Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - BAHAMAS CONCIERGE, INC.Financial_Report.xls
EX-31 - EXHIBIT 31.02 - BAHAMAS CONCIERGE, INC.ex31-02.htm
EX-32 - EXHIBIT 32.01 - BAHAMAS CONCIERGE, INC.ex32-01.htm
EX-31 - EXHIBIT 31.01 - BAHAMAS CONCIERGE, INC.ex31-01.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

________________

  

FORM 10-Q

________________

 

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended August 31, 2013

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

 

For the transition period from ______ to _______

 

Commission File Number 333-176048

 

BAHAMAS CONCIERGE, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

 

90-0724671

(State of incorporation)

  

(I.R.S. Employer Identification No.)

 

8076 Buttonwood Circle

Tamarac, Florida 33323

(Address of principal executive offices)

 

Phone:  (954) 295-9754

(Registrant’s telephone number)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for 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         ☐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 (§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 the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

Smaller Reporting Company  

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☒ Yes         ☐No

 

As of October 24, 2013, there were 5,062,500 shares of the registrant’s $.001 par value Common Stock issued and outstanding.

 

 
 

 

 

BAHAMAS CONCIERGE, INC.*

 

TABLE OF CONTENTS

 

 

  

Page

 

 

PART I.

FINANCIAL INFORMATION

 
     

ITEM 1.

FINANCIAL STATEMENTS

2

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

11

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

16

     

ITEM 4.

CONTROLS AND PROCEDURES

16

  

 

PART II.  

OTHER INFORMATION

 
     

ITEM 1.

LEGAL PROCEEDINGS

17

 

 

 

ITEM 1A.

RISK FACTORS

17

 

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

17

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

17

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

17

 

 

 

ITEM 5.

OTHER INFORMATION

17

 

 

 

ITEM 6.

EXHIBITS

18

 

Special Note Regarding Forward-Looking Statements

 

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Bahamas Concierge, Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

 

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "BCI" refers to Bahamas Concierge, Inc.

 

 
 

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.

FINANCIAL STATEMENTS


 

Bahamas Concierge, Inc.

(A Development Stage Company)

 

Condensed

Financial Statements

 

For the Three Months Ended August 31, 2013 and 2012

 

(Unaudited)

 

 

 

 

Condensed Balance Sheets

 2

 

 

Condensed Statements of Operations      

 3

 

 

Condensed Statements of Cash Flows     

 4

 

 

Notes to the Condensed Financial Statements      

 5

 

 
 

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Balance Sheets

(Expressed in US dollars)

 

 

   

August 31,

2013

$

   

May 31,

2013

$

 
   

(unaudited)

         

ASSETS

               
                 

Cash

    9,878       11,878  
                 

Total Assets

    9,878       11,878  
                 

LIABILITIES

               
                 

Current Liabilities

               
                 

Accounts payable and accrued liabilities

    68,566       56,735  

Notes payable

    87,500       87,500  

Due to related parties

    5,001       2,936  
                 

Total Liabilities

    161,067       147,171  
                 

STOCKHOLDERS’ DEFICIT

               
                 

Preferred Stock

               

Authorized: 10,000,000 preferred shares with a par value of $0.001 per share; Issued and outstanding: nil preferred shares

    -       -  

Common Stock

               

Authorized: 1000,000,000,000 common shares with a par value of $0.001 per share; Issued and outstanding: 5,062,500 common shares at August 31, 2013 and May 31, 2013, respectively

    5,063       5,063  

Additional paid-in capital

    39,937       39,937  

Deficit accumulated during development stage

    (196,189 )     (180,293 )

Total Stockholders’ Deficit

    (151,189 )     (135,293 )

Total Liabilities and Stockholders’ Deficit

    9,878       11,878  

 

(The accompanying notes are an integral part of these condensed financial statements)

 

 
2

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Statements of Operations

(Expressed in US dollars)

(Unaudited)

 

   

For the three months

ended

August 31,

   

Accumulated

 from May 2, 2011

(Date of

Inception)

to August 31,

 
   

2013

   

2012

   

2013

 
    $     $     $  
                         

Revenues

    -       -       -  
                         

Operating Expenses

                       
                         

