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. Mister Goody, Inc. (1515275) 10-K published on Jul 15, 2014 at 4:19 pm
Operating Expenses. For the years ended March 31, 2014 and 2013, our operating expenses were $224,614 and $267,429, respectively and consisted of general and administrative expenses of $224,614 and $252,032 and $0 and $15,397 of management services expenses, respectively. For the years ended March 31, 2014 and 2013, $131,569 and $140,191 of our expenses was non-cash stock-based compensation, respectively.
Cash used in operating activities during the years ended March 31, 2014 and 2013 were primarily related to the net losses of $358,759 and $286,966, respectively, offset by non-cash compensation expense of $131,569 and $140,191; amortization of debt discount of $85,536 and $0, respectively. During the year ended March 31, 2014, net cash provided by financing activities consisted primarily from the issuance of 833,334 shares in September 2013 for $100,000; proceeds from the Convertible notes payable of $250,000 offset by payments made to various related parties for a notes payable of $40,400 and payments made to a shareholder for $18,000 in order to retire the common stock.
The Company does not have an audit committee comprised of independent directors. These functions are performed by the member of our board of directors. The Company’s board of directors currently does not have any pre-approval policies or procedures concerning services performed by McConnell & Jones, LLP. All the services performed by McConnell & Jones, LLP that are described above were pre-approved by the Company’s board of directors.
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The financial statements include the accounts of the Company. Certain amounts in prior periods have been reclassified to conform to the current period.
There are no Accounting Standards Updates that have been issued but not yet adopted as of March 31, 2014, that are expected to significantly impact the presentation or results of operations, cash flows or financial position or disclosures of Mister Goody.