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EX-31.1 - BAHAMAS CONCIERGE, INC.ex31-01.htm
EX-32.2 - BAHAMAS CONCIERGE, INC.ex32-01.htm
EX-31.2 - BAHAMAS CONCIERGE, INC.ex31-02.htm



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K


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


For the fiscal year ended May 31, 2014


     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.

[a12845001.jpg]

(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, FL 33321

(Address of principal executive offices)


Phone:  (954) 295-9754

(Registrant’s telephone number)


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes   No

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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

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.


Large accelerated filer

Accelerated filer

Non-accelerated filer

  (Do not check if a smaller reporting company)

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 

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of November 30, 2013 was $NIL based upon the price ($NIL) at which the common stock was last sold as of the last business day of the most recently completed second fiscal quarter, multiplied by the approximate number of shares of common stock held by persons other than executive officers, directors and five percent stockholders of the registrant without conceding that any such person is an “affiliate” of the registrant for purposes of the federal securities laws. Our common stock is not currently traded in the over-the-counter market.

As of December 22, 2015, there were 5,062,500 shares of the registrant’s $0.001 par value common stock issued and outstanding.

Documents incorporated by reference: None







Table of Contents


 

PART I

Page

 

 

 

Item 1

Business

1

Item 1A

Risk Factors

5

Item 1B

Unresolved Staff Comments

5

Item 2

Properties

5

Item 3

Legal Proceedings

5

Item 4

Mine Safety Disclosures

5

 

 

 

 

PART II

 

 

 

 

Item 5

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

6

Item 6

Selected Financial Data

7

Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

7

Item 7A

Quantitative and Qualitative Disclosures about Market Risk

10

Item 8

Financial Statements and Supplementary Data

11

Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

22

Item 9A

Controls and Procedures

22

Item 9B

Other Information

23

 

 

 

 

PART III

 

 

 

 

Item 10

Directors and Executive Officers and Corporate Governance

24

Item 11

Executive Compensation

24

Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

27

Item 13

Certain Relationships and Related Transactions

28

Item 14

Principal Accountant Fees and Services

29

 

 

 

 

PART IV

 

 

 

 

Item 15

Exhibits

29





FORWARD-LOOKING STATEMENTS


This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. These risks and uncertainties include the following:


·

The availability and adequacy of our cash flow to meet our requirements;

·

Economic, competitive, demographic, business and other conditions in our local and regional markets;

·

Changes or developments in laws, regulations or taxes in our industry;

·

Actions taken or omitted to be taken by third parties including our suppliers and competitors, as well as legislative, regulatory, judicial and other governmental authorities;

·

Competition in our industry;

·

The loss of or failure to obtain any license or permit necessary or desirable in the operation of our business;

·

Changes in our business strategy, capital improvements or development plans;

·

The availability of additional capital to support capital improvements and development; and

·

Other risks identified in this report and in our other filings with the Securities and Exchange Commission or the SEC.


This report should be read completely and with the understanding that actual future results may be materially different from what we expect. The forward looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


Use of Term


Except as otherwise indicated by the context, references in this report to “Company”, “we”, “us” and “our” are references to Harbor Island Development Corp.  All references to “USD” or United States Dollars refer to the legal currency of the United States of America.








PART I


ITEM 1.     BUSINESS


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 the 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.


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 the 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 the Company and inform potential clients of our services; however, we do not intend to complete the design and development of our website until this Offering is completed.


1





Products and Services


Our goal is to become a full service concierge Company, offering services to clients in the tourist, business and residential sectors. We have researched and developed a comprehensive list of services that we intend to offer our clients. However, we intend to be extremely flexible, as we understand that every client’s requests may be different. As client’s needs may differ, we intend to use our list of services offered as a guideline for clients to work from, but we will not limit the services we offer to those presented on our list.


We plan to separate the services we offer into two main categories: personal concierge services and VIP services.  While each client will receive premium customer service and the same attention to every detail, each category will include different services, which will be marketed to different sectors. We also plan to price our services in two separate ways. For most residents of the Bahamas, or for tourists enjoying an extended vacation in the Bahamas, we will charge a monthly fee for our services. All other services that we provide will be charged on a per-service basis. We intend to work closely with clients and vendors to decide which pricing scheme will be best for our clients.


As we do not intend to offer any services directly, in order to provide our proposed services we will have to develop a strong network of vendors and business owners with which to work closely with. All of the services that we offer to our clients will ultimately depend on third-party vendors that have the resources to provide the services. We will need to place full trust in our vendors, thus we intend to seek out and meet with each third-party vendor prior to their providing any services to our clients.


Our personal concierge services will include a wide array of services to be offered to all of our target market sectors. These services will include, but not be limited to:


Errand services


·

Car washing and detailing service requests

·

Dry cleaning and laundry services

·

Messenger services

·

Personal shopping services


Event Planning –


·

Destination wedding planning for tourists

·

Business mixer and corporate seminar arrangement

·

Event management services

·

Personal theme parties

·

Special event planning

·

Vendor management and sourcing


Ground Transportation


·

Airport transfers

·

Meet and greet services

·

Point-to-point transfers

·

Rental car drop off


Island Excursions –


·

Day and overnight trips to one of the twenty nine islands in the Bahamas

·

Yacht trips

·

Snorkeling and SCUBA diving


Personal Assistant Services –


·

Full calendar maintenance

·

Scheduling appointments



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Reservations –


·

Movies

·

Museums

·

Restaurants

·

Sporting Events

·

Special Events

·

Theatre

·

Tours


Staffing –


·

Babysitters/day care

·

Bartenders

·

Butlers

·

Personal chefs

·

Security personnel


Travel Arrangements –


·

Accommodations

·

Airline tickets

·

Destination information/research

·

Itinerary planning

·

Rental cars


Our VIP services will encompass luxury services that tend to be more expensive than the personal concierge services that we offer. We will advertise and market our VIP services as completely personalized packages that include a taste of some of the luxuries that the Bahamas have to offer. A normal VIP package might include:


·

Airport pickup/drop off

·

Chauffeured car services

·

Hotel reservations

·

High end restaurant reservations

·

Yacht tours

·

Private airplane charters

·

Golf reservations


Plan of Operations


The first step in providing our concierge services to the general public is our networking.  The executive team has done extensive research to come up with a list of services that they feel 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.  Within 2-4 months after we obtain a Notice of Effectiveness of this Offering, the Company intends to spend a significant portion of its time seeking out relevant vendors to create a network of affiliates and partnerships, who will provide the services that we are offering our clients.  Although initially, the executive team will be the first point of contact, it will be our network of vendors that will represent the Company on a day-to-day basis. As we will be using the third party vendors for a majority of the services we offer, the executive team intends to make sure that the Company is using the right vendors for each job. 


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.


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We feel that by developing excellent customer service and a strong network of local vendors, we will begin branding the 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 the Company in a way that reflects the Company in a positive and accurate way. Thus, we intend to brand the Company in a way that exudes elegance and quality.


Once the branding of the Company is complete, we will then start marketing our services throughout the Bahamas and on the Internet. The marketing of the Company will be the most important step in generating revenue. The Company’s full marketing plan is mapped out in the section below entitled “Marketing Strategy.’