General and administrative

    1,690       1,362       33,334  

Management fees

    -       3,000       25,000  

Professional fees

    12,000       12,250       121,750  
                         

Total Operating Expenses

    13,690       16,612       180,084  
                         

Loss from operations

    (13,690 )     (16,612 )     (180,084 )
                         

Other Income (Expense)

                       
                         

Gain on forgiveness of liabilities

    -       -       750  

Interest expense

    (2,206 )     (2,205 )     (16,855 )
                         

Total other income (expense)

    (2,206 )     (2,205 )     (16,105 )
                         

Net Loss

    (15,896 )     (18,817 )     (196,189 )
                         

Net Loss per Share – Basic and Diluted

    (0.00 )     (0.00 )        
                         

Weighted Average Shares Outstanding – Basic and Diluted

    5,062,500       4,500,000          

 

(The accompanying notes are an integral part of these condensed financial statements)

 

 
3

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Statements of Cashflows

(Expressed in US dollars)

(Unaudited)

 

   

For the three

months ended

August 31,

   

Accumulated from May 2, 2011 (date of inception) to

August 31,

 
   

2013

   

2012

   

2013

 
    $     $     $  
                         

Operating Activities

                       
                         

Net loss

    (15,896 )     (18,817 )     (196,189 )

Adjustments to reconcile net loss to net cash used in operating activities:

                       

Gain on forgiveness of liabilities

    -       -       (750 )

Changes in operating assets and liabilities:

                       

Prepaid expenses

    -       4,000       -  

Accounts payable and accrued liabilities

    11,831       11,495       69,316  

Due to related parties

    2,065       975       5,001  

Net Cash Used In Operating Activities

    (2,000 )     (2,347 )     (122,622 )
                         

Financing Activities

                       
                         

Proceeds from note payable

    -       -       87,500  

Proceeds from issuance of common stock

    -       -       45,000  

Net Cash Provided by Financing Activities

    -       -       132,500  
                         

Increase (Decrease) in Cash

    (2,000 )     (2,347 )     9,878  
                         

Cash – Beginning of Period

    11,878       2536       -  
                         

Cash – End of Period

    9,878       189       9,878  
                         
                         

Supplemental Disclosures

                       

Interest paid

    -       -       -  

Income tax paid

    -       -       -  
                         

Non-cash investing and financing activities

                       

Shares issued to founders

    -       -       4,500  

 

(The accompanying notes are an integral part of these condensed financial statements)

 

 
4

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)


1.     Nature of Operations and Continuance of Business

 

Bahamas Concierge, Inc. (the “Company”) was incorporated in the State of Nevada on May 2, 2011. The Company is a development stage company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Entities.

 

Going Concern

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of August 31, 2013, the Company has not recognized any revenue, and has a working capital deficit of $151,189 and an accumulated deficit of $196,189. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

2.     Summary of Significant Accounting Policies

 

 

a)

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is May 31.

 

 

b)

Use of Estimates

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

 

c)

Cash and cash equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at August 31, 2013 and May 31, 2013, the Company had no cash equivalents.

 

 
5

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)

 

2.     Summary of Significant Accounting Policies (continued)

 

 

d)

Basic and Diluted Net Loss per Share

 

The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.   The Company did not have any potentially dilutive common stock as of August 31, 2013 and 2012.

 

 

e)

Financial Instruments

 

Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1

 

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2

 

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3

 

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The Company’s financial instruments consist principally of cash, and accounts payable and accrued liabilities, current notes payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

The following table presents assets and liabilities that were measured and recognized at fair value as of August 31, 2013 and May 31, 2013:

 

                           

Total Realized Loss

 
    $ -     $ -     $ -     $ -  

Totals

  $ -     $ -     $ -     $ -  

 

 
6

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)

 

 

2.     Summary of Significant Accounting Policies (continued)

 

 

f)

Comprehensive Loss

 

ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of August 31, 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

 

 

g)

Recent Accounting Pronouncements

 

In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

 

 

-

Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

 

 

-

Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

 

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

 

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

 

 
7

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)

 

2.     Summary of Significant Accounting Policies (continued)

 

 

g)

Recent Accounting Pronouncements(continued)

 

In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

 

In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

 

In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations.

