10-Q 1 f10qamssep2014finalcopycopy.htm AMS 10Q SEPTEMBER 2014 AMS 10Q September 2014


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549







FORM 10-Q








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




For the quarterly period ended:  

September 30, 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:

333-160031










All Marketing Solutions, Inc.

(fka Patents Professional, Inc.)



(Exact name of registrant as specified in its charter)









Nevada



26-3895737


(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)








112 North Curry Street, Carson City, NV   89703



(Address of principal executive offices)   (Zip Code)









775-321-8206



(Registrants telephone number, including area code)




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 |X| 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).                                                                                         Yes[  ]  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.

Large accelerated filer  [  ]

 Accelerated filer [   ]

Non-accelerated filer [   ]  (Do not check if a smaller reporting company)     

    Smaller reporting company [X]


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


Yes || No |X_|

The number of shares outstanding of the Registrant's Common Stock as September 30, 2014 was 104,710,000 shares of common stock, $0.001 par value, issued and outstanding.










ALL MARKETING SOLUTIONS, INC.

(fka Patents Professional, Inc.)

QUARTERLY REPORT ON FORM 10-Q

INDEX









Page



Number


PART I





Item 1

Financial Statements

3




Item 2

Managements Discussion and Analysis of Financial Condition and Results of Operations

10




Item 3

Quantitative and Qualitative Disclosures About Market Risk

12




Item 4

Controls and Procedures

12








PART II





Item 1

Legal Proceedings

13




Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

14




Item 3

Defaults Upon Senior Securities

14




Item 4

(Removed and Reserved)

14




Item 5

Other Information

14




Item 6

Exhibits

14














ALL MARKETING SOLUTIONS, INC.

(FKA Patents Professional, Inc.)

(A Development Stage Company)


CONDENSED INTERIM FINANCIAL STATEMENTS


September 30, 2014


Unaudited












CONDENSED INTERIM BALANCE SHEETS


CONDENSED INTERIM STATEMENTS OF OPERATIONS


CONDENSED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)


CONDENSED INTERIM STATEMENTS OF CASH FLOWS


NOTES TO UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

 


ALL MARKETING SOLUTIONS, INC.
(FKA Patents Professional, Inc.)
(A Development Stage Company)
     
CONDENSED INTERIM BALANCE SHEETS
Unaudited

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Cash

$

3,156

$

139

TOTAL CURRENT ASSETS

$

3,156

$

139

 

 

 

 

 

FIXED ASSETS

 

 

 

 

Software, less impairment

 

-    

 

-    

TOTAL FIXED ASSETS

$

-    

$

-    

 

 

 

 

 

TOTAL ASSETS

$

3,156

$

139

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Accounts payable and accrued liabilities

$

86,103

$

35,242

Accounts payable - related party

 

24,600

 

15,700

Loans from related party

 

86,537

 

32,251

TOTAL CURRENT LIABILITIES

$

197,240

$

83,193

 

 

 

 

 

STOCKHOLDERS' EQUITY/(DEFICIT)

 

 

 

 

Capital stock 

 

 

 

 

Authorized 

 

 

 

 

    200,000,000 shares of common stock, $0.001 par value,

 

 

 

 

Issued and outstanding 

 

 

 

 

104,710,000 and 100,560,000 shares at September 30, 2014 & Dec 31, 2013 respectively

$

104,710

$

100,560

      Additional Paid in Capital

 

960,610

 

(95,240)

Deficit accumulated during the development stage

 

(1,259,404)

 

(88,374)

TOTAL STOCKHOLDERS' EQUITY/(DEFICIT)

$

(194,084)

$

(83,054)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)

$

3,156

$

139

 

The accompanying notes are an integral part of these financial statements




ALL MARKETING SOLUTIONS, INC.

(FKA Patents Professional, Inc.)

(A Development Stage Company)












CONDENSED INTERIM STATEMENTS OF OPERATIONS

Unaudited























 

 

Three months ended September 30, 2014

 

Three months ended September 30, 2013

 

Nine months ended September 30, 2014

 

Nine months ended September 30, 2013

 

Cumulative results from inception (December 17, 2008) 30, 2014

REVENUE






















Revenues

$

-

$

-

$

-

$

-

$

-

Total Revenues

$

-

$

-

$

-

$

-

$

-












EXPENSES






















Impairment of fixed asset

$

-

$

-

$

1,000,000

$

-

$

1,000,000

Office and general


75,400


750


162,030


3,515


184,691

Professional Fees


1,500


1,500


4,500


3,000


65,253

      - related party


1,500


1,500


4,500


6,000


18,700

Total Expenses

$

78,400

$

4,050

$

1,171,030

$

12,515

$

1,268,644



 