Marketing Strategy


In order to reach all three of our target market sectors: tourists, business travelers and residents, we intend to focus marketing efforts on the Company’s Internet presence and print media advertising.  We feel that a strong Internet presence is necessary for the Company to reach a wide range of new potential clients, yet print media will allow us to market our services on a local level.


The Company intends to hire a professional search engine optimization (“SEO”) firm to enhance our Internet presence. SEO is the process of improving the visibility of a website in search engines via the un-paid search results. The majority of website traffic is driven by major commercial search engines such as Google®, Bing® and Yahoo!®. If our site cannot be found by search engines or if our content is not put into their databases, we will miss out on the incredible opportunities available to websites provided via search. We believe that in today’s world it is necessary to hire a firm to help our business increase exposure on major search engines and portals. Proper SEO can help us to start connecting with the millions of people everyday who use search engines to look for the types of services that we intend to provide. When anyone searches on the Internet for concierge services in the Bahamas, we would like the Company’s website to be among the first that people see.


Based on our initial research, a company of our planned size can expect to pay anywhere from five thousand dollars ($5,000) to thirty thousand dollars ($30,000) for proper SEO. If we are able to raise the funds, we plan to allocate two thousand five hundred dollars ($2,500) per month, for a period of twelve (12) months, to pay an SEO firm. We believe that twelve (12) months of professional SEO could get our website visible to a large audience of potential paying clients.


The Company plans to initiate online advertising through large search engines publishers. Such companies have developed advertising programs known as cost-per click advertising, whereby an advertiser is only charged when their ad is actually clicked on. Advertising with these online companies will allow us to place keyword specific advertisements targeted to the market we are seeking to reach. At a relatively little cost, we will be able to develop an online marketing presence that reaches our target market and we will only have to pay when people with genuine interest in our products click on our ads.


Along with word of mouth, SEO and Internet advertising, we intend to use traditional print media advertising. We plan to produce informational business cards, fliers and posters, which we will hand out throughout the Bahamas.


Growth Strategy


The Company intends to grow by developing a loyal clientele base, expanding strategic alliances with third-party vendors, and broadening the scope of services that we can offer clients. The key elements of our growth strategy are as follows:


·

We plan to obtain clients through word of mouth and Internet-based referrals.

·

We plan to aggressively build brand recognition nationally and internationally through print media and networking within the Bahamas.

·

We intend to rapidly expand our internet presence via SEO and Internet advertising.


Once the Company has multiple residential clients, as well as incoming tourist and corporate employee requests, we plan to hire the first employee. The first employee hired by the Company shall help coordinate all scheduling, and to perform some of the personal concierge services that the Company intends to offer. The Company intends to have three full-time employees before the end of our first year of operation.


Competition


According to The Encyclopedia of the Nations, sixty percent (60%) of the Bahamas gross domestic product (GDP) comes via the tourist industry, and fifty percent (50%) of the workforce in the Bahamas is catered to the tourist industry. Because of this, the Company will compete with other concierge companies, tourist companies, central reservation service providers and conventional and electronic publishers of reservation services. The market for our planned services is increasingly and intensely competitive. We currently compete with both established and emerging online and traditional sellers of concierge services. Some of our competitors,


4





particularly travel suppliers such as cruise lines, airlines and hotels, may offer products and services on more favorable terms, including lower prices, no fees or unique access to proprietary loyalty programs, such as points and miles. Many of our competitors, such as cruise lines, airlines and hotels, have been steadily focusing on increasing their concierge services to better provide their clients with luxury services. Competing companies in our target market include, but are not limited to, Island Concierge Limited, Celebrity Transfers & Concierge Services Bahamas, Platinum Pineapple, and Le Concierge Bahamas, may have greater experience, brand name recognition and financial resources than us.


The Company will address these issues by positioning itself as a premier concierge company, offering tourists, corporate employees and residents of the Bahamas an exceptionally high level of service. We understand that customer service is highly valued and cannot be discounted, reduced or otherwise disregarded.


Employees/Consultants


As of the date of this filing, the Company has no full time employees. We currently rely on our 506 officer and director to manage all aspects of our business. We intend to add staff as the Company grows. Any such additions will be made at the judgment of Management to meet the Company's then current needs. The Company also intends to maintain a large network of subcontracted vendors that will be paid on a per job basis. We feel that our relationships with independently contracted vendors will be one our keys to success.


Employees


We had one (1) employee, David Williams, prior to June 25, 2013, and currently have one (1) employee, Nina Goldstein. Sondra Trust, the former Director and the Company’s Chief Executive Officer resigned on December 5, 2013.


WHERE YOU CAN GET ADDITIONAL INFORMATION


The Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy our reports or other filings made with the SEC at the SEC’s Public Reference Room, located at 100 F Street, N.E., Washington, DC 20549. You can obtain information on the operations of the Public Reference Room by calling the SEC at 1-800-SEC-0330. You can also access these reports and other filings electronically on the SEC’s web site, www.sec.gov.


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 1B.  UNRESOLVED STAFF COMMENTS


None.


ITEM 2.     PROPERTIES


We do not own any real estate or real property. We currently utilize a corporate office center located at 8076 Buttonwood Circle, Tamarac, FL 33321. Additional space may be required as we expand our operations. We do not foresee any significant difficulties in obtaining any required additional space.


ITEM 3.     LEGAL PROCEEDINGS


We know of no material, existing or pending legal proceedings against the 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 4.     MINE SAFETY DISCLOSURES


None.



5





PART II


ITEM 5.     MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES


Limited Public Market for Common Stock


Our common stock is listed for trading on the OTC Markets, LLC ("OTC").  While we are a fully reporting company pursuant to the Securities Exchange Act of 1934, we currently do not meet the listing requirements of the OTCQB marketplace.  We cannot assure you that we will meet OTC's listing requirements for the OTCQB marketplace.


There is currently no public trading market for our Common Stock and no such market may ever develop. While we intend to seek and obtain quotation of our Common Stock for trading on the OTCQB, there is no assurance that our application will be approved. An application for quotation on the OTCQB must be submitted by one or more market makers who: 1) are approved by the Financial Industry Regulatory Authority ("FINRA"), 2) who agree to sponsor the security, and 3) who demonstrate compliance with SEC Rule 15(c)2-11 before initiating a quote in a security on the OTCQB.  In order for a security to be eligible for quotation by a market maker on the OTCQB, the security must be registered with the SEC and the company must be current in its required filings with the SEC.  The initial listing requirements for the OTCQB require: (1) Meet an initial minimum bid price test of One Cent ($0.01) as of close of business for each of the previous Thirty (30) calendar days; (2) Complete and submit OTCQB application and applicable fees; (3) Be current in all periodic reporting requirements on EDGAR (or for companies not required to file on EDGAR, post SEC disclosure on the OTC Markets website); (4) Post on the OTC Markets website the OTCQB Initial Certification.  Further, OTC requires on an ongoing basis:  (1) Meet an ongoing bid price test of One Cent ($0.01) as of the close of business for at least one of every Thirty (30) calendar days; (2) Post current SEC disclosure on EDGAR, or for companies that do not file on EDGAR, post current SEC disclosure on the OTC Markets website; and (3) Post on the OTC Markets website the OTCQB Initial Certification.