 

In December 2011, the FASB issued ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income in both the statement of income where net income is presented and the statement where other comprehensive income is presented. The adoption of ASU 2011-12 has not had a material impact on our financial position or results of operations.

 

In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company is currently evaluating the impact, if any, that the adoption of this pronouncement may have on its results of operations or financial position.

 

 
8

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)

 

3.     Notes Payable

 

 

a)

On May 3, 2011, the Company issued a $17,500 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at August 31, 2013, the Company recorded accrued interest of $4,082 (May 31, 2013 - $3,639), which has been recorded as accrued liabilities.

 

 

b)

On July 1, 2011, the Company issued a $5,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at August 31, 2013, the Company recorded accrued interest of $1,086 (May 31, 2013 - $960), which has been recorded as accrued liabilities.


 

c)

On July 5, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at August 31, 2013, the Company recorded accrued interest of $4,323 (May 31, 2013 - $3,819), which has been recorded as accrued liabilities.


 

d)

On October 24, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 31, 2013, the Company recorded accrued interest of $3,879 (May 31, 2013 - $3,375), which has been recorded as accrued liabilities.


 

e)

On April 10, 2012, the Company issued a $25,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 31, 2013, the Company recorded accrued interest of $3,486 (May 31, 2013 - $2,856), which has been recorded as accrued liabilities.

 

4.     Related Party Transactions

 

 

a)

During the three months ended August 31, 2013, the Company incurred management fees of $nil (May 31, 2013 - $3,000) to the former President and Director of the Company.

 

 

b)

As at August 31, 2013, the Company owes $936 (May 31, 2013 - $2,936) to the former President and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand.


 

c)

As at August 31, 2013, the Company owes $2,065 (May 31, 2013 - $nil) to a related party, the immediate family member of the President and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand.


 

d)

As at August 31, 2013, the Company owes $2,000 (May 31, 2013 - $nil) to Chief Financial Officer and Secretary of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand.

 

 
9

 

 

Bahamas Concierge, Inc.

(A Development Stage Company)

Notes to the Condensed Financial Statements

(Expressed in US dollars)

(Unaudited)

 

5.     Common Shares

 

On October 25, 2012, the Company issued 562,500 common shares at $0.08 per share for proceeds of $45,000.

 

On June 25, 2013, Nina Goldstein, Chief Financial Officer of the Company, purchased 4,500,000 shares of the Company's stock from the former President and Director of the Company in exchange for $22,500.00. This represents approximately 89% of the issued and outstanding shares of the Company. As a result of this, the Board accepted the resignation of David Williams as a Director and Officer of the Company and appointed Nina Goldstein as the Chairperson of the Board and to act as the Company's Chief Financial Officer and Secretary. The Board also appointed Sondra Trust, R.N., B.S. as a Director on the Board and to act as the Company's Chief Executive Officer and President

 

On August 21, 3013, an amendment to the articles of incorporation was filed to increase the total authorized common stock from 290,000,000 shares of common stock, par value $0.001, to 1,000,000,000 shares of common stock.

 

6.     Subsequent Events     

 

On October 10, 2013, the Company issued a 5 % promissory note for $20,000, due in sixty days, to a related party. The note holder has the right to convert, at any time, the unpaid principal balance and interest for $0.25 per share. 

  

 
10

 

 

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION

 

FORWARD-LOOKING STATEMENTS

 

This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains forward-looking statements that involve known and unknown risks, significant uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, or implied, by those forward-looking statements.  You can identify forward-looking statements by the use of the words may, will, should, could, expects, plans, anticipates, believes, estimates, predicts, intends, potential, proposed, or continue or the negative of those terms.  These statements are only predictions. In evaluating these statements, you should consider various factors which may cause our actual results to differ materially from any forward-looking statements.  Although we believe that the exceptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements.  We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

 

Company Overview

 

Bahamas Concierge, Inc. was in incorporated in the state of Nevada on May 2, 2011. Headquartered in Nassau, Bahamas, we plan on becoming a full-service concierge company for the Bahamas. We intend to offer a wide array of concierge services to our clients, thereby hoping to reach a wider range of clients. Initially, we intend to market our services to the following three sectors: (i) tourists, (ii) business travelers, and (iii) local island residents. We will offer different pricing structures for each of the sectors, and we will focus on marketing different services to each sector as we believe their requests and needs will be different. We intend to charge a monthly subscription price for the local island residents and long-term tourists using our services, and charge business travelers and short-term vacationers on a per-transaction basis.