 

 

 

 

 

 

 

 

NET LOSS

$

(78,400)

$

(3,750)

$

(1,171,030)

$

(12,515)

$

(1,268,644)












BASIC AND DILUTED LOSS PER COMMON SHARE

$

-

$

-

$

(0.01)

$

-














WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

104,710,000

 

100,560,000

 

104,533,810

 

393,307,253

























The accompanying notes are an integral part of these financial statements



ALL MARKETING SOLUTIONS, INC.
(FKA Patents Professional, Inc.)
(A Development Stage Company)
           
CONDENSED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
From inception (December 17, 2008) to September 30, 2014

 

Unaudited

 

Common Stock

 

Additional Paid-in Capital

 

Share Subscriptions Receivable

 

Deficit accumulated during the development stage

 

Total

 

Number of shares

 

Amount

 

 

 

 

Balance at inception on December 17, 2008

-    

$

-    

$

-    

$

-

$

-    

$

-

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended December 31, 2008

 

 

 

 

 

 

 

 

(1,630)

 

(1,630)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2008

-    

$

-    

$

-    

$

-    

$

(1,630)

$

(1,630)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock issued for $9,500 cash at $0.00000417 per share in September, 2009

2,280,000,000

 

2,280,000

 

(2,270,500)

 

-    

 

-    

 

9,500

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2009

-    

 

-    

 

-    

 

-    

 

(23,497)

 

(23,497)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2009

2,280,000,000

$

2,280,000

$

(2,270,500)

$

-    

$

(25,127)

$

(15,627)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2010

-    

 

-    

 

-    

 

-    

 

(15,660)

 

(15,660)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2010

2,280,000,000

$

2,280,000

$

(2,270,500)

$

-    

$

(40,787)

$

(31,287)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2011

-    

 

-    

 

-    

 

-    

 

(13,978)

 

(13,978)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2011

2,280,000,000

$

2,280,000

$

(2,270,500)

$

-    

$

(54,765)

$

(45,265)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock issued for cash at $0.000125 per share in March, 2012 

40,560,000

 

40,560

 

(35,490)

 

(5,070)

 

-    

 

-    

 

 

 

 

 

 

 

 

 

 

 

 

Subscription Received

-    

 

-    

 

-    

 

5,070

 

-    

 

5,070

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2012

-    

 

-    

 

-    

 

-    

 

(25,034)

 

(25,034)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2012

2,320,560,000

$

2,320,560

$

(2,305,990)

$

-    

$

(79,799)

$

(65,229)

 

 

 

 

 

 

 

 

 

 

 

 

Share Redemption for $10 cash on Feb 6, 2013

(2,220,000,000)

 

(2,220,000)

 

2,210,750

 

 

 

9,240

 

(10)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2013

-    

 

-    

 

 

 

 

 

(17,815)

 

(17,815)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2013

100,560,000

 

100,560

 

(95,240)

 

-    

 

(88,374)

 

(83,054)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock issued for Capital Acquisition, for $0.25 per share, on January 8, 2014

4,000,000

 

4,000

 

996,000

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock issued for cash at $0.40 per share in May, 2014

150,000

 

150

 

59,850

 

 

 

 

 

60,000

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended September 30, 2014

 

 

 

 

 

 

 

 

(1,171,030)

 

(1,171,030)

Balance, September 30, 2014

104,710,000

$

104,710

$

960,610

$

-    

$

(1,259,404)

$

(194,084)

On February 5, 2013 the company approved a forward stock split of 240:1, which has been retrospectively reflected above.

The accompanying notes are an integral part of these financial statements


ALL MARKETING SOLUTIONS, INC.
(FKA Patents Professional, Inc.)
(A Development Stage Company)

CONDENSED INTERIM STATEMENTS OF CASH FLOWS
Unaudited

 

 

Nine months ended September 30, 2014

 

Nine months ended September 30, 2013

 

December 17, 2008 (inception) to September 30, 2014

 OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

$

(1,171,030)

$

(12,515)

$

(1,268,644)

Adjustment to reconcile net loss to net cash

 

 

 

 

 

 

used in operating activities

 

 

 

 

 

 

Impairment of software source code

 

1,000,000

 

-    

 

1,000,000

Prepaid expenses

 

-    

 

-    

 

-    

Expenses paid on company's behalf by related party vendor

 

-    

 

7,165

 

10,535

Expenses paid on company's behalf by shareholder

 