We intend to cause a market maker to submit an application for quotation to the OTCQB upon the effectiveness of this registration statement of which this prospectus forms a part. However, we can provide no assurance that our shares will be traded on the bulletin board or, if traded, that a public market will materialize.


We are listed on the OTC’s Pink marketplace.  On the OTC’s Pink marketplace, we do not yet meet the requirements for a listing as “current” on the OTC’s Pink marketplace.  Currently, we are listed as “stop sign” on the OTC’s Pink marketplace.  Being “stop sign” on the OTC’s Pink marketplace limits the market for our stock and the liquidity we may provide.  Furthermore, we cannot assure you that an active trading market for our common stock will develop.


Rule 144


All of the presently outstanding shares of our Common Stock are "restricted securities" as defined under Rule 144 promulgated under the Securities Act and may only be sold pursuant to an effective registration statement or an exemption from registration, if available. The SEC has adopted final rules amending Rule 144 which became effective on February 15, 2008. Pursuant to Rule 144, one year must elapse from the time a “shell company”, as defined in Rule 405 of the Securities Act and Rule 12b-2 of the Exchange Act, ceases to be a “shell company” and files Form 10 information with the SEC, during which time the issuer must remain current in its filing obligations, before a restricted shareholder can resell their holdings in reliance on Rule 144. Form 10 information is equivalent to information that a company would be required to file if it were registering a class of securities on Form 10 under the Exchange Act. Under Rule 144, restricted or unrestricted securities, that were initially issued by a reporting or non-reporting shell company or a company that was at anytime previously a reporting or non-reporting shell company, can only be resold in reliance on Rule 144 if the following conditions are met: (1) the issuer of the securities that was formerly a reporting or non-reporting shell company has ceased to be a shell company; (2) the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; (3) the issuer of the securities has filed all reports and material required to be filed under Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding twelve months (or shorter period that the Issuer was required to file such reports and materials), other than Form 8-K reports; and (4) at least one year has elapsed from the time the issuer filed the current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.



6





At the present time, we are classified as a “shell company” under Rule 405 of the Securities Act and Rule 12b-2 of the Exchange Act. As such, all restricted securities presently held by the founders of our company may not be resold in reliance on Rule 144 until: (1) we file Form 10 information with the SEC when we cease to be a “shell company”; (2) we have filed all reports as required by Section 13 and 15(d) of the Securities Act for twelve (12) consecutive months; and (3) one year has elapsed from the time we file the current Form 10 type information with the SEC reflecting our status as an entity that is not a shell company. See also the factor entitled Shareholders who hold unregistered shares of our Common Stock are subject to resale restrictions pursuant to Rule 144, due to our status as a “shell company,” above.


Record Holders


As of December 28, 2015, an aggregate of five million sixty-two thousand and five hundred (5,062,500) shares of our Common Stock were issued and outstanding and were owned by approximately thirty-one (31) holders of record, based on information provided by our transfer agent.


Recent Sales/Exchange of Unregistered Securities


On June 25, 2013, Nina Goldstein purchased four million five hundred thousand (4,500,000) shares of the Company’s stock from David Williams in exchange for twenty two thousand five hundred dollars ($22,500). This represents approximately eighty-nine percent (89%) of the issued and outstanding shares of the Company.


Re-Purchase of Equity Securities


None.


Dividends


We have not paid any cash dividends on our common stock since inception and presently anticipate that all earnings, if any, will be retained for development of our business and that no dividends on our common stock will be declared in the foreseeable future. Any future dividends will be subject to the discretion of our Board of Directors and will depend upon, among other things, future earnings, operating and financial condition, capital requirements, general business conditions and other pertinent facts. Therefore, there can be no assurance that any dividends on our common stock will be paid in the future.


Securities Authorized for Issuance Under Equity Compensation Plans


None.


ITEM 6.     SELECTED FINANCIAL DATA


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 7.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. You should read this report completely and with the understanding that actual future results may be materially different from what we expect. The forward looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


7




RESULTS OF OPERATIONS


Working Capital

 

 

May 31,

2014

$

 

May 31,

2013

$

Current Assets

 

166

 

11,878

Current Liabilities

 

66,373

 

147,171

Working Capital (Deficit)

 

(66,207)

 

(135,293)


Cash Flows

 

 

Year ended

May 31,

2014

$

 

Year ended

May 31,

2013

$

Cash Flows from (used in) Operating Activities

 

(38,125)

 

(35,658)

Cash Flows from Financing Activities

 

26,413

 

45,000

Net Increase (Decrease) in Cash during period

 

(11,712)

 

9,342


Operating Revenues


During the years ended May 31, 2014 and 2013, the Company did not have any operating revenues.


Operating Expenses and Net Loss


During the year ended May 31, 2014, the Company incurred operating expenses of fifty-eight thousand six hundred and ten dollars ($58,610) compared with forty-six thousand two hundred ninety-four dollars ($46,294) for the year ended May 31, 2013.  The increase in operating expenses were attributed to twenty-five thousand four hundred and eighty-seven dollars ($25,487) increase in professional fees, twelve thousand dollars ($12,000) decrease in management fees due to resignation of former President and Director of the Company who earned one thousand dollars ($1,000) a month, and one thousand one hundred seventy-one dollars ($1,171) decrease in general and administrative expenses.  


In addition to operating expenses, the Company incurred interest expense of nine thousand nine hundred fifty-one dollars ($9,951) and eight thousand seven hundred fifty dollars ($8,750), respectively for the years ended May 31, 2014 and 2013 primarily related to the eighty-seven thousand five hundred dollars ($87,500) of outstanding notes payable which earned interest at ten percent (10%) per annum, and was sold to a related party in May 2014.


For the year ended May 31, 2014, the Company incurred a net loss of sixty-eight thousand five hundred sixty-one dollars ($68,561) compared with a net loss of fifty-five thousand and forty-four dollars $55,044 for the year ended May 31, 2013.


Liquidity and Capital Resources


As at May 31, 2014, the Company had a cash balance and total assets of one hundred sixty-six dollars ($166) compared with cash balance and total assets of eleven thousand eight hundred severy-eight dollars ($11,878) as at May 31, 2013.  The decrease in cash and total assets were attributed to the increase of cash used in the Company’s operating activities and minimum fund received from related party loans during the period.


As at May 31, 2014, the Company had total liabilities of two hundred three thousand five hundred thirty-four dollars ($203,534) compared with one hundred forty-seven thousand one hundred seventy-one dollars ($147,171) as at May 31, 2013.  The increase was attributed to an increase of eight thousand seven hundred two dollars ($8,702) in accounts payable and accrued liabilities, and an increase of forty-seven thousand six hundred sixty-one dollars ($47,661) of notes payable due to related parties as the Company had limited cash flows and was unable to satisfy outstanding obligations.


As at May 31, 2014, the Company had a working capital deficit of sixty-six thousand two hundred seven dollars ($66,207) compared with a working capital deficit of one hundred thirty-five thousand two hundred ninety-three dollars ($135,293) as at May 31, 2013.  The decrease in working capital deficit was primarily attributed to the decrease in loans which were sold to a related party to mature in two (2) years.


