0001121781-14-000152.txt : 20140519 0001121781-14-000152.hdr.sgml : 20140519 20140519144429 ACCESSION NUMBER: 0001121781-14-000152 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140131 FILED AS OF DATE: 20140519 DATE AS OF CHANGE: 20140519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDCAREERS GROUP, Inc. CENTRAL INDEX KEY: 0001438901 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 261580812 STATE OF INCORPORATION: NV FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55089 FILM NUMBER: 14854300 BUSINESS ADDRESS: STREET 1: 758 E. BETHEL SCHOOL RD. CITY: COPPELL STATE: TX ZIP: 75019 BUSINESS PHONE: 9723935892 MAIL ADDRESS: STREET 1: 758 E. BETHEL SCHOOL RD. CITY: COPPELL STATE: TX ZIP: 75019 FORMER COMPANY: FORMER CONFORMED NAME: Rx Scripted, Inc. DATE OF NAME CHANGE: 20080630 10-K/A 1 mci10ka233114.htm MEDCAREERS GROUP, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K/A

(Amendment No. 2) 

 

  [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended January 31, 2014

 

  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   

For the transition period from _________________________ to _________________________

 

Commission File Number: 333-152444

 

MEDCAREERS GROUP, INC.

 

(Exact name of Registrant as specified in its charter)

 

     
Nevada   26-1580812
(State of Incorporation)   (Employer Identification No.)

 

 

 

   
758 E. Bethel School Rd., Coppell, Texas   75019
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number:    (972) 393-5892

 

 Securities registered pursuant to Section 12(b) of the Act:

None

 

Securities registered pursuant to Section 12(g) of the Act:

 None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes [ ] No [X]

 

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 [X]

 

 

 

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 [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 [X] No [ ]

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) 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. [X]

1
 

 

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

 

Large accredited filer [ ]   Accredited filer [ ]

 

Non-accredited filer [ ]   Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

 

Yes [ ] No [X]

 

The aggregate market value of common stock, par value $0.001 per share, held by non-affiliates of the registrant, based on the average bid and asked prices of the common stock on January 31, 2014 (the last business day of the registrant’s most recently completed fiscal period covered by this report) was approximately $1.5 million. 

 

Number of common shares outstanding at May 10, 2014: 65,715,368

 

2
 

 

AMENDMENT NO. 2 TO THE ANNUAL REPORT ON FORM 10-K

FOR THE QUARTER ENDED JANUARY 31, 2014

 

EXPLANATORY NOTE

 

The purpose of this Amendment No. 2 to our Annual Report on Form 10-K for the period ended January 31, 2014 as filed with the Securities and Exchange Commission on May 15, 2014 is to furnish Exhibits 101 to the Form 10-K.

 

No changes have been made to the Annual Report other than the furnishing of Exhibit 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB and 101.PRE described above. This Amendment No.2 to Form 10-K does not reflect subsequent events occurring after the original filing date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K, as amended.

 

             In addition, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as a result of this Amended Report, the certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, filed and furnished, respectively as exhibits to the Original Report have been re-executed and re-filed as of the date of this Amended Report and are included as exhibits hereto.

 

 

3
 

 

 

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  

MedCareers Group, Inc.

 

By:  /s/  Timothy Armes

Timothy Armes, Chairman (Director), Chief Executive Officer, President, Secretary and Treasurer

(Principal Executive Officer and Principal Financial/Accounting Officer)

 

Date: May 19, 2014

 

4
 

 

 

EXHIBIT INDEX

 

Exhibit

Number

Description of Exhibit
   
31.1* Certificate of the Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
32.1*

Certificate of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

   
101* XBRL

 

* Filed herewith.

 

 

5
 

EX-31.1 2 ex31one.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Timothy Armes, certify that:

 

1. I have reviewed this Annual Report on Form 10-K/A of MedCareers Group, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;
   
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

   a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
 5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
       

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 19, 2014

 

By: /s/ Timothy Armes

Timothy Armes

Chief Executive Officer

(Principal Executive Officer and Principal Financial/Accounting Officer)

EX-32.1 3 ex32one.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

 

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Timothy Armes, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of MedCareers Group, Inc. on Form 10-K/A for the year ended January 31, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of MedCareers Group, Inc.

