Futuris Company Announces Completion of Audit for the Fiscal Year Ending July 31, 2020 and Provides Shareholder Update

FAIRFAX, Va., Oct. 15, 2020 /PRNewswire/ -- Futuris Company (OTC: FTRS) ("Futuris" or the "Company"), a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies, today announced the completion of the audit of its Consolidated Annual Financial Statements for the fiscal year ending July 31, 2020. An independent auditor and PCOAB registered accounting firm, BF Borgers CPA PC, completed the audit of the Company's financial statements within the guidelines of Generally Accepted Accounting Principles (GAAP). The results have been filed with the SEC in a Form 8-K accessible here.

"In addition to the closing of our share exchange agreement, name and symbol change, the filing of our audited financials will provide us flexibility to continue to execute on our M&A growth strategy. During this period of completing all of our corporate governance initiatives, we successfully closed on our first acquisition, Pioneer Global, and remain in active due diligence to close several other similar synergistic acquisitions. We look forward to providing our shareholders with continued updates during our quarterly and annual financial reporting periods at minimum," stated Kalyan Pathuri, President of Futuris Company.

Corporate Highlights and Shareholder Update:

• On June 29, 2020, a change in control of Mission Mining Company entered into a definitive share exchange agreement by and between Futuris.
• Following its share exchange agreement, the Company successfully completed its corporate name and ticker symbol change to Futuris Company and "FTRS."
• Closed on the acquisition of Pioneer Global, a US staffing services company providing a variety of staffing solutions to various businesses and organizations, helping them improve their business performance through cutting-edge technologies. Pioneer Global has a trailing twelve month sales of approximately $5 million.
• Announced signing of Head of Terms for an exclusive equity investment agreement with The Private Office of Mr. John Bernard for $10 million in exchange for a 15% post-money ownership stake on a fully diluted basis, whom the Company remains in active due diligence with and is subject to the satisfactory completion of due diligence to close.
• The Company effectuated a 1 for 3 reverse stock split as of the record date August 20, 2020. As of October 13, 2020, the Company had 288,352,964 common shares outstanding.
• Revenue for the fiscal year 2020 totaled approximately $1.0 million

About Futuris Company
Futuris is a Human Capital Management (HCM) company focused on the acquisition and operation of executive search, staffing and consulting companies that specialize in professional service verticals such as medical, accounting/finance, information technology, recruitment process outsourcing (RPO), and human resources. The Company is committed to building a global staffing company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.

Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

Investor Contact
KCSA Strategic Communications
Valter Pinto / Allison Soss
Futuris@KCSA.com
PH: (212) 896-1254

BALANCE SHEET
July 31, 2020
ASSETS
		July 31, 2020
CURRENT ASSETS
Cash and Cash Equivalents	$	178,764
Accounts receivables		791,327
Advance to Vendors		53,920
Prepaid expenses		643
Other Current Assets		418,821
Total current assets		1,443,475
PROPERTY AND EQUIPMENT, at cost
Goodwill		1,550,431
Accumulated depreciation and amortization		(0)
Total property and equipment, net		1,550,431
Total assets	$	2,993,906
LIABILITIES AND STOCKHOLDER'S EQUITY
		July 31, 2020
CURRENT LIABILITIES
Long Term Loan from Shareholders	$	2,136,353
Factoring		887,391
Accounts payable		53,600
Promissory Notes payable		653,177
Accrued liabilities		453,939
Other short term liabilities		149,708
Payroll taxes payable		612
Total current liabilities		4,334,780
Total liabilities		4,334,780
STOCKHOLDER'S EQUITY
Common stock, $0.001 par value, 1 billion shares authorized, 288,352,964 issued and outstanding		288,353
Preferred stock Special 2019 Series A, 1 share authorized, 1 share issued, $0.0001 par value		0
Preferred stock Series F, 110 shares authorized, 1 share issued, $0.0001 par value		0
Preferred stock, Series G, $0.0001 par value, 20 million shares authorized, 30 issued and outstanding		0
Retained earnings		(1,629,227)
Total stockholder's equity		(1,340,874)
Total liabilities and stockholder's equity	$	2,993,906

 

STATEMENTS OF INCOME
For the Twelve Months Ended July 31, 2020
		2020
Revenue Earned
Outsourced contingent workforce		1,041,570
Total revenue earned		1,041,570
Cost of earned revenue
Outsourced contingent workforce		851,917
Total cost of earned revenue		851,917
Gross profit		189,653
General and administrative expenses		87,524
Earnings before interest, taxes, depreciation & amortization		102,129
Non-Operating Income (Expense)
Interest expense		(27,396)
Income before taxes on income		74,733
Income tax benefit		0
Net income	$	74,733

 

STATEMENT OF CASH FLOWS
Twelve Months Ended July 31, 2020
		2020
Cash flows from operating activities:
Net Income	$	74,527
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		-
Loss on disposal of property and equipment		-
Deferred Tax Liability		-
Changes in operating assets and liabilities:
Increase in Contract receivables		(791,327)
Increase in Other Current Assets		(473,384)
Increase in Accounts Payable		53,600
Increase in Other Current Liabilities		604,259
Net cash provided by operating activities		(532,325)
Cash flows used in investing activities:
Business Acquisition		(1,415,402)
Goodwill paid on Business Acquisition		(1,550,431)
Net cash provided by Investing Activities		(2,965,833)
Cash flows from financing activities:
Interest Free Loan from Majority Shareholder		2,136,354
Factoring of Contract Receivables		887,390
Issuance of Promissory Notes		653,177
Net cash provided by Financing Activities		3,676,921
Net increase (decrease) in cash and cash equivalents		178,764
Cash and cash equivalents, beginning of period		0
Cash and cash equivalents, end of period	$	178,764

 

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SOURCE Futuris Company