 

As requests for concierge services become more popular, our goal is to become a leading provider of concierge services. We would like to highlight everything that the Bahamas has to offer, whether offering our services to local permanent residents or visitors that are only in town for a couple of days.  We believe that the key factors that will enable us to effectively grow in the concierge industry will be our intended competitive pricing on services offered, our customer service, our marketing strategies and the training and quality control of all future employees that may represent our Company. We believe that the first year of our operations will be devoted to the further development of our business and to the sale and marketing of our services, including researching and establishing a network of vendors, designing and developing our website, and advertising our services in order to reach our target market.

 

We intend to develop a relationship with third-party vendors in the Bahamas in order to assist and facilitate in providing our services. As a result, our prices will be affected by the prices our vendors charge us. Clients will book various services through us, and once a client uses a third party vendor for any service we offer, we receive a fee for referring that client. We will structure our pricing so that we will negotiate deals with the third party vendors in order to offer to our subscription clients. Local island residents and long-term tourists can pay a monthly subscription price which will give them: (i) access to our exclusive pricing deals pre-negotiated with the vendors, (ii) an absence of extra surcharges that some vendors may charge to other clients, and (iii) a one-stop place where they can schedule all of their travel and/or daily needs without making multiple phone calls or visiting multiple locations. Once we have generated substantial revenues, we may decide to pre-purchase service packages up front to be offered to our clients; however, we have no such present intention to do so.

 

 
11

 

 

Mission

 

Our mission is to offer our concierge services in such a way that exceeds every customer’s expectations.  By treating every client with the utmost level of respect and catering to all of their needs, we hope to form a relationship with our clients whereby they consider our services a necessity rather than a luxury. It is our belief that by forming these relationships, we will retain a loyal clientele base, ensuring not only repeat clients, but also receiving word of mouth referrals throughout the Bahamas and via Internet reviews.

 

Current Operations

 

Since inception, our operations have consisted of the organization of our business and the formulation of a business model based upon the services we plan to offer. To date, we have conducted market research to determine whether our business plan can become a viable and profitable business as we move forward. We have incorporated Bahamas Concierge, Inc. under the laws of the State of Nevada, and written an extensive business plan in which we have mapped out all of the services that we will offer our clients. In order to market our concierge services, we need to decide which particular services our Company will provide to our clients; including, but not limited to, travel arrangements, party planning, cleaning services, shopping, business services, running errands and reservations. The full scope of the services we intend to offer is mapped out in our “Products and Services’ section herein. In this early development stage, we have also begun initial talks with vendors in order to provide our clients with exceptional service. Additionally, we have purchased a website domain, and we have begun the design and development of our website, which we will use to brand our Company and inform potential clients of our services.

 

Plan of Operations

 

The first step in providing our concierge services to the general public is our networking.  We have done extensive research to come up with a list of services that he feels the Company will be able to offer; however, currently there have been no agreements or arrangements with third party vendors to allow us to provide the services that we offer.  We intends to spend a significant portion of his time seeking out relevant vendors to create a network of affiliates and partnerships, who will provide the services that we are offering our clients.  Our network of vendors will represent our Company on a day-to-day basis.

 

We may face obstacles when creating a network of third-party vendors as some vendors, especially, hotels and resorts may already offer their own concierge services, and upon initiating our operations, we will be competing with the foregoing.  Additionally, some vendors may have exclusive commitments with other parties, which may prevent us from offering that particular vendor’s services to a client. We intend to differentiate ourselves by offering a much more personalized service.  We intend to act as a personal concierge or executive assistant throughout the duration of a trip or as often as needed for local clients. We hope that third party vendors will want to affiliate with us because of the clients we will bring to them.