54,286

 

10

 

76,002

Increase (decrease) in accrued expenses

 

59,761

 

5,245

 

110,703

 

 

 

 

 

 

 

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

$

(56,983)

$

(95)

$

(71,404)

 

 

 

 

 

 

 

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

$

-    

$

-    

$

-    

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Proceeds from sale of common stock

 

60,000

 

(10)

 

71,404

Loan from related party

 

-    

 

-    

 

-    

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

$

60,000

$

(10)

$

71,404

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

$

3,017

$

(105)

$

-    

 

 

 

 

 

 

 

CASH, BEGINNING OF PERIOD

$

139

$

244

$

-    

 

 

 

 

 

 

 

CASH, END OF PERIOD

$

3,156

$

139

$

-    

 

 

 

 

 

 

 

Supplemental cash flow information and noncash financing activities:

 

 

 

 

 

 

Cash paid for:

 

 

 

 

 

 

Interest

$

-    

$

-    

$

-    

 

 

 

 

 

 

 

Income taxes

$

-    

$

-    

$

-    

 

 

The accompanying notes are an integral part of these financial statements


ALL MARKETING SOLUTIONS, INC.

(FKA Patents Professional, Inc.)

(A Development Stage Company)

 NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS


September 30, 2014


NOTE 1 CONDENSED FINANCIAL STATEMENTS


The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2014, and for all periods presented herein, have been made.


Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2013 audited financial statements.  The results of operations for the periods ended September 30, 2014 and the same period last year are not necessarily indicative of the operating results for the full years.


NOTE 2 GOING CONCERN


The Companys financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern.  This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $194,084, an accumulated deficit of $1,259,404 and net loss from operations since inception of $1,268,644. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company.  There can be no assurance that the Company will be successful in either situation in order to continue as a going concern.  The Company is funding its initial operations by way of issuing Founders shares.


In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.


The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.


NOTE 3 - IMPAIRMENT OF FIXED ASSET


On January 8, 2014, the Company, completed the acquisition of, and exclusive rights in and to, computer source code related to software applications for the management of Internet cloud storage services in exchange for 4,000,000 shares of Common Restricted Stock at a value of  $0.25 per share for the source and object code forms of the software applications.



Within the guidelines of the ASC, it was deemed that this acquisition of an intangible fixed asset of $1,000,000, did not pass the quantitive test of impairment and it has accordingly been written down to a zero balance.


NOTE 4 CAPITAL STOCK


The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share.  No preferred shares have been authorized or issued.


On September 30, 2009, the President was issued 2,280,000,000 common shares for $9,500 cash, which was received on October 8, 2009.


In March, 2012 the Company issued 40,560,000 common shares for cash of $5,070.


On February 5, 2013 the Company approved that the 75,000,000 authorized common shares be increased to 200,000,000 authorized common shares


On February 5, 2013 the company approved a 240:1 forward stock split, which has been retroactively stated throughout.


On February 6, 2013 the Company redeemed 2,220,000,000 common shares (9,250,000 pre-split) for $10 cash. This resulted in a reduction in the Accumulated Deficit of $9,240. The stock was cancelled.


On January 8, 2014, the Company issued 4,000,000 common shares in exchange for a capital acquisition, at $0.25 per share.


On May 15, 2014, the Company issued 150,000 common shares for cash of $60,000.


As of September 30, 2014, the Company has not granted any stock options and has not recorded any stock-based compensation.


As of September 30, 2014, 104,710,000 (100,560,000 as of December 31, 2013) common shares were issued and outstanding.



NOTE 5 LOAN PAYABLE RELATED PARTY LOANS


At September 30, 2014 the Company received a loan from related parties totaling $111,137 ($47,951 at December 31, 2013) of which $24,600 ($15,700 at December 31, 2013) were for expenses paid on behalf of the company by a vendor and $86,537 ($32,251 at December 31, 2013) were for expenses paid on behalf of a shareholder. These amounts are payable on demand and without interest.


NOTE 6 - CONSULTING AGREEMENT


On March 19, 2014 the Company entered into a consulting agreement to develop software development.  The terms of agreement are for 9 months at $25,000 per month with effect from April 1, 2014


NOTE 7 - RECENT ACCOUNTING PRONOUNCEMENTS


The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the companys financial statement.



NOTE 8 - SUBSEQUENT EVENTS


The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were available to be issued and has determined that there are no further events to disclose.


ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance.  Forward looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions or words which, by their nature, refer to future events.  You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report.  These forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.


Overview


All Marketing Solutions, Inc. (fka Patents