Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Mr. Amazing Loans Corp (1627811) 10-Q published on Apr 17, 2019 at 3:39 pm
Management has evaluated their plans for the next 12 months and as a result of the plans, the Company believes that it can meet all its obligations at least through April 2020. Management has been utilizing the cash flow from loan repayments for working capital needs and plans to continue to do so, until funding under our new loan facility from a related party is received. See Note 5 for details. This will provide sufficient cash flow through at least April 2020. On April 1, 2019, the Company announced that its Board of Directors approved a stock repurchase program authorizing the open market repurchase of up to $2,000,000 of its common stock. This share repurchase program expires on December 31, 2019. Management does not intend to repurchase a significant number of shares pursuant to the stock repurchase program.
MARCH 31, 2019
From time to time, the Company may be involved in legal proceedings in the normal course of its business. The Company is not involved in any material legal proceedings at the present time.
In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in this Update affect the amendments in Update 2016-02, which are not yet effective, but for which early adoption upon issuance is permitted. For entities that early adopted Topic 842, the amendments are effective upon issuance of this Update, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective date and transition requirements in Topic 842. Adoption of these changes had no material impact on the consolidated financial statements.
During the three months ended March 31, 2019 and three months ended March 31, 2018, the Company incurred compensation expense to Mr. Mathieson, the Company’s President, Chief Executive Officer, Chief Financial Officer and sole director, and a significant stockholder of the Company under professional consulting contracts of $300,000 and $300,000 respectively.
During the three months ended March 31, 2019 and three months ended March 31, 2018, the Company incurred compensation expense to our previously employed Chief Operating Officer of $0 and $57,500, respectively.
We have a history of reporting recurring losses and have not generated positive net cash flows from operations. During 2018 and we completed a private placement of our preferred stock in exchange for which we received an aggregate of $360,000, which we used to finance our operations and offer personal loans to our customers.