Cashflow from Operating Activities


During the year ended May 31, 2014, the Company used thirty-eight thousand one hundred twenty-five dollars ($38,125) of cash for operating activities compared with thirty-five thousand six hundred fifty-eight dollars ($35,658) for the year ended May 31, 2013.  The increase in the cash used for operating activities was attributed to the overall increase of operating costs incurred during the year ended May 31, 2014 compared to the year ended May 31, 2013.


8




Cashflow from Investing Activities


For the years ended May 31, 2014 and 2013, the Company did not incur any investing activities.


Cashflow from Financing Activities


During the year ended May 31, 2014, the Company received twenty-eight thousand and sixty-five dollars ($28,065) in cash from related parties and made repayments of one thousand six hundred and fifty-two dollars ($1,652). During the year ended May 31, 2013, the Company received forty-fice thousand dollars ($45,000) in cash from financing activities related to the issuance of common stock.


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.


Contractual Obligations


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.


Recently Issued Accounting Pronouncements


On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force).  The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle.



9





On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-16—Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract, among other relevant criteria. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. The effects of initially adopting the amendments in this Update should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods.


On August 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements (the August 2014 “Update”) – Going Concerns (Subtopic 205-40): Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments: (1) provide a definition of the term substantial doubt; (2) require an evaluation every reporting period including interim periods; (3) provide principles for considering the mitigating effect of management’s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans; (5) require an express statement and other disclosures when substantial doubt is not alleviated; and (6) require an assessment for a period of one (1) year after the date that the financial statements are issued (or available to be issued). The amendments in the August 2014 Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.


In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities” (the June 2014 “Update”). The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to: (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged; and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in the June 2014 Update are applied retrospectively. The early adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company.


Contractual Obligations


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 7A.  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.


10





ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


Bahamas Concierge, Inc.


Financial Statements


For the Years Ended May 31, 2014 and 2013


Report of Independent Registered Public Accounting Firm

12

 

 

Balance Sheets

13

 

 

Statements of Operations

14

 

 

Statements of Stockholders’ Deficit

15

 

 

Statements of Cash Flows

16

 

 

Notes to the Financial Statements

17



11





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors

Bahamas Concierge, Inc.

Tamarac, Florida



We have audited the accompanying balance sheets of Bahamas Concierge, Inc. (the “Company”) as of May, 31, 2014 and 2013 and the related statements of operations, stockholders’ deficit and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bahamas Concierge, Inc. as of May 31, 2014 and 2013 and the results of its operations and cash flows for the periods described above in conformity with accounting principles generally accepted in the United States of America.


The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.


/s/ M&K CPAS, PLLC

www.mkacpas.com

Houston, Texas

December 30, 2015






12





Bahamas Concierge, Inc.

Balance Sheets

(Expressed in US dollars)


 

 

May 31,

 

2014

 

2013

 

$

 

$

ASSETS

 

 

 

 

 

 

 

 

 

Cash

 

166

 

11,878

 

 

 

 

 

Total Assets

 

166

 

11,878

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

65,437

 

56,735

Notes payable

 

-

 

87,500

Due to related parties

 

936

 

2,936

Total current liabilities

 

66,373

 

147,171

Notes payable- related party

 

137,161

 

-

 

 

 

 

 

Total Liabilities

 

203,534

 

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: 1,000,000,000 common shares with a par value of $0.001 per share; Issued and outstanding: 5,062,500 common shares at May 31, 2014 and 2013, respectively.

 

5,063

 

5,063

Additional paid-in capital

 

40,423

 

39,937

Accumulated deficit

 

(248,854)

 

(180,293)

 

 

 

 

 

Total Stockholders’ Deficit

 

(203,368)

 

(135,293)

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

166

 

11,878



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


13





Bahamas Concierge, Inc.

Statements of Operations

(Expressed in US dollars)


 

 

For the years ended

 

May 31,

 

2014

 

2013

 

$

 

$

 

 

 

 

 

Revenues

 

-

 

-

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

General and administrative

 

12,575

 

10,794

Management fees

 

-

 

12,000

Professional fees

 

46,035

 

23,500

 

 

 

 

 

Total Operating Expenses

 

58,610

 

46,294

 

 

 

 

 

Loss from operations

 

(58,610)

 

(46,294)

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

Interest expense

 

(9,951)

 

(8,750)

 

 

 

 

 

Total other (expense)

 

(9,951)

 

(8,750)

 

 

 

 

 

Net Loss

 

(68,561)

 

(55,044)

 

 

 

 

 

Net Loss per Share – Basic and Diluted

 

(0.01)

 

(0.01)

 

 

 

 

 

Weighted Average Shares Outstanding – Basic and Diluted

 

5,062,500

 

4,835,959



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


14





Bahamas Concierge, Inc.

Statement of Stockholders’ Deficit

For the years ended May 31, 2014 and 2013

(Expressed in US dollars)


 

Common Stock

 

Additional

 

 

 

 

 

Shares

 

Par Value

 

Paid-In Capital

 

Accumulated Deficit

 

Total

 

#

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

Balance – May 31, 2012

4,500,000

 

4,500

 

(4,500)

 

(125,249)

 

(125,249)

 

 

 

 

 

 

 

 

 

 

Issuance of shares for cash

562,500

 

563

 

44,437

 

-

 

45,000

 

 

 

 

 

 

 

 

 

 

Net loss for the year

-

 

-

 

-

 

(55,044)

 

(55,044)

 

 

 

 

 

 

 

 

 

 

Balance – May 31, 2013

5,062,500

 

5,063

 

39,937

 

(180,293)

 

(135,293)

 

 

 

 

 

 

 

 

 

 

Imputed interest

-

 

-

 

486

 

-

 

486

 

 

 

 

 

 

 

 

 

 

Net loss for the year

-

 

-

 

-

 

(68,561)

 

(68,561)

 

 

 

 

 

 

 

 

 

 

Balance – May 31, 2014

5,062,500

 

5,063

 

40,423

 

(248,854)

 

(203,368)



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


15





Bahamas Concierge, Inc.

Statements of Cashflows

(Expressed in US dollars)


 

For the years ended

May 31,

2014

 

2013

$

 

$

Operating Activities

 

 

 

 

 

 

 

Net loss

(68,561)

 

(55,044)

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

 

 

 

Imputed interest

486

 

-

Changes in operating assets and liabilities:

 

 

 

Prepaid expenses

-

 

4,000

Due to related parties

(2,000)

 

1,186

Accounts payable and accrued liabilities

31,950

 

14,200

Net Cash Used In Operating Activities

(38,125)

 

(35,658)

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

Proceeds from related parties

28,065

 

-

Repayment to related parties

(1,652)

 

-

Proceeds from issuance of common stock

-

 

45,000

Net Cash Provided by Financing Activities

26,413

 

45,000

 

 

 

 

Increase (Decrease) in Cash

(11,712)

 

9,342

 

 

 

 

Cash – Beginning of Period

11,878

 

2,536

 

 

 

 

Cash – End of Period

166

 

11,878

 

 

 

 

Supplemental Disclosures

 

 

 

Interest paid

-

 

-

Income tax paid

-

 

-



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


16





Bahamas Concierge, Inc.