 

We feel that by developing excellent customer service and a strong network of local vendors, we will begin branding our Company in such a way that our clients understand that we are more than simply a service provider. They will come to realize that without us their vacation, business trip or otherwise will seem lackluster.   Accordingly, it is important that we brand our Company in a way that reflects the Company in a positive and accurate way. Thus, we intend to brand our Company in a way that exudes elegance and quality.  Once the branding of our Company is complete, we will then start marketing our services throughout the Bahamas and on the Internet. The marketing of our Company will be the most important step in generating revenue.  

 

RESULTS OF OPERATIONS

 

Working Capital

 

     

  

August 31, 2013

$

May 31, 2013

$

Current Assets

9,878

11,878

Current Liabilities

161,067

147,171

Working Capital (Deficit)

(151,189)

(135,293)

 

 
12

 

 

Cash Flows

 

     

  

Three months ended

August 31,

2013

$

Three months ended

August 31,

2012

$

Cash Flows from (used in) Operating Activities

(2,000)

(2,347)

Cash Flows from (used in) Financing Activities

-

-

Net Increase (decrease) in Cash During Period

(2,000)

(2,347)

 

Operating Revenues

 

From our inception on May 2, 2011 to August 31, 2013, we did not have any operating revenues.  

 

Operating Expenses and Net Loss

 

During the three months ended August 31, 2013, the Company incurred operating expenses of $13,690 compared with $16,612 for the three months ended August 31, 2012.  The decrease in operating expenses were attributed to $250 decrease in  professional fees, $3,000 decrease in management fees due to resignation of former President and Director of the Company who earned $1,000 a month, and $328 decrease in general and administrative expenses.  

 

For the three months ended August 31, 2013, the Company incurred a net loss of $15,896 or $nil loss per share compared with a net loss of $18,817 or $nil loss per share for the three months ended August 31, 2012.  In addition to operating expenses, the Company incurred interest expense of $2,206 and $2,205, respectively for the three months ended August 31, 2013 and 2012 related to the $87,500 of outstanding notes payable, which are unsecured, bears interest at 10% per annum, and is due on demand.  

 

Liquidity and Capital Resources

 

As at August 31, 2013, the Company had a cash balance and total assets of $9,878 compared with cash balance and total assets of $11,878 as at May 31, 2013.  The decrease in cash and total assets were attributed to the use of cash for the Company’s operating activities as the Company did not receive any proceeds from financing activities during the period.  

 

As at August 31, 2013, the Company had total liabilities of $161,067 compared with $147,171 as at May 31, 2013.  The increase was attributed to an increase of $11,831 in accounts payable and accrued liabilities and an increase of $2,065 in due to related parties as the Company had limited cash flows and was unable to satisfy outstanding obligations.  

 

As at August 31, 2013, the Company had a working capital deficit of $151,189 compared with a working capital deficit of $135,293 as at May 31, 2013.  The increase in working capital deficit was attributed to an increase in accounts payable and accrued liabilities as the Company had limited cash flows to repay outstanding obligations.  

 

Cashflow from Operating Activities

 

During the three months ended August 31, 2013, the Company used $2,000 of cash for operating activities compared with the use of $2,347 during the three months ended August 31, 2012.  The decrease in the use of cash for operating activities was due to the fact that the Company only had limited amounts of cash during the current period.  

 

Cashflow from Financing Activities

 

During the three months ended August 31, 2013 and 2012, the Company did not have any financing activities.

 

 
13

 

 

Going Concern

 

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

 

Off-Balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

 

Future Financings

 

We will continue to rely on equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

 

Critical Accounting Policies

 

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

 

Recently Issued Accounting Pronouncements

 

In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

 

-     Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

 

- Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

 

 
14

 

 

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

 

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

 

In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, “Technical Corrections and Improvements” in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

 

In August 2012, the FASB issued ASU 2012-03, “Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)” in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

 

In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations.

 

 
15

 

 

In December 2011, the FASB issued ASU 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income in both the statement of income where net income is presented and the statement where other comprehensive income is presented. The adoption of ASU 2011-12 has not had a material impact on our financial position or results of operations.

