)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X]   No [  ]

Indicate  by  check  mark   whether  the   registrant   has   submitted electronically  and posted on its corporate Web site, if any, every  Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T  (ss.232.405  of this  chapter)  during the preceding 12 months (or for such shorter  period that the registrant was required to submit and post such files).  Yes [_]   No [_]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [_]
 
Accelerated filer [_]
Non-accelerated filer [_]
Smaller reporting company [X]

Check whether the issuer is a “shell company” as defined in Rule 12b-2 of the Securities Exchange Act of 1934.  Yes [_]   No [X]

The Registrant has 1,599,750 shares of Common stock, par value $.0001 per share issued and outstanding as of December 31, 2010.

There currently is no public market for the Company’s Stock.

Traditional Small Business Disclosure Format (check one)   Yes [_]   No [X]

 
 

 

INDEX TO QUARTERLY REPORT
ON FORM 10-Q


PART 1
FINANCIAL INFORMATION
Page
     
Item 1.
Financial Statements (Unaudited)
 
 
Condensed Balance Sheets
 
 
                November 30, 2010 and February 28, 2010
4
 
Condensed Statements of Operations
 
 
For the Three and Nine Month Periods Ended November 30, 2010 and 2009
5
 
Condensed Statements of Shareholders’ Equity (Deficit)
 
 
   For the Nine Months Ended November 30, 2010
6
 
Condensed Statements of Cash Flows
 
 
                  For the Nine Months Ended November 30, 2010 and 2009
7
 
Notes to Condensed Financial Statements
8
     
Item 2.
Management's Discussion and Analysis or Plan of Operation
12
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
17
     
Item 4T.
Controls and Procedures
18
     
PART II
OTHER INFORMATION
 
     
Item 1.
Legal Proceedings
19
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
19
     
Item 3.
Defaults upon Senior Securities
19
     
Item 4.
Submission of Matters to a Vote of Security Holders
19
     
Item 5.
Other Information
19
     
Item 6.
Exhibits
19
     
Signatures
 
20


 
2

 

PART I
FINANCIAL INFORMATION

ITEM 1.       FINANCIAL STATEMENTS

(Financial Statements Commence on Following Page)


 
3

 
FUTURA PICTURES, INC.
CONDENSED BALANCE SHEETS


   
November 30,
   
February 28,
 
   
2010
   
2010
 
   
(Unaudited)
       
ASSETS
           
             
Cash
  $ 178     $ 1,344  
Accounts receivable
    493       2,054  
Prepaid expenses
    747       1,111  
                 
TOTAL ASSETS
  $ 1,418     $ 4,509  
                 
                 
                 
LIABILITIES
               
                 
Accrued expenses
  $ 4,164     $ 2,813  
Unearned revenue
    15,000       15,000  
Accrued interest – related party
    9,974       5,799  
Loan payable – related party
    69,857       73,357  
                 
TOTAL LIABILITIES
    98,995       96,969  
                 
STOCKHOLDERS’ EQUITY (DEFICIT)
               
                 
Common stock, par value $0.0001 per share
               
Authorized – 100,000,000 shares
               
Issued and outstanding – 1,599,750 shares
    160       160  
Additional paid-in capital
    327,940       296,740  
Retained deficit
    (425,677 )     (389,360 )
                 
TOTAL STOCKHOLDERS’ (DEFICIT)
    (97,577 )     (92,460 )
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT)
  $ 1,418     $ 4,509  

 

 
The accompanying notes are an integral part of these financial statements.
 
 
4

 
FUTURA PICTURES, INC.
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED NOVEMBER 30, 2010 AND 2009
(UNAUDITED)


   
For the Three Months Ended November 30, 2010
   
For the Three Months Ended November 30, 2009
   
For the Nine Months Ended November 30, 2010
   
For the Nine Months Ended November 30, 2009
 
                         
REVENUE
  $ 862     $ 1,885     $ 16,282     $ 7,026  
                                 
COST OF REVENUE
    130       1,526       2,082       2,245  
                                 
GROSS PROFIT
    732       359       14,200       4,781  
                                 
OPERATING EXPENSES
                               
                                 
Selling, general and administrative
    15,450       15,464       45,542       58,382  
                                 
TOTAL OPERATING EXPENSES
    15,450       15,464       45,542       58,382  
                                 
(LOSS) FROM OPERATIONS
    (14,718 )     (15,105 )     (31,342 )     (53,601 )
                                 