Notes to the Financial Statements

(Expressed in US dollars)


1.   Nature of Operations and Continuance of Business


Bahamas Concierge, Inc. (the “Company”) was incorporated in the State of Nevada on May 2, 2011.


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 May 31, 2014, the Company has not recognized any revenue, and has a working capital deficit of sixty-six thousand two hundred and seven dollars ($66,207) and an accumulated deficit of two hundred forty-eight thousand eight hundred fifty four dollars ($248,854). 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 (3) months or less at the time of issuance to be cash equivalents. As at May 31, 2014 and 2013, the Company had no cash equivalents.


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 May 31, 2014 and 2013.



17





Bahamas Concierge, Inc.

Notes to the Financial Statements

(Expressed in US dollars)


2.   Summary of Significant Accounting Policies (continued)


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 May 31, 2014 and 2013:


 

 

 

 

 

 

 

 

Total

Realized Loss

 

$

-

$

-

$

-

$

-

Totals

$

-

$

-

$

-

$

-


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 May 31, 2014, 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


On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force).  The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle.



18





Bahamas Concierge, Inc.

Notes to the Financial Statements

(Expressed in US dollars)


2.   Summary of Significant Accounting Policies (continued)


g)

Recent Accounting Pronouncements (continued)


On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-16—Derivatives and Hedging (Topic 815) (the November 2014 “Update”): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to those of the host contract, among other relevant criteria. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. The effects of initially adopting the amendments in the November 2014 Update should be applied on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods.


On August 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements – Going Concerns (Subtopic 205-40) (the August 2014 “Update”): Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments: (1) provide a definition of the term substantial doubt; (2) require an evaluation every reporting period including interim periods; (3) provide principles for considering the mitigating effect of management’s plans; (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans; (5) require an express statement and other disclosures when substantial doubt is not alleviated; and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in the August 2014 Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.


In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities” (the June 2014 “Update”). The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to: (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged; and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in the June 2014 Update are applied retrospectively. The early adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company.


3.   Notes Payable


a)

On May 3, 2011, the Company issued a seventeen thousand five hundred dollars ($17,500) note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at ten percent (10%) per annum, and due on demand. As at May 31, 2014, the Company recorded accrued interest of five thousand two hundred forty-five dollars ($5,245) (May 31, 2013 - three thousand six hundred thirty-nine dollars ($3,639)), which has been recorded as accrued liabilities.

b)

On July 1, 2011, the Company issued a five thousand dollars ($5,000) note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at ten percent (10%) per annum, and due on demand. As at May 31, 2014, the Company recorded accrued interest of one thousand four hundred and nineteen dollars ($1,419) (May 31, 2013 - nine hundred and sixty dollars ($960)), which has been recorded as accrued liabilities.

c)

On July 5, 2011, the Company issued a twenty thousand dollars ($20,000) note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at ten percent (10%) per annum, and due on demand. As at May 31, 2014, the Company recorded accrued interest of five thousand six hundred fifty-five dollars ($5,655) (May 31, 2013 - three thousand eight hundred nineteen dollars ($3,819)), which has been recorded as accrued liabilities.

d)

On October 24, 2011, the Company issued a twenty thousand dollars ($20,000) note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at ten percent (10%) per annum, and due on demand. As at May 31, 2014, the Company recorded accrued interest of five thousand two hundred eleven dollars ($5,211) (May 31, 2013 - three thousand three hundred seventy-five dollars ($3,375)), which has been recorded as accrued liabilities.



19




Bahamas Concierge, Inc.

Notes to the Financial Statements

(Expressed in US dollars)


3.   Notes Payable (continued)


e)

On April 10, 2012, the Company issued a twenty five thousand dollars ($25,000) note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at ten percent (10%) per annum, and due on demand. As at May 3, 2014, the Company recorded accrued interest of five thousand one hundred fifty one dolllars ($5,151) (May 31, 2013 - two thousand eight hundred fifty-six dollars ($2,856)), which has been recorded as accrued liabilities.

f)

On May 1, 2014, the debtor of the above notes payable in a total of eighty-seven thousand five hundred dollars ($87,500) (See Note 3, seventeen thousand five hundred dollars ($17,500) on May 3, 2011; five thousand dollars ($5,000) on July 1, 2011; twenty thousand dollars ($20,000) on July 5, 2011; twenty thousand dollars ($20,000) on October 4, 2011; and twenty-five thousand dollars ($25,000) on April 10, 2012) sold the debts plus accrued interest of twenty-two thousand six hundred eighty-one dollars ($22,681) (See Note 5) to MGRD, Inc. who is owned by a related party, an immediate family member of Chief Executive Officer and Director of the Company.


4.   Convertible Debts


On October 10, 2013, the Company issued a convertible note of twenty thousand dollars ($20,000) to a related party, the immediate family member of President and Director of the Company (the “Note”). The Note accrues interest at five perecent (5%) per annum and matured on March 3, 2014. The Company was unable to repay the loan on the maturity date, and the principal balance and accrued interest are in default. The Company continued accruing interest until the loan is repaid or converted. The Note is convertible into shares of the Company’s common stock at a conversion price of $0.25 per share. As at May 5, 2014, the Company recorded accrued interest of five hundred sixty-seven dollars ($567) (May 31, 2013 - $nil). The Company evaluated the Note and determined that the shares issuable pursuant to the conversion option were determinate due to the Fixed Conversion Price and, as such, does not constitute a derivative liability. The Company also determined that there is no beneficial conversion feature discount resulting from the conversion price of $0.25 per share above the market price on October 25, 2012 of $0.08 per share.


On May 5, 2014, the Debtor sold the principal balance of twenty thousand dollars ($20,000) plus accrued interest of five hundred sixty-seven dollars ($567) (See Note 5) to MGRD, Inc. who is owned by a related party, an immediate family member of Chief Executive Officer and Director of the Company.


5.   Related Party Transactions


a)

During the year ended May 31, 2014, the Company incurred management fees of $nil (May 31, 2013 - three thousand dollars ($3,000)) to the former President and Director of the Company. As at May 31, 2014, the Company owes nine hundred thirty-six dollars ($936) (May 31, 2013 - two thousand nine hundred thirty-six dollars ($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.

b)

As at May 31, 2014, the Company owes two thousand and sixty-five dollars ($2,065) (May 31, 2013 - $nil) to a related party, the immediate family member of 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. On May 13, 2014, the debt of two thousand and sixty-five dollars ($2,065) was sold to MGRD, Inc. who is owned by a related party, an immediate family member of the Chief Executive Officer and Director of the Company.

c)

As at May 31, 2014, the Company owes four thousand three hundred forty-eight dollars ($4,348) (May 31, 2013 - $nil) to the Chief Executive Officer and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand. On May 13, 2014, the debt of four thousand three hundred forty-eight dollars ($4,348) was sold to MGRD, Inc. who is owned by a related party, an immediate family member of the Chief Executive Officer and Director of the Company.


The amounts owing above have an imputed interest at eight percent (8%).  It has been expensed and recorded as additional paid-in capital of four hundred eighty-six dollars ($486) and $nil at the years ended May 31, 2014 and 2013, respectively.