 

By:/s/ Timothy Armes

Timothy Armes

Chief Executive Officer

(Principal Executive Officer and Principal Financial/Accounting Officer)

 

May 19, 2014

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Note 5 - Employee Benefit Plans
12 Months Ended
Jan. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Note 5 - Employee Benefit Plans

NOTE 5 – EMPLOYEE BENEFIT PLANS

 

During the years ended January 31, 2014 and 2013, there were no qualified or non-qualified employee pension, profit sharing, stock option, or other plans authorized for any class of employees.

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Note 4 - Stockholders' Equity
12 Months Ended
Jan. 31, 2014
Equity [Abstract]  
Note 4 - Stockholders' Equity

NOTE 4 - STOCKHOLDERS’ EQUITY

 

Preferred Stock:

The Company is authorized to issue 10,000,000 shares of Preferred Stock, having a par value of $0.001 per share.  There are no preferred shares outstanding at January 31, 2014 and 2013.

 

Common Stock:

The Company is authorized to issue 350,000,000 common shares at a par value of $0.001 per share.  These shares have full voting rights.  At January 31, 2014 there were 65,715,368 shares outstanding and 50,125,528 shares outstanding at January 31, 2013.  No dividends were paid in the years ended January 31, 2014 or 2013.  

 

Options and Warrants:

The Company had the following options or warrants outstanding at January 31, 2014:

 

Issued To # Options Dated Expire Strike Price
President and CEO 4,000,000 11/18/2010 11/18/2015 $0.25 per share
Vice President 2,000,000 11/18/2010 11/18/2015 $0.25 per share
Shareholder 127500 08/28/2011 08/28/2016 $0.10 per share
Shareholder 50,000 04/04/2012 04/04/2013 $0.20 per share
Shareholder 8,000 04/27/2012 04/27/2013 $0.20 per share
Shareholder 127,500 04/29/2012 04/29/2017 $0.10 per share
Shareholder 200,000 05/17/2012 05/17/2013 $0.20 per share
Shareholder 50,000 05/22/2012 05/22/2013 $0.20 per share
Shareholder 80,000 05/21/2012 05/21/2013 $0.20 per share
Shareholder 25,000 07/12/2012 07/12/2013 $0.20 per share
Shareholder 25,000 07/10/2012 07/10/2013 $0.20 per share
Shareholder 50,000 08/09/2012 08/09/2013 $0.20 per share
Shareholder 1,000,000 08/31/2012 08/31/2016 $0.12 per share
Shareholder 2,000,000 01/18/2013 01/18/2018 $0.05 per share
Chief Financial Officer 1,000,000 09/23/2013 11/18/2015 $0.25 per share
XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Jan. 31, 2014
Jan. 31, 2013
Current assets:    
Cash and cash equivalents $ 7,299 $ 89,680
Other Current Assets 995 0
Accounts receivable 400 0
Property, Plant and Equipment:    
Equipment 1,799 1,799
Less: Accumulated depreciation (1,799) (1,799)
Total Fixed Assets 0 0
Deferred Fees (net) 0 92,217
TOTAL ASSETS 7,699 181,897
Accounts Payable 61,141 6,918
Accrued Expenses 13,998 11,852
Accounts Payable - Related Parties 246,808 206,585
Accrued Interest Payable 173,444 106,630
Current portion of notes payable 610,650 578,150
Total Current Liabilities 1,106,041 864,396
Long Term Liabilities:    
Notes Payable 610,650 603,150
Less: Current Potion (610,650) (578,150)
Total Long Term Liabilities 0 25,000
Total Liabilities 1,106,041 889,396
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, 1,000 and 1,000 shares issued and outstanding 0 0
Common Stock, $0.001 par value, 350,000,000 shares authorized. 50125000 and 43,315,000 shares issued and outstanding 65,715 50,125
Additional Paid In Capital 4,679,251 3,997,996
Accumulated Deficit (5,843,308) (4,755,621)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (1,098,342) (707,499)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,699 $ 181,897
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 2 - Deferred Fees
12 Months Ended
Jan. 31, 2014
Accounting Policies [Abstract]  
Note 2 - Deferred Fees

NOTE 2 – DEFERRED FEES

 

Deferred fees represent stock issued as fees to make or extend notes payable. Stock issued was valued at the date of issue and amortized over the term of the loan. Deferred fees at January 31, 2014 and 2013 were as follows:

 

    Jan 31, 2014       Jan 31, 2013
Deferred Fees – Net $            0     $      92,217
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Note 3 - Notes Payable
12 Months Ended
Jan. 31, 2014
Debt Disclosure [Abstract]  
Note 3 - Notes Payable

NOTE 3 - NOTES PAYABLE

 