INTEREST EXPENSE
    1,360       631       4,175       3,289  
                                 
(LOSS) BEFORE INCOME TAXES
    (16,078 )     (15,736 )     (35,517 )     (56,890 )
                                 
Income tax expense
    -       -       800       800  
                                 
NET (LOSS)
  $ (16,078 )   $ (15,736 )   $ (36,317 )   $ (57,690 )
                                 
NET (LOSS) PER COMMON SHARE
                               
                                 
Basic and diluted
  $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.04 )
                                 
WEIGHTED AVERAGE NUMBER OF COMMON
                               
SHARES OUTSTANDING
                               
                                 
Basic and diluted
    1,599,750       1,599,750       1,599,750       1,599,750  
 

 
The accompanying notes are an integral part of these financial statements.
 
 
5

 
FUTURA PICTURES, INC.
CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT
FOR THE NINE MONTHS ENDED NOVEMBER 30, 2010
(UNAUDITED)


   
Common Stock
                   
   
Shares
   
Amount
   
Additional Paid-in Capital
   
Retained Deficit
   
Total Stockholders’ Equity (Deficit)
 
Balance, March 1, 2010
    1,599,750     $ 160     $ 296,740     $ (389,360 )   $ (92,460 )
                                         
Contributed services
    -       -       31,200       -       31,200  
                                         
Net (loss) for the nine months ended November 30, 2010
    -       -       -       (36,317 )     (36,317 )
                                         
Balance, November 30, 2010
    1,599,750     $ 160     $ 327,940     $ (425,677 )   $ (97,577 )
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
 
6

 
FUTURA PICTURES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED NOVEMBER 30, 2010 AND 2009
(UNAUDITED)

   
2010
   
2009
 
             
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net (loss)
  $ (36,317 )   $ (57,690 )
Adjustments to reconcile net (loss) to net cash
               
  (used) by operating activities:
               
Amortization expense
    360       -  
Contributed services
    31,200       31,200  
Changes in operating assets and liabilities:
               
Accounts receivable
    1,561       -  
Prepaid expenses
    4       (211 )
Inventories
    -       (461 )
Accrued expenses
    5,526       (40,819 )
Unearned revenue
    -       15,000  
                 
  NET CASH PROVIDED (USED) BY  OPERATING ACTIVITIES
    2,334       (52,981 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from loan payable – related party
    4,500       61,500  
Repayment of loan payable – related party
    (8,000 )     (10,000 )
                 
  NET CASH PROVIDED BY FINANCING ACTIVITIES
    (3,500 )     51,500  
                 
NET INCREASE (DECREASE) IN CASH
    (1,166 )     (1,481 )
                 
CASH AT THE BEGINNING OF THE PERIOD
    1,344       2,672  
                 
CASH AT THE END OF THE PERIOD
  $ 178     $ 1,191  
                 
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                
                 
          Interest paid   $ -     $ -  
          Taxes paid   $ 800     $ 800  

 




The accompanying notes are an integral part of these financial statements.
 
 
7

 

FUTURA PICTURES, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOVEMBER 30, 2010
(UNAUDITED)


NOTE 1               BACKGROUND AND PRESENTATION

Organization and Nature of Business

Futura Pictures, Inc. (the “Company”) was incorporated under the laws of the state of Delaware on December 10, 2003.  The Company was formed to engage in the production and the co-financing of films, documentaries and similar products produced solely for the distribution directly to the domestic and international home video markets.

Presentation

The interim financial statements of the Company are condensed and do not include some of the information necessary to obtain a complete understanding of the financial data.  Management believes that all adjustments (consisting of only normal recurring adjustments, unless otherwise noted) necessary for a fair presentation of results have been included in the unaudited financial statements for the interim period presented.  Operating results for the nine months ended November 30, 2010 are not necessarily indicative of the results that may be expected for the year ended February 28, 2011.  Accordingly, your attention is directed to footnote disclosures found in the February 28, 2010 Annual Report and particularly to Note 1, which includes a summary of significant accounting policies.

The Company has evaluated subsequent events through the date these financial statements were issued.

Unclassified Balance Sheet

As required by ASC Topic 926, the Company has elected to present an unclassified balance sheet.


 
8

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities.  These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations.  The Company’s actual results could vary materially from management’s estimates and assumptions.

Disclosure About Fair Value of Financial Instruments

The Company estimates that the fair value of all financial instruments at November 30, 2010 does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying balance sheet.  The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies.  Considerable judgment is required in interpreting market data to develop the estimates of fair value, and accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Recent Pronouncements

There are no recently issued accounting standards with pending adoptions that the Company’s management currently anticipates will have any material impact upon its financial statements.