During May, 2014, following the debt sales of a total of one hundred thirty-seven thousand one hundred sixty-one dollars ($137,161) (See Note 3, seventeen thousand five hundred dollars ($17,500) on May 3, 2011; five thousand dollars ($5,000) on July 1, 2011; twenty thousand dollars ($20,000) on July 5, 2011; twenty thousand dollars ($20,000) on October 4, 2011; twenty-five thousand dollars ($25,000) on April 10, 2012; and accrued interest of twenty-two thousand six hundred eighty-one dollars ($22,681) on May 3, 2014; See Note 5 b) and c), two thousand and sixty-five dollars ($2,065) and four thousand three hundred forty-eight dollars ($4,348), respectively, on May 13, 2014; See note 4, twenty thousand dollars ($20,000) and accrued interest of five hundred sixty-seven dollars ($567) on May 5, 2014) including accrued interest of twenty-three thousand two hundred forty-eight dollars ($23,248) to MGRD, Inc. who is owned by a related party, an immediate family member of Chief Executive Officer and Director of the Company. The note bears interest of eight percent (8%) and matures on. As at May 31, 2014, the Company recorded accrued interest of eight hundred sixty-seven dollars ($867) which has been recorded as accrued liabilities.


20




Bahamas Concierge, Inc.

Notes to the Financial Statements

(Expressed in US dollars)


6.   Common Shares


On October 25, 2012, the Company issued five hundred sixty-two thousand five hundred (562,500) common shares at $0.08 per share for proceeds of forty-five thousand dollars ($45,000).


On June 25, 2013, Nina Goldstein, Chief Financial Officer of the Company, purchased four million five hundred thousand (4,500,000) shares of the Company's stock from the former President and Director of the Company in exchange for twenty-two thousand five hundred dollars ($22,500). This represents approximately eighty-nine percent (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, 2013, an amendment to the articles of incorporation was filed to increase the total authorized common stock from two hundred ninety million (290,000,000) shares of common stock, par value $0.001, to one billion (1,000,000,000) shares of common stock.


7.   Income Taxes


The Company has two hundred forty-eight thousand eight hundred fifty-four dollars ($248,854) of net operating losses carried forward to offset taxable income in future years which expire commencing in fiscal 2034.  The income tax benefit differs from the amount computed by applying the US federal income tax rate of thirty-four percent (34%) to net loss before income taxes. As at May 31, 2014 and 2013, the Company had no uncertain tax positions.


 

 

May 31,

 

 

2014

$

 

2013

$

Net loss before taxes

 

(68,561)

 

(55,044)

Statutory rate

 

34%

 

34%

 

 

 

 

 

Computed expected tax recovery

 

23,311

 

(55,044)

Change in valuation allowance

 

(23,311)

 

34%

 

 

 

 

 

Income tax provision

 

 


The significant components of deferred income tax assets and liabilities at May 31, 2014 and 2013 are as follows:


 

 

May 31,

 

 

2014

$

 

2013

$

Net operating loss carried forward

 

84,610

 

61,300

 

 

 

 

 

Valuation allowance

 

(84,610)

 

(61,300))

 

 

 

 

 

Net deferred income tax asset

 

 


8.   Subsequent Events


We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.


21





ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.


(a)

Resignation of Sadler, Gibb & Associates, LLC.


(i)

Effective August 15, 2013, the Company accepted the resignation of Sadler, Gibb & Associates, LLC (“Sadler”) as its principal independent registered public accounting firm.  The decision to accept the resignation of Sadler was approved by the Company’s board of directors.

(ii)

The report of Sadler on the Company’s financial statements for the fiscal years ended May 31, 2011 and 2010, did not contain an adverse opinion or disclaimer of opinion, nor was it modified as to uncertainty, audit scope or accounting principles.  

(iii)

During the fiscal years ended May 31, 2011 and 2010 and during the subsequent period through to the date of Sadler’s resignation, there were no disagreements between the Company and Sadler, whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Sadler, would have caused Sadler to make reference thereto in its report on the Company’s audited financial statements.  In connection with the audits of the fiscal years ended May 31, 2011 and 2010 and the subsequent interim period through August 15, 2013, there have been no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K).  

(iv)

The Company provided Sadler with a copy of this Current Report on Form 8-K and has requested that Sadler furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not Sadler agrees with the statements made in this Current Report on Form 8-K with respect to Sadler and, if not, stating the aspects with which they do not agree.  The Company has received the requested letter from Sadler wherein they have confirmed their agreement to the Company’s disclosures in this Current Report with respect to Sadler.  A copy of Sadler's letter has been filed as an exhibit to this Current Report on Form 8-K.


(b)

Engagement of M&K CPAS, PLLC


(i)

Effective August 15, 2013, the Company engaged M&K CPAS, PLLC (“M&K”) as the Company’s independent registered public accounting firm.  The engagement was approved by the Company’s board of directors.

(ii)

In connection with the Company’s appointment of M&K as the Company’s independent registered accounting firm, the Company has not consulted MBAF on any matter relating to the application of accounting principles to a specific transaction, either completed or contemplated, or the type of audit opinion that might be rendered on the Company’s financial statements.


ITEM 9A.  CONTROLS AND PROCEDURES.


Disclosure Controls and Procedures


We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.


We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2014. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective.


Management’s Report on Internal Control Over Financial Reporting


Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.



22





Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of May 31, 2014 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). 


A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of May 31, 2014, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.


1.

We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.  

 

 

2.

We did not maintain appropriate cash controls – As of May 31, 2014, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts.  Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.

 

 

3.

We did not implement appropriate information technology controls – As of May 31, 2014, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.  


Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.


As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of May 31, 2014 based on criteria established in Internal Control—Integrated Framework issued by COSO.


Changes in Internal Control over Financial Reporting


There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of May 31, 2014, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Managements report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.


Continuing Remediation Efforts to address deficiencies in Company’s Internal Control over Financial Reporting


Once the Company has sufficient personnel available, then our Board of Directors, in particular and in connection with the aforementioned deficiencies, will establish the following remediation measures:


1.

Our Board of Directors will nominate an audit committee or a financial expert on our Board of Directors in fiscal 2015.

 

 

2.

We will appoint additional personnel to assist with the preparation of the Company’s monthly financial reporting, including preparation of the monthly bank reconciliations.


ITEM 9B.  OTHER INFORMATION.


None.


23





PART III


ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS.


Identification of Directors and Executive Officers


The following table sets forth the names and ages of our current directors and executive officers:


DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS


The following table sets forth the names and ages of our current and former director and executive officer. Also the principal offices and positions with us held by each person and the date such person became our director, and/or executive officer. Our Board of Directors appoints our executive officers. Our directors serve until the earlier occurrence of the election of his or her successor at the next meeting of shareholders, death, resignation or removal by the Board of Directors.


Name

 

Age

 

Position

Sondra Trust

 

66

 

Former Chief Executive Officer and Former Director

Nina Goldstein

 

55

 

Chief Executive Officer,  Chief Financial Officer, and Chairman

David Williams

 

49

 

Former Director, Former Chairman, Former President, Former CEO, Former CFO, Former Secretary and Treasurer


Sondra Trust - Ms. Trust holds a BS in Nursing as Suma Cum Laude from Florida International University. From 2008 to December 5, 2013, Ms. Trust has been an Infusion Nurse Consultant to multiple home infusion therapy companies, specializing in intravenous administration of biological drugs and chemotherapy. From 1997 to present, Ms. Trust has been the President of International Healthcare Recruiters, Inc., specializing in the recruitment and placement of foreign and domestic healthcare professionals.


Nina Goldstein - From 2003 to present, Ms. Goldstein has been the Director of Marketing for Nutra Pharma Corporation, a publicly traded biotechnology company with products for the treatment of Multiple Sclerosis, HIV and Pain. Through her involvement with Nutra Pharma, she has been responsible for the creative process for packaging design, ad creation and placement. Prior to 2003, Ms. Goldstein worked as an assistant merchandise manager for a consumer electronics retailer and was responsible for inventory management, merchandising and marketing for a category that produced in excess of ninety million dollars ($90,000,000) in revenue.


David Williams – Mr. Williams attended Douglas College in New Westminster, British Columbia from 1982 to 1983, where he became interested in corporate finance and securities. He then took a Canadian Securities Course in 1984. Mr. Williams has over thirty (30) years financial management experience specializing in corporate development and strategic planning, as well as financial sales and securities sales. From 2005 to 2009 he worked as a stockbroker for Global Securities Corp. focusing on sales and follow-up with client investments. From 2009 to June 25, 2013, he was a self-employed business consultant. Since becoming self-employed he has moved to the Bahamas. His work schedule allowed him the time to devote to various other projects, and while involved in the Company, he had been devoting 20-30 hours per week towards the Company. He was appointed as an officer and as various directors to the Company as a result of his knowledge of corporate structures and strategic planning, coupled with his ability to network with other businesses.


ITEM 11.   EXECUTIVE COMPENSATION


Summary Compensation Table. The table set forth below summarizes the annual and long-term compensation for services in all capacities to us payable to our officer and director for the fiscal years ended May 31, 2014 and 2013. Our Board of Directors may adopt an incentive stock option plan for our executive officers that would result in additional compensation.


Name

and

Principal

Position

Title

Year

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

Earnings

($)

All other

Compensation

($)

Total

($)

David Williams

Chairman, CEO and President

(prior to June 25, 2013)

2013

$12,000(1)

$-0-

 

-0-

-0-

-0-

-0-

12,000

Nina Goldstein and Sondra Trust

CEO and CFO

2014

$0

$-0-

 

-0-

-0-

-0-

-0-

0


24





Notes to Summary Compensation Table:


(1)

Pursuant to a Management Agreement dated May 1, 2011, Mr. Williams, agreed to act as our sole officer and director and devotes approximately 20-30 hours per week to manage the affairs of the Company. Additionally, pursuant to the Management Agreement, Mr. Williams received a monthly fee of one thousand dollars ($1,000) per calendar month through May 2013. As of the date of this Filing, all compensation due and owing Mr. Williams was accrued as of May 31, 2013. There are no annuity, pension or retirement benefits proposed to be paid to our current officer and director and employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the Company or any of its subsidiaries, if any.


Outstanding Equity Awards since Inception:


OPTION AWARDS

STOCK AWARDS

Name

Number of Securities Underlying Unexercised Options (#) Exercisable

Number of Securities Underlying Unexercised Options (#) Unexercisable

Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options

(#)

Option Exercise Price ($)

Option Expiration Date

Number of Shares or Units of Stock that have not Vested

(#)

Market Value of Shares or Units of Stock that have not Vested

($)

Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have not Vested

($)

Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that have not Vested

($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

None

 

 

 

0

 

0

 

 

0


Long-Term Incentive Plans


We currently have no Long-Term Incentive Plans.


Director Compensation


None.


Identification of Significant Employees


None.


Family Relationship


We currently do not have any officers or directors of the Company who are related to each other.


Involvement in Certain Legal Proceedings


During the past ten (10) years no director, executive officer, promoter or control person of the Company has been involved in the following:


(1)  A petition under the Federal bankruptcy laws or any state insolvency law which was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;


(2)  Such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);


(3)  Such person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities:


i.     Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;



25





ii.    Engaging in any type of business practice; or


iii.   Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;


(4)  Such person was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than sixty (60) days the right of such person to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;


(5)  Such person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;


(6)  Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;


Audit Committee and Audit Committee Financial Expert


The Company does not have an audit committee or an audit committee financial expert (as defined in Item 407 of Regulation S-K) serving on its Board of Directors. All current members of the Board of Directors lack sufficient financial expertise for overseeing financial reporting responsibilities.  The Company has not yet employed an audit committee financial expert on its Board of Directors due to the inability to attract such a person.


The Company intends to establish an audit committee of the Board of Directors, which will consist of independent directors. The audit committee’s duties will be to recommend to the Company’s Board of Directors the engagement of an independent registered public accounting firm to audit the Company’s financial statements and to review the Company’s accounting and auditing principles. The audit committee will review the scope, timing and fees for the annual audit and the results of audit examinations performed by the internal auditors and independent registered public accounting firm, including their recommendations to improve the system of accounting and internal controls. The audit committee will at all times be composed exclusively of directors who are, in the opinion of the Company’s Board of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee member and who possess an understanding of financial statements and generally accepted accounting principles.


Code of Ethics


Our Board of Directors has not adopted a code of ethics due to the fact that we presently only have one (1) director and we are in the development stage of our operations. We anticipate that we will adopt a code of ethics when we increase either the number of our directors and officers or the number of our employees.


Compliance with Section 16(a) of the Exchange Act


Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers and persons who beneficially own more than ten percent of a registered class of our equity securities to file with the SEC initial reports of ownership and reports of change in ownership of common stock and other equity securities of the Company. Officers, directors and greater than ten percent stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file. Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to us under Rule 16a-3(e) during the year ended May 31, 2014, Forms 5 and any amendments thereto furnished to us with respect to the year ended May 31, 2014, and the representations made by the reporting persons to us, we believe that during the year ended May 31, 2014, our executive officers and directors and all persons who own more than ten percent of a registered class of our equity securities complied with all Section 16(a) filing requirements.


Director Independence


As of May 31, 2014, our sole Director of the Company’s Board of Directors Nina Goldstein, does not qualify as independent directors in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our Board of Directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our Board



26





of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our Board of Directors made these determinations, our Board of Directors would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.


Security Holders Recommendations to Board of Directors


We welcome comments and questions from our shareholders. Shareholders can direct communications to our Chief Executive Officer, Nina Goldstein, at our executive offices. However, while we appreciate all comments from shareholders, we may not be able to individually respond to all communications. We attempt to address shareholder questions and concerns in our press releases and documents filed with the SEC so that all shareholders have access to information about us at the same time. Ms. Trust collects and evaluates all shareholder communications. All communications addressed to our director and executive officer will be reviewed by Ms. Trust unless the communication is clearly frivolous.


Code of Ethics


We have adopted a Code of Ethics, which is attached as Exhibit 14.1 hereto.