 

In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company is currently evaluating the impact, if any, that the adoption of this pronouncement may have on its results of operations or financial position.

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 4. 

CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of August 31, 2013, due to the material weaknesses resulting from the Board of Directors not currently having any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements.

 

Changes in Internal Control over Financial Reporting

 

Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.

 

 
16

 

 

The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

 

 

PART II - OTHER INFORMATION

 

ITEM 1. 

LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

ITEM 1A.

RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

ITEM 2. 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On June 25, 2013, Nina Goldstein purchased 4,500,000 shares of the Company's stock from David Williams in exchange for $22,500. This represents approximately 89% of the issued and outstanding shares of the Company.

 

On October 10, 2013, the Company issued a 5 % promissory note for $20,000, due in sixty days, to a related party. The note holder has the right to convert, at any time, the unpaid principal balance and interest for $0.25 per share.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.  

MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5.

OTHER INFORMATION

 

On June 25, 2013, the Board accepted the resignation of David Williams as a Director and Officer of the Company, and appointed Sondra Trust, R.N., B.S. to be a Director on the Board and to act as the Company's Chief Executive Officer and President. The board also appointed Nina Goldstein to be the Chairperson of the Board and to act as the Company's Chief Financial Officer and Secretary.

 

On August 21, 3013, an amendment to the articles of incorporation was filed to increase the total authorized common stock from 290,000,000 shares of common stock, par value $0.001, to 1,000,000,000 shares of common stock.

 

 
17

 

 

ITEM 6.

EXHIBITS

 

Exhibit

Number

Description of Exhibit

Filing

3.01

Articles of Incorporation

Filed with the SEC on August 4, 2011 as part of our Registration Statement on Form S-1.

3.02

Bylaws

Filed with the SEC on August 4, 2011 as part of our Registration Statement on Form S-1.

10.01

Management Agreement between the Company and David Williams Dated May 1, 2011

Filed with the SEC on August 4, 2011 as part of our Registration Statement on Form S-1.

10.02

Promissory Note between the Company and Clear View Capital Dated May 3, 2011

Filed with the SEC on August 4, 2011 as part of our Registration Statement on Form S-1.

10.03

Promissory Note between the Company and Clear View Capital Dated October 12, 2011

Filed with the SEC on November 4, 2011 as part of our Quarterly Report on Form 10-Q.

10.04

Promissory Note between the Company and Clear View Capital Dated October 12, 2011

Filed with the SEC on November 4, 2011 as part of our Quarterly Report on Form 10-Q.

10.05

Promissory Note between the Company and Clear View Capital Dated October 26, 2011

Filed with the SEC on November 4, 2011 as part of our Quarterly Report on Form 10-Q.

14.01

Code of Ethics

Filed with the SEC on August 4, 2011 as part of our Registration Statement on Form S-1.

31.01

Certification of Principal Executive Officer Pursuant to Rule 13a-14

Filed herewith.

31.02

Certification of Principal Financial Officer Pursuant to Rule 13a-14

Filed herewith.

32.01

CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Filed herewith.

101.INS*

XBRL Instance Document

Filed herewith.

101.SCH*

XBRL Taxonomy Extension Schema Document

Filed herewith.

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

Filed herewith.

101.LAB*

XBRL Taxonomy Extension Labels Linkbase Document

Filed herewith.

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

Filed herewith.

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

Filed herewith.

 

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

 

 
18

 

  

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  BAHAMAS CONCIERGE, INC.  
       
        
Dated:  October 24, 2013   /s/ Sondra Trust  
  By: Sondra Trust  
  Its: President, Chief Executive Officer, Director  
     
       
        
Dated:  October 24, 2013   /s/ Nina Goldstein  
  By: Nina Goldstein  
  Its: Chief Financial Officer  

 

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.

  

        
Dated:  October 24, 2013   /s/ Sondra Trust  
  By: Sondra Trust  
  Its: President, Chief Executive Officer, Director  

     
       
        
Dated:  October 24, 2013   /s/ Nina Goldstein  
  By: Nina Goldstein  
  Its: Chief Financial Officer