NOTE 2
SIGNIFICANT UNCERTAINTY REGARDING THE COMPANY’S ABILITY TO CONTINUE AS A GOING CONCERN AND MANAGEMENT PLANS

 
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company's current financial resources are not considered adequate to fund its planned operations.  This condition raises substantial doubt about its ability to continue as a going concern.

 
The accompanying 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 might be necessary should the Company be unable to continue as a going concern.


 
9

 

 
The Company's continuation as a going concern currently is dependent upon timely procuring significant external debt and/or equity financing to fund its immediate and near-term operations, and subsequently realizing operating cash flows from sales of its film products sufficient to sustain its longer-term operations and growth initiatives, including its desired marketing and new potential film screenplays.

NOTE 3               UNEARNED REVENUE

On August 12, 2009, the Company signed an agreement with Gaiam America, licensing them the distribution rights to "The Five Secrets of Communication That Swept Obama to the Presidency." Under the terms of the agreement, Gaiam America will distribute the DVD throughout the world to the non-educational market. Further, pursuant to the agreement the Company received the $15,000 advance on September 14, 2009. Sales of the DVD under the Gaiam America distribution agreement commenced during the last quarter of fiscal 2010 with no significant revenue realized as of November 30, 2010.

NOTE 4               RELATED PARTY TRANSACTION

Prepaid Loan Commitment

On February 16, 2005, the Company’s President, Buddy Young, accepted an unsecured promissory note from the Company and agreed to lend up to $100,000 to the Company to fund any cash shortfalls through December 31, 2011.  The note bears interest at 8% and is due upon demand, no later than June 30, 2012.  The outstanding balance was $69,857 as of November 30, 2010.

NOTE 5               STOCKHOLDERS’ DEFICIT

For the nine months ended November 30, 2010 and 2009, the Company’s President devoted time to the development process of the Company.  Compensation expense totaling $31,200 has been recorded in each period.  Of this amount, the President was paid $-0- during the nine months ended November 30, 2010 and 2009.  The President has waived reimbursement of $31,200 during the nine months ended November 30, 2010 and 2009, and accordingly, the amounts have been recorded as a contribution to capital.



 
10

 

NOTE 6               SUBSEQUENT EVENTS

As of December 1, 2010, the Company acquired from Progressive Training, all its assets related to the production and distribution of management and general workforce training products. These assets included master distribution rights to twelve training videos, its distribution contracts with other producers of related products, accounts receivable totaling $10,556, the trade name Advanced Knowledge, and the Advance Knowledge website.

 
11

 

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

You should read this section together with our financial statements and related notes thereto included elsewhere in this report. In addition to the historical information contained herein, this report contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are not based on historical information but relate to future operations, strategies, financial results or other developments. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. Certain statements contained in this Form 10, including, without limitation, statements containing the words "believe," "anticipate," "estimate," "expect," "are of the opinion that" and words of similar import, constitute "forward-looking statements." You should not place any undue reliance on these forward-looking statements.
 
You should be aware that our results from operations could materially be effected by a number of factors, which include, but are not limited to the following: economic and business conditions specific to the motion picture, television, and home video industries; competition from other producers of home video content; and television documentaries, our ability to control costs and expenses, access to capital, and our ability to meet contractual obligations. There may be other factors not mentioned above or included elsewhere in this report that may cause actual results to differ materially from any forward-looking information.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. In consultation with our Board of Directors, we have identified two accounting policies that we believe are key to an understanding of our financial statements. These are important accounting policies that require management's most difficult, subjective judgment.

Going Concern.  The accompanying financial statements  have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction  of liabilities in the normal course of business.  The Company's current financial resources are not considered adequate to fund its planned operations.  This condition raises substantial doubt about its ability to continue as a going concern.  The accompanying 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 might be necessary should the Company be unable to continue as a going concern.


 
12

 

The Company's continuation as a going concern currently is dependent upon timely procuring significant external debt and/or equity financing to fund its immediate and near-term operations, and subsequently realizing operating cash flows from sales of its film products sufficient to sustain its longer-term operations and growth initiatives, including its desired marketing and new potential film screenplays.

Non-Cash Equity Issuances. We periodically issue shares of our common stock in exchange for, or in settlement of, services. Our management values the shares issued in such transactions at either the then market value of our common stock, as determined by the Board of Directors and after taking into consideration factors such as the volume of shares issued or trading restrictions, or the value of the services received, whichever is more readily determinable.