The components of the Company’s debt as of January 31, 2014 and 2013 were as follows:

 

  2014   2013
Note Payable - $100,000, 12% interest payable monthly or accrued, due Nov 4, 2013 $ 100,000     $ 100,000  
Note Payable - $140,000, 12% interest payable monthly or accrued, due Oct 29, 2013 0     140,000  
Note Payable - $50,000, 12% interest payable monthly or accrued, due Oct 29, 2013 50,000     50,000  
Note Payable - $123,150, 12% interest added to note quarterly, due Oct 29, 2013

263,150

    98,150  
Note Payable - $25,000, 12% interest added to note quarterly, due March 11, 2014 0    

25,000

 
Note Payable - $25,000, 12% interest added to note quarterly, due April 30, 2013 25,000     25,000  
Note Payable - $16,000, 12% interest added to note quarterly, due January 31, 2014 16,000     16,000  
Note Payable - $70,000, 12% interest added to note quarterly, due February 4, 2013 0     70,000  
Note Payable - $40,000, 12% interest added to note quarterly, due April 28, 2013 40,000     40,000  
Note Payable - $4,000, 12% interest added to note quarterly, due April 30, 2013 4,000     4,000  
Note Payable - $30,000, 12% interest added to note quarterly, due Nov, 2013 45,000     30,000  
Note Payable - $50,000, 12% interest added to note quarterly, due Nov 5, 2013 5,000     5,000  
Note Payable - $5,000, 12% interest added to note quarterly, due Nov 5, 2013 30,000     0  
Note Payable - $5,000, 12% interest added to note quarterly, due Nov 5, 2013 32,500     0  
Subtotal 610,650     603,150  
Less – currently payable (610,650)     (578,150)  
Long-term debt $          0     $    25,000  
               

 

The Company had accrued interest payable of $173,444 and $89,333 of interest on the notes at January 31, 2014 and 2013 respectively.

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Operations (USD $)
12 Months Ended 61 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Jan. 31, 2014
Income Statement [Abstract]      
Revenue $ 18,374 $ 20,153 $ 59,538
Cost of Sales 55,500 39,414 166,214
Gross Profit (Loss) (37,126) (19,261) (106,676)
Operating Expenses:      
Depreciation and Amortization 265,551 331,556 813,331
Selling and Marketing 36,468 40,526 120,889
General and Administrative 670,308 886,425 3,485,233
Total Operating Expenses 972,327 1,258,507 4,419,453
Net Operating Loss (1,009,453) (1,277,768) (4,526,129)
Other Income (Expense):      
Loss on Disposal of Assets 0 0 (4,087)
Loss on Recapitalization 0 0 (223,454)
Interest Expense (78,235) (70,154) (416,737)
Total Other Income (Expense) (78,235) (70,154) (644,278)
Net Loss $ (1,087,688) $ (1,347,922) $ (5,170,407)
Weighted Average Shares Outstanding, Basic and Diluted 54,457,242 45,893,120  
Basic and Diluted Earnings (Loss) per Share $ (0.02) $ (0.03)  
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
12 Months Ended
Jan. 31, 2014
May 15, 2014
Document And Entity Information    
Entity Registrant Name Medcareers Group, Inc.  
Entity Central Index Key 0001438901  
Document Type 10-K  
Document Period End Date Jan. 31, 2014  
Amendment Flag false  
Current Fiscal Year End Date --01-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 1,500,000
Entity Common Stock, Shares Outstanding   65,715,368
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2013  
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders Equity (USD $)
Common Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Total
Begining balance, APIC at Dec. 31, 2012   $ 2,819,470    
Begining balance, stockholders' equity (deficit) at Dec. 31, 2012     (3,407,669)  
Begining balance, amount at Dec. 31, 2012 43,315      
Begining balance, shares outstanding at Dec. 31, 2012 43,315,000      
Issuance of common stock for cash, shares 3,219,500      
Issuance of common stock for cash, amount 3,220      
Issuance of common stock, APIC   318,780    
Issuance of common stock for services, shares 750,000      
Issuance of common stock for services, amount 750      
Issuance of common stock for services, APIC   74,250    
Issuance of common stock for deferred fees, shares 2,840,528      
Issuance of common stock for deferred fees, amount 2,840      
Issuance of common stock for deferred fees, APIC   307,130    
Rounding   478,367    
Net income (loss)     (1,347,952)  
Ending balance, APIC at Dec. 31, 2013   3,997,997    
Stockholders' equity (deficit) at Dec. 31, 2013     (4,755,621)  
Common stock, amount at Dec. 31, 2013 50,125      
Common stock, shares outstanding at Dec. 31, 2013 50,125,028      
Issuance of common stock for cash, shares 249,000      
Issuance of common stock for cash, amount 249      
Issuance of common stock, APIC   24,651    
Issuance of common stock for services, shares 1,800,000      
Issuance of common stock for services, amount 1,800      
Issuance of common stock for services, APIC   150,200    
Issuance of common stock for deferred fees, shares 1,733,835      
Issuance of common stock for deferred fees, amount 1,733      
Issuance of common stock for deferred fees, APIC   171,601    
Conversion of notes payable to common stock, shares 11,807,505      
Conversion of Notes Payable to Common Stock, amount 11,808      
Conversion of Notes Payable to Common Stock, APIC   334,803    
Rounding   (1) 1  
Net income (loss)     (1,087,688)  
Ending balance, APIC at Dec. 31, 2014   4,679,251    
Stockholders' equity (deficit) at Dec. 31, 2014     (5,843,308)  
Common stock, amount at Dec. 31, 2014 $ 65,715      
Common stock, shares outstanding at Dec. 31, 2014 65,715,368      
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 8 - Going Concern
12 Months Ended
Jan. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 8 - Going Concern and Financial Position