Committees


Although we have adopted a Code of Ethics, we have not yet adopted any other corporate governance measures and, since our securities are not yet listed on a national securities exchange, we are not required to do so. Even though our Code of Ethics requires us to establish an audit committee to enforce the Code of Ethics, we have not adopted corporate governance measures such as audit, compensation or nominating committees of our board of directors as we presently do not have any independent directors. When we expand our board membership in future periods to include additional independent directors, we will establish an audit and other committees from our board of directors.


ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT


The following table sets forth certain information at May 31, 2014 and December 22, 2015 with respect to the beneficial ownership of shares of Common Stock by (i) each person known to us who owns beneficially more than five percent (5%) of the outstanding shares of Common Stock (based upon reports which have been filed and other information known to us), (ii) each of our Directors, (iii) each of our Executive Officers and (iv) all of our Executive Officers and Directors as a group. Unless otherwise indicated, each stockholder has sole voting and investment power with respect to the shares shown. As of December 28, 2015, we had five million sixty-two thousand five hundred (5,062,500) shares of Common Stock issued and outstanding.


Title of class

 

Name and address

of beneficial owner

 

Amount and Nature of

Beneficial Ownership

 

Percentage of

Common Stock (1)

 

 

 

 

 

 

 

Common Stock

 

Officers and Directors:

Nina Goldstein (2)

8076 Buttonwood Circle

Tamarac, FL 33321

 

4,500,000

 

89%

 

 

 

 

 

 

 

  

 

All Directors and Officers as a Group

 

4,500,000

 

89%


(1)   Percent of Class is based on five million sixty-two thousand five hundred (5,062,500) shares issued and outstanding as of December 22, 2015. The applicable percentage of ownership for each beneficial owner is based on five million sixty-two thousand five hundred (5,062,500) shares of common stock outstanding as of December 22, 2015. In calculating the number of shares beneficially owned by a stockholder and the percentage of ownership of that stockholder, shares of common stock issuable upon the exercise of options or warrants, or the conversion of other securities held by that stockholder, that are exercisable within sixty (60) days, are deemed outstanding for that holder; however, such shares are not deemed outstanding for computing the percentage ownership of any other stockholder.

(2)   On June 25, 2013, Nina Goldstein purchased four million five hundred thousand (4,500,000) shares of the Company’s stock from David Williams in exchange for twenty-two thousand five hundred dollars ($22,500). This represents approximately eighty-nine percent (89%) of the issued and outstanding shares of the Company.



27





ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE


On May 1, 2011, David Williams agreed to act as our sole officer and director and had devoted approximately 20-30 hours per week to manage the affairs of the Company through June 25, 2013, his resignation date. Additionally, pursuant to the Management Agreement, Mr. Williams received a monthly fee of one thousand dollars ($1,000) per calendar month through May, 2013. Such fee has been accrued through May 31, 2013.


On June 25, 2013, the Board of Directors (the “Board”) accepted the resignation of David Williams as a Director and Officer of the Company and appointed Nina Goldstein to be the Chairperson of the Board and to act as the Company's Chief Financial Officer and Secretary.


On June 25, 2013, Nina Goldstein purchased four million five hundred thousand (4,500,000) shares of the Company's stock from David Williams in exchange for twenty-two thousand dollars ($22,500). This represents approximately eighty-nine percent (89%) of the issued and outstanding shares of the Company.


On December 5, 2013, the Board accepted the resignation of Sondra Trust as a Director and the Company’s Chief Executive Officer. The Board appointed Nina Goldstein as Chief Executive Officer and Principal Financial Officer.


Other than the foregoing, none of the following persons has any direct or indirect material interest in any transaction to which we were or are a party since the beginning of our last fiscal year, or in any proposed transaction to which we propose to be a party:


(A)  any of our director(s) or executive officer(s);


(B)  any nominee for election as one of our directors;


(C) any person who is known by us to beneficially own, directly or indirectly, shares carrying more than five percent (5%) of the voting rights attached to our Common Stock; or


(D) any member of the immediate family (including spouse, parents, children, siblings and in-laws) of any of the foregoing persons named in paragraph (A), (B) or (C) above.


Other than the foregoing, none of the directors or executive officers of the Company, nor any person who owned of record or was known to own beneficially more than five percent (5%) of the Company’s outstanding shares of its Common Stock, nor any associate or affiliate of such persons or companies, has any material interest, direct or indirect, in any transaction that has occurred during the past fiscal year, or in any proposed transaction, which has materially affected or will affect the Company.


With regard to any future related party transaction, we plan to fully disclose any and all related party transactions in the following manor:


·

Disclosing such transactions in reports where required;

·

Disclosing in any and all filings with the SEC, where required;

·

Obtaining disinterested directors consent; and

·

Obtaining shareholder consent where required.


Director Independence


For purposes of determining director independence, we have applied the definitions set out in NASDAQ Rule 5605(a)(2).  The NASDAQ definition of “Independent Officer” means a person other than an Executive Officer or employee of the Company or any other individual having a relationship which, in the opinion of the Company's Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.


According to the NASDAQ definition, Nina Goldstein is not an independent director because he is also an executive officer of the Company.


Review, Approval or Ratification of Transactions with Related Persons


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.



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ITEM 14.   PRINCIPAL ACCOUNTANT FEES AND SERVICES.


 

 

Year Ended

May 31, 2014

 

Year Ended

May 31, 2013

Audit fees

7,750

9,000

Audit-related fees

0

0

Tax fees

0

0

All other fees

0

0

Total

7,750

9,000


Audit Fees


During the fiscal year ended May 31, 2014, we incurred approximately seven thousand seven hundred fifty dollars ($7,750) in fees to our principal independent accountants for professional services rendered in connection with the audit and reviews of our financial statements for fiscal year ended May 31, 2014.


During the fiscal years ended May 31, 2013, we incurred approximately nine thousand dollars ($9,000) in fees to our principal independent accountants for professional services rendered in connection with the audit and reviews of our financial statements for fiscal year ended May 31, 2013.


Audit-Related Fees


The aggregate fees billed during the fiscal years ended May 31, 2014 and 2013 for assurance and related services by our principal independent accountants that are reasonably related to the performance of the audit or review of our financial statements (and are not reported under Item 9(e)(1) of Schedule 14A was zero dollars ($0) and zero dollars ($0), respectively.


Tax Fees


The aggregate fees billed during the fiscal years ended May 31, 2014 and 2013 for professional services rendered by our principal accountant tax compliance, tax advice and tax planning were zero dollars ($0) and zero dollars ($0), respectively.


All Other Fees


The aggregate fees billed during the fiscal year ended May 31, 2014 and 2013 for products and services provided by our principal independent accountants (other than the services reported in Items 9(e)(1) through 9(e)(3) of Schedule 14A was ($0) and ($0), respectively.


PART IV


ITEM 15.   EXHIBITS.


(a)   Exhibits

 

Exhibit

Number

Description of Exhibit

Filing

 

 

 

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.



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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: December 30, 2015

 

/s/ Nina Goldstein

 

By:

Nina Goldstein

 

Its:

President, Chief Executive Officer, Director 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: December 30, 2015

 

/s/ Nina Goldstein

 

By:

Nina Goldstein

 

Its:

President, Chief Executive Officer, Director Chief Financial Officer











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