RESULTS OF OPERATIONS

General

In November 2008, the Company commenced production on a 47 minute “self-improvement” DVD entitled, “The 5 Secrets of Communication That Swept Obama to the Presidency.”

The DVD uses video examples of President Barack Obama’s most memorable speeches to illustrate five essential secrets of effective public and personal communication.  International communication analyst and coach Richard Greene hosts the DVD and instructs in the system of communication techniques he created. The DVD was completed in February 2009, and is being sold via the internet and through distributors specializing in the sale of product to the educational market, i.e. libraries, universities etc., and to organizations for employee training.

Additionally, On August 12, 2009, the Company signed an agreement with Gaiam America, licensing them the distribution rights to "The Five Secrets of Communication That Swept Obama to the Presidency." Under the terms of the agreement, Gaiam America will distribute the DVD throughout the world to the non-educational market. Further, pursuant to the agreement the Company received the $15,000 advance on September 14, 2009. Sales of the DVD under the Gaiam America distribution agreement commenced during the last quarter of fiscal 2010 with no significant revenue realized as of November 30, 2010.


 
13

 

Three-Month Period Ended November 30, 2010 Compared to Three-Month Period Ended November 30, 2009

Revenues

Our revenues for the three months ended November 30, 2010 were $862. Revenues for the three months ended November 30, 2009 were $1,885. These revenues were a result of the sales of “The 5 Communication Secrets That Swept Obama To The Presidency” DVD.
 
The cost of revenues during the three months ended November 30, 2010, were $130. The cost of revenues during the three months ended November 30, 2009, were $1,526.

Expenses

Selling, general and administrative expenses were $15,450 during the three months ended November 30, 2010 as compared to $15,464 during the three months ended November 30, 2009.

During the three month period ended November 30, 2010, we incurred a total of $15,450 in general and administrative expenses.  This consisted primarily of $10,400 of contributed services by our CEO, Buddy Young, and $4,840 of professional fees incurred for our audited financial statements and related filings. We valued the contributed services from Buddy Young at $100 per hour. During the same period in 2009, we incurred a total of $15,464 general and administrative expenses. This consisted primarily of $10,400 of contributed services by our CEO, Buddy Young, and $5,292 of professional fees incurred for our audited financial statements and related filings.

We incurred $1,360 and $631 in interest expense during the three months ended November 30, 2010 and 2009, respectively. This is related to the interest charges we incur on our loan from Buddy Young.

While we cannot guarantee the level of our expenses in the future, we anticipate them to increase as we develop new educational/self improvement DVDs.


 
14

 

Nine-Month Period Ended November 30, 2010 Compared to Nine-Month Period Ended November 30, 2009

Revenues

Our revenues for the nine months ended November 30, 2010 were $16,282. These revenues were a result of the sales of “The 5 Communication Secrets That Swept Obama To The Presidency” DVD. Revenues for the nine months ended November 30, 2009 were $7,026.
 
The cost of revenues during the nine months ended November 30, 2010, was $2,082. The cost of revenues during the nine months ended November 30, 2009, were $2,245.

Expenses

Selling, general and administrative expenses were $45,542 during the nine months ended November 30, 2010 as compared to $58,382 during the nine months ended November 30, 2009.

Selling and marketing expenses were $111 for the nine months ended November 30, 2010 as compared to $3,530 for the nine months ended November 30, 2009. These costs are mainly related to the marketing of “The 5 Communication Secrets That Swept Obama To The Presidency” DVD.

During the nine month period ended November 30, 2010, we incurred a total of $45,431 in general and administrative expenses.  This consisted primarily of $31,200 of contributed services by our CEO, Buddy Young, and $13,545 of professional fees incurred for our audited financial statements and related filings. We valued the contributed services from Buddy Young at $100 per hour. During the same period in 2009, we incurred a total of $54,852 general and administrative expenses. This consisted primarily of $31,200 of contributed services by our CEO, Buddy Young, and $17,482 of professional fees incurred for our audited financial statements and related filings.

We incurred $4,175 and $3,289 in interest expense during the nine months ended November 30, 2010 and 2009, respectively. This is related to the interest charges we incur on our loan from Buddy Young.


 
15

 

Plan of Operation

During the past twelve months we produced an educational/self-improvement DVD entitled, “The Five Communication Secrets That Swept Obama to the Presidency.” Additionally, we established a domestic and international distribution network to handle the sales and marketing of the DVD. Given our inability to date to raise the necessary capital to implement our initial business plan as described above, management has decided to put that element of the plan on hold, and to focus its efforts during the next 12 months on producing educational/self-improvement DVDs whose production budgets range between fifty and one hundred thousand dollars.  Additionally, we will continue to work to maximize the DVD’s revenue potential by attempting to secure more distribution channels.

During the first nine months of fiscal 2011,“The Five Secrets of Communication That Swept Obama to the Presidency,” has generated $16,282 in revenue. We anticipate that cash resulting from the further sales and licensing of “The Five Communication Secrets That Swept Obama to the Presidency.” or funds provided to us by our president and principal shareholder, under a promissory note dated February 16, 2005, as amended, will be sufficient to fund our cash requirements to continue our efforts through February 2011.

During the next twelve months we will continue our efforts to expand both our domestic and foreign distributor network. To date we have succeeded in establishing non-exclusive distribution agreements with a number of additional domestic and international distributors to market and sell videos financed and produced by us.  In many instances, we have mutual non-exclusive distribution agreements to market/distribute their products.

If during the next twelve months our revenue is insufficient to continue operations, and we are unable to raise funds through the sale of additional equity, or from traditional borrowing sources, we may be required to scale back our planned operations, or be forced to totally abandon our business plan and seek other business opportunities in a related or unrelated industry. Such opportunities may include a reverse merger with a privately held company. The result of which could cause the existing shareholders to be severely diluted.


 
16

 

Employees

Due to our very limited financial resources, the Company’s President, Buddy Young, along with Joseph Adelman, and Mel Powell, our Director of acquisitions, work on a part-time basis. No employee has received cash compensation from the Company other than the $16,050 paid to Mr. Young during the year ended February 28, 2009. We have no other full-time or part-time employees.  Additionally, we regularly utilize the services of independent firms to handle our accounting and certain administrative matters. If and when our capital resource permits, we will hire full-time professional and administrative employees.

Liquidity and Capital Resources

We had a cash balance of $178 on November 30, 2010. To date other than funds received from the sale of “The Five Communication Secrets That Swept Obama to the Presidency,”, our only other known cash resource comes from an agreement with our President and majority shareholder to fund any shortfall in cash flow up to $100,000 at 8% interest through  December 31, 2011.  As of November 30, 2010 the balance owing on this agreement is $69,857. Payment of principal and interest is due on this loan on June 30, 2012.

We believe that revenue derived from the sale of the recently acquired training products, along with further sales of “The Five Communication Secrets That Swept Obama to the Presidency,”,  and further borrowings from our President will be sufficient to satisfy our budgeted cash requirements through December 31, 2011.

Subsequent Events

As of December 1, 2010, we acquired from Progressive Training, all its assets related to the production and distribution of management and general workforce training products. These assets included master distribution rights to twelve training videos, its distribution contracts with other producers of related products, accounts receivable totaling $10,556, the trade name Advanced Knowledge, and the Advance Knowledge website.

ITEM 3.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Based on the nature of our current operations, we have not identified any issues of market risk at this time.


 
17

 

ITEM 4T.     CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of the Company, who are the same person (“the Certifying Officer”) with the assistance of advisors, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in section 240.13a-14(c) and 240.15d-14(c) under the Exchange Act) within 90 days prior to the filing of this report. Based upon the evaluation, the Certifying Officer concludes that the Company’s disclosure controls and procedures are effective in timely alerting management to material information relative to the Company which is required to be disclosed in its periodic filings with the SEC.

There were no significant changes in the Company’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


 
18

 

PART II
OTHER INFORMATION


ITEM 1.       LEGAL PROCEEDINGS      None.

ITEM 2.       CHANGES IN SECURITIES AND USE OF PROCEEDS     None.

ITEM 3.       DEFAULTS UPON SENIOR SECURITIES      None.

ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

During the quarter ended November 30, 2010, no matters were submitted to the Company's security holders.

ITEM 5.       OTHER INFORMATION       None.

ITEM 6.       EXHIBITS

 
31.1
Certification of CEO Pursuant to Securities  Exchange Act Rules 13a-14 and 15d-14, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 
32.1
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


 
 
 
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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
FUTURA PICTURES, INC.
(Registrant)
 
 
 
Dated: January 11, 2011
/s/ Buddy Young                                                                
Buddy Young, President and Chief Executive Officer















 
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