NOTE 8 - GOING CONCERN

 

MedCareers’ financial statements are prepared using United States generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred cumulative losses through January 31, 2014 of $5,006,108 and has a working capital deficit at January 31, 2014 of $1,098,342.Historically, revenues have not been sufficient to cover operating costs that would permit the Company to continue as a going concern. The potential proceeds from the sale of common stock and other contemplated debt and equity financing, and increases in operating revenues from new development and business acquisitions might enable MedCareers to continue as a going concern. There can be no assurance that the Company can or will be able to complete any debt or equity financing, or develop or acquire one or more business interests on terms favorable to it. MedCareers’ financial statements do not include any adjustments that might result from the outcome of this uncertainty.

XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 7 - Commitments and Contingencies
12 Months Ended
Jan. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Note 7 - Commitments and Contingencies

NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

The Company may from time to time be involved with various litigation and claims that arise in the normal course of business.  As of January 31, 2014, no such matters were outstanding.

XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 9 - Recent Accounting Pronouncements
12 Months Ended
Jan. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 9 - Recent Accounting Pronouncements

NOTE 9 – RECENT ACCOUNTING PRONOUNCEMENTS

 

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.

XML 26 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1 - Nature of Activities and Significant Accounting Policies
12 Months Ended
Jan. 31, 2014
Accounting Policies [Abstract]  
Note 1 - Nature of Activities and Significant Accounting Policies

NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Activities, History and Organization – The Company was formed as RX Scripted, LLC on December 30, 2004 as a North Carolina limited liability company and converted to a Nevada corporation as RX Scripted, Inc. on December 5, 2007. On December 16, 2009, an amendment was filed with the State of Nevada to change the name to “MedCareers Group, Inc.” (the “Company” or “MedCareers”) and change the authorized capital of the Company. On November 5, 2010, the Company issued 24,000,000 shares of its common stock in exchange for 100% of Nurses Lounge, Inc. (“Nurses Lounge”), a Texas corporation. As a result of the share exchange, Nurses Lounge became the wholly-owned subsidiary of MedCareers. As a result, the shareholders of Nurses Lounge owned a majority of the voting stock of MedCareers. The transaction was accounted for as a reverse merger whereby Nurses Lounge was considered to be the accounting acquirer as its shareholders retained control of MedCareers after the exchange, although MedCareers is the legal parent company. The share exchange was treated as a recapitalization of MedCareers. As such, Nurses Lounge (and its historical financial statements) is the continuing entity for financial reporting purposes. The financial statements have been prepared as if MedCareers had always been the reporting company and, on the share exchange date, changed its name and reorganized its capital. The Company operates a website for nurses, nursing schools and nurses organizations which enables the respective entities to communicate more easily and efficiently with their members. Significant Accounting Policies:The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application. The application of accounting principles requires the estimating, matching and timing of revenue and expense. The accounting policies used conform to generally accepted accounting principles which have been consistently applied in the preparation of these financial statements.The financial statements and notes are representations of the Company’s management which is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented.Basis of Presentation:The Company prepares its financial statements on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States.Principles of Consolidation:The financial statements include the accounts of MedCareers Group, Inc. as well as Nurses Lounge, Inc. All significant inter-company transactions have been eliminated. All amounts are presented in U.S. Dollars unless otherwise stated.Development Stage Company: The Company complies with ASC No. 915-10 for its characterization of the Company as development stage. F-7Cash and Cash Equivalents:The Company considers all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. At times, cash balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The carrying amount approximates fair market value.Fixed Assets:Fixed assets are carried at cost. Depreciation is provided over each asset’s estimated useful life. Upon retirement and disposal, the asset cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the determination of the net income. Additions and significant improvements are capitalized and depreciated.Advertising Costs:The Company incurred no advertising costs for the years ended January 31, 2014 and 2013.Income Taxes:Income from the corporation is taxed at regular corporate rates per the Internal Revenue Code. Although the Company has tax loss carry-forwards (see Note 7), there is uncertainty as to utilization prior to their expiration. Accordingly, the future income tax asset amounts have been fully reserved by a valuation allowance.Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized when items of income and expense are recognized in the financial statements in different periods than when recognized in the tax return. Deferred tax assets arise when expenses are recognized in the financial statements before the tax returns or when income items are recognized in the tax return prior to the financial statements. Deferred tax assets also arise when operating losses or tax credits are available to offset tax payments due in future years. Deferred tax liabilities arise when income items are recognized in the financial statements before the tax returns or when expenses are recognized in the tax return prior to the financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Use of Estimates:In order to prepare financial statements in conformity with accounting principles generally accepted in the United States, management must make estimates, judgments and assumptions that affect the amounts reported in the financial statements and determine whether contingent assets and liabilities, if any, are disclosed in the financial statements. The ultimate resolution of issues requiring these estimates and assumptions could differ significantly from resolution currently anticipated by management and on which the financial statements are based.Fair Value of Financial Instruments:Pursuant to ASC No. 820, “Fair Value Measurements and Disclosures”, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of January 31, 2014. The Company’s financial instruments consist of cash, accounts payable, advances and notes payable. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments.F-8Revenue Recognition:Revenue from contracts for consulting services with fees based on time and materials or cost-plus are recognized as the services are performed and amounts are earned. The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. For contracts with fixed fees, the Company recognizes revenues as amounts become billable in accordance with contract terms, provided the billable amounts are not contingent, are consistent with the services delivered, and are earned. The Company recognizes revenue in accordance with ASC 605-10, "Revenue Recognition in Financial Statements", (formerly Staff Accounting Bulletin No. 104 (“SAB 104”)). Revenue is recognized when persuasive evidence of an arrangement exists, delivery or service has occurred, the sales price is fixed or determinable and receipt of payment is probable.Earnings per Common Share:Earnings (loss) per share are calculated in accordance with ASC 260 “Earnings per Share”. The weighted average number of common shares outstanding during each period is used to compute basic earnings (loss) per share. Diluted earnings per share are computed using the weighted average number of shares and potentially dilutive common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Potentially dilutive common shares consist of stock options and are excluded from the diluted earnings per share computation in periods where the Company has incurred a net loss, as their effect would be considered anti-dilutive.There were no potentially dilutive common stock equivalents as of January 31, 2014, therefore basic earnings per share equals diluted earnings per share for the year ended January 31, 2014. The Company had 9,743,000 options outstanding at January 31, 2013. As the Company incurred a net loss during the year ended January 31, 2014, the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive. Recently Issued Accounting Pronouncements:The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.  

XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 6 - Income Taxes
12 Months Ended
Jan. 31, 2014
Schedule of Investments [Abstract]  
Note 6 - Income Taxes

NOTE 6 – INCOME TAXES

 

MedCareers Group, Inc. has incurred losses since inception. Therefore, MedCareers has no federal tax liability. Additionally there are limitations imposed by certain transactions which are deemed to be ownership changes. The net deferred tax asset generated by the loss carryforward has been fully reserved. The cumulative net operating loss carryforward is about $5,006,108 at January 31, 2013 of which $4,898,674 is available for carryforward for federal income tax purposes and will expire in fiscal years 2026 to 2029. At January 31, 2014 and 2013, the deferred tax asset consisted of the following:

 

    2014     2013  
Deferred tax asset:            
   Net operating loss   $ 1,665,549     $ 1,295,735  
   Less valuation allowance     (1,665,549 )     (1.295,735 )
   Net deferred tax asset   $            0     $          0  
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