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EX-31.2 - BAHAMAS CONCIERGE, INC.ex31-02.htm
EX-31.1 - BAHAMAS CONCIERGE, INC.ex31-01.htm
EX-32.1 - BAHAMAS CONCIERGE, INC.ex32-01.htm




UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

________________


FORM 10-Q

________________

 

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


For the quarterly period ended November 30, 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.

[a12854001.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, Florida 33323

(Address of principal executive offices)

 

Phone:  (954) 295-9754

(Registrant’s telephone number)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ. 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). þYes     ¨ No


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


Large accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer ¨

Smaller reporting company þ


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


As of January 26, 2016, there were 5,062,500 shares of the registrant’s $.001 par value Common Stock issued and outstanding.






BAHAMAS CONCIERGE, INC.*


TABLE OF CONTENTS


  

Page

 

 

PART I.                FINANCIAL INFORMATION

3

  

 

ITEM 1.

FINANCIAL STATEMENTS

3

 

 

 

ITEM 2.

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

10

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

13

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

14

  

 

PART II.              OTHER INFORMATION

15

  

 

ITEM 1.

LEGAL PROCEEDINGS

15

 

 

 

ITEM 1A.

RISK FACTORS

15

 

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

15

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

15

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

15

 

 

 

ITEM 5.

OTHER INFORMATION

15

 

 

 

ITEM 6.

EXHIBITS

16



Special Note Regarding Forward-Looking Statements


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


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









PART I - FINANCIAL INFORMATION

 

ITEM 1.     FINANCIAL STATEMENTS


Bahamas Concierge, Inc.

Condensed Balance Sheets

(Expressed in US dollars)


 

 

November 30,

2014

$

 

May 31,

2014

$

 

 

(Unaudited)

 

 

ASSETS

 

 

 

 

 

 

 

 

 

Cash

 

64

 

166

 

 

 

 

 

Total Assets

 

64

 

166

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

70,939

 

65,437

Due to related parties

 

936

 

936

Total current liabilities

 

71,875

 

66,373

Notes payable- related party

 

137,161

 

137,161

 

 

 

 

 

Total Liabilities

 

209,036

 

203,534

 

 

 

 

 

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 November 30, 2014 and May 31, 2014, respectively.

 

5,063

 

5,063

Additional paid-in capital

 

40,461

 

40,423

Accumulated deficit

 

(254,496)

 

(248,854)

 

 

 

 

 

Total Stockholders’ Deficit

 

(208,972)

 

(203,368)

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

64

 

166



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



3




Bahamas Concierge, Inc.

Condensed Statements of Operations

(Expressed in US dollars)

(Unaudited)


 

 

For the three months ended

November 30,

 

For the six months ended

November 30,

 

2014

$

 

2013

$

 

2014

$

 

2013

$

 

 

 

 

 

 

 

 

 

Revenues

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

51

 

5,272

 

102

 

6,962

Professional fees

 

-

 

14,085

 

-

 

26,085

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

51

 

19,357

 

102

 

33,047

 

 

 

 

 

 

 

 

 

Loss from operations

 

(51)

 

(19,357)

 

(102)

 

(33,047)

 

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(2,755)

 

(2,492)

 

(5,540)

 

(4,698)

 

 

 

 

 

 

 

 

 

Total other (expense)

 

(2,755)

 

(2,492)

 

(5,540)

 

(4,698)

 

 

 

 

 

 

 

 

 

Net Loss

 

(2,806)

 

(21,849)

 

(5,642)

 

(37,745)

 

 

 

 

 

 

 

 

 

Net Loss per Share – Basic and Diluted

 

(0.00)

 

(0.00)

 

(0.00)

 

(0.01)

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding – Basic and Diluted

 

5,062,500

 

5,062,500

 

5,062,500

 

5,062,500



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



4




Bahamas Concierge, Inc.

Condensed Statements of Cashflows

(Expressed in US dollars)

(Unaudited)


 

 

For the six months ended

 

November 30,

 

2014

 

2013

 

$

 

$

Operating Activities

 

 

 

 

 

 

 

 

 

Net loss

 

(5,642)

 

(37,745)

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

 

 

 

 

Imputed interest

 

38

 

171

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

5,502

 

5,486

Due to related parties

 

-

 

-

Net Cash Used In Operating Activities

 

(102)

 

(32,088)

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

 

Proceeds from related parties

 

-

 

26,065

Net Cash Provided by Financing Activities

 

-

 

26,065

 

 

 

 

 

Decrease in Cash

 

(102)

 

(6,023)

 

 

 

 

 

Cash – Beginning of Period

 

166

 

11,878

Cash – End of Period

 

64

 

5,855

 

 

 

 

 

Supplemental Disclosures

 

 

 

 

Interest paid

 

-

 

-

Income tax paid

 

-

 

-



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




5




Bahamas Concierge, Inc.

Notes to Condensed Financial Statements

For the Three and Six Months Ended November 30, 2014 and 2013


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 November 30, 2014, the Company has not recognized any revenue, and has a working capital deficit of $71,811 and an accumulated deficit of $254,496. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.


2.   Summary of Significant Accounting Policies


a)

Basis of Presentation


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


b)

Use of Estimates


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


c)

Cash and cash equivalents


The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. As at November 30, 2014 and May 31, 2014, 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 during the three and six months period ended November 30, 2014 and 2013.



6




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 november 30, 2014 and May 31, 2014:


 

 

Fair Value Measurements at November 30, 2014

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Realized Loss

Totals

$

-

$

-

$

-

$

-

 

 

 

 

 

Fair Value Measurements at May 31, 2014

 

 

Level 1

 

Level 2

 

Level 3

 

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. During the three and six months period ended November 30, 2014 and 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.


g)

Recent Accounting Pronouncements


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.




7





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 – 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 year after the date that the financial statements are issued (or available to be issued). The amendments in this 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 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 this 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 $17,500 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 3, 2014, the Company recorded accrued interest of $5,245, which was recorded as accrued liabilities.

b)

On July 1, 2011, the Company issued a $5,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 3, 2014, the Company recorded accrued interest of $1,419, which was recorded as accrued liabilities.

c)

On July 5, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 3, 2014, the Company recorded accrued interest of $5,655 , which was recorded as accrued liabilities.

d)

On October 24, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. , which was recorded as accrued liabilities.

e)

On April 10, 2012, the Company issued a $25,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at May 3, 2014, the Company recorded accrued interest of $5,151 , which was recorded as accrued liabilities.

f)

On May 3, 2014, the debtor of the above notes payable in a total of $87,500 (See Note 3, $17,500 on May 3, 2011; $5,000 on July 1, 2011; $20,000 on July 5, 2011; $20,000 on October 4, 2011; and $25,000 on April 10, 2012) sold the debts plus accrued interest of $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.




8




4.   Convertible Debts


On October 10, 2013, the Company issued a convertible note of $20,000 to a related party, the immediate family member of President and Director of the Company. The note accrues interest at 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 Company’s common stock at a conversion price of $0.25 per share. As at May 5, 2014, the Company recorded accrued interest of $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 $20,000 plus accrued interest of $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)

As at November 30, 2014, the Company owes $936 (May 31, 2014 - $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 13, 2014, the Company owes $2,065 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 was unsecured, non-interest bearing, and due on demand. On May 13, 2014, the debt of $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 13, 2014, the Company owes $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 $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 8%.  It has been expensed and recorded as additional paid-in capital of $38 and $52 at six months ended November 30, 2014 and 2013, respectively.


During May, 2014, following the debt sales of a total of $137,161 (See Note 3, $17,500 on May 3, 2011; $5,000 on July 1, 2011; $20,000 on July 5, 2011; $20,000 on October 4, 2011; $25,000 on April 10, 2012; and accrued interest of $22,681 on May 3, 2014; See Note 5 b) and c), $2,065 and $4,348, respectively, on May 13, 2014; See note 4, $20,000 and accrued interest of $567 on May 5, 2014) including accrued interest of $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 8% and matures in May, 2016. As at November 30, 2014 and May 31, 2014, the Company recorded accrued interest of $6,369 and $867 which has been recorded as accrued liabilities.


6.   Common Shares


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


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


On August 21, 2013, an amendment to the articles of incorporation was filed to increase the total authorized common stock from 290,000,000 shares of common stock, par value $0.001, to 1,000,000,000 shares of common stock.


7.   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.



9




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


FORWARD-LOOKING STATEMENTS


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


Company Overview


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


As requests for concierge services become more popular, our goal is to become a leading provider of concierge services. We would like to highlight everything that the Bahamas has to offer, whether offering our services to local permanent residents or visitors that are only in town for a couple of days.  We believe that the key factors that will enable us to effectively grow in the concierge industry will be our intended competitive pricing on services offered, our customer service, our marketing strategies and the training and quality control of all future employees that may represent 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



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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.


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.


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.’


RESULTS OF OPERATIONS


Comparison of Three Months Periods Ended November 30, 2014 and November 30, 2013


Operating Revenues


Operating revenues since the Company’s inception has been $nil.  


Operating Expenses and Net Loss


During the three months ended November 30, 2014, the Company incurred operating expenses of $51 compared with $19,357 for the three months ended November 30, 2013.  The decrease in operating expenses was primarily attributed to decrease in professional fees.


For the three months ended November 30, 2014, the Company incurred a net loss of $2,806 compared with a net loss of $21,849 for the three months ended November 30, 2013.  In addition to operating expenses, the Company incurred interest expense of $2,755 and $2,492, respectively for the three months ended November 30, 2014 and 2013 primarily related to the $137,161 of outstanding notes payable which bear interest at 8% per annum.


Comparison of Six Months Periods Ended November 30, 2014 and November 30, 2013


Operating Revenues


Operating revenues since the Company’s inception has been $nil.  




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Operating Expenses and Net Loss


During the six months ended November 30, 2014, the Company incurred operating expenses of $102 compared with $33,047 for the six months ended November 30, 2013.  The decrease in operating expenses was primarily attributed to decrease in professional fees.


For the six months ended November 30, 2014, the Company incurred a net loss of $5,642 compared with a net loss of $37,745 for the six months ended November 30, 2013.  In addition to operating expenses, the Company incurred interest expense of $5,540 and $4,698, respectively for the six months ended November 30, 2014 and 2013 primarily related to the $137,161 of outstanding notes payable which bear interest at 8% per annum.


Working Capital


  

November 30, 2014

$

 

May 31, 2014

$

Current Assets

64

 

166

Current Liabilities

71,875

 

66,373

Working (Deficit)

(71,811)

 

(66,207)


Cash Flows


  

Six months ended November 30,

2014

$

 

Six months ended November 30,

2013

$

Cash Flows (used in) Operating Activities

(102)

 

(32,088)

Cash Flows provided by Financing Activities

-

 

26,065

Net (decrease) in Cash During Period

(102)

 

(6,023)


Liquidity and Capital Resources


As at November 30, 2014, the Company had a cash balance and total assets of $64 compared with cash balance and total assets of $166 as at May 31, 2014.  The decrease in cash and total assets were attributed to the minimum fund received from related party loans during the period.  


As at November 30, 2014, the Company had total liabilities of $209,036 compared with $203,534 as at May 31, 2014.  The increase was attributed to an increase of $5,502 in accrued interest of notes payable due to a related party.  


As at November 30, 2014, the Company had a working capital deficit of $71,811 compared with a working capital deficit of $66,207 as at May 31, 2014.  The increase in working capital deficit was attributed to an increase in accrued interest for the related party loan.


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.




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Critical Accounting Policies


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

 

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


Recently Issued Accounting Pronouncements


In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. 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 this update are applied retrospectively. The early adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company.


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 – 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 year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.


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.


ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


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




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ITEM 4.     CONTROLS AND PROCEDURES


Evaluation of Disclosure Controls and Procedures


Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of November 30, 2014, due to the material weaknesses resulting from the Board of Directors not currently having any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K, and controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements.

 

Changes in Internal Control over Financial Reporting

 

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

 

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



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PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS


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


ITEM 1A.     RISK FACTORS


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


ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


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


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


The convertible loan of $20,000 issued on October 10, 2013 to a related party matured on March 3, 2014 (See Note 4). 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 after the maturity date. On May 5, 2014, the Debtor sold the principal balance of $20,000 plus accrued interest of $567 to MGRD, Inc. who is owned by a related party, an immediate family member of Chief Executive Officer and Director of the Company.


On May 13, 2014, the Company owed the Chief Executive Officer and Director of the Company in the amount of $4,348 and the former Chief Executive Officer and Director of the Company in the amount of $2,065. The debts for a total of $6,413 were 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.


ITEM 3.     DEFAULTS UPON SENIOR SECURITIES


None.


ITEM 4.     MINE SAFETY DISCLOSURES


Not Applicable.


ITEM 5.     OTHER INFORMATION


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


On August 21, 2013, an amendment to the articles of incorporation was filed to increase the total authorized common stock from 290,000,000 shares of common stock, par value $0.001, to 1,000,000,000 shares of common stock.


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.



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ITEM 6.     EXHIBITS


Exhibit

Number

 

Description of Exhibit

 

Filing

3.01

 

Articles of Incorporation

 

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

3.02

 

Bylaws

 

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

10.01

 

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

 

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

10.02

 

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

 

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

10.03

 

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

 

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

10.04

 

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

 

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

10.05

 

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

 

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

14.01

 

Code of Ethics

 

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

31.01

 

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

 

Filed herewith.

31.02

 

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

 

Filed herewith.

32.01

 

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

 

Filed herewith.

101.INS*

 

XBRL Instance Document

 

Filed herewith.

101.SCH*

 

XBRL Taxonomy Extension Schema Document

 

Filed herewith.

101.CAL*

 

XBRL Taxonomy Extension Calculation Linkbase Document

 

Filed herewith.

101.LAB*

 

XBRL Taxonomy Extension Labels Linkbase Document

 

Filed herewith.

101.PRE*

 

XBRL Taxonomy Extension Presentation Linkbase Document

 

Filed herewith.

101.DEF*

 

XBRL Taxonomy Extension Definition Linkbase Document

 

Filed herewith.


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



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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:  January 25, 2016


 

 

/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:  January 25, 2016


 

 

/s/ Nina Goldstein

 

By:

Nina Goldstein

 

Its:

President, Chief Executive Officer,

Director Chief Financial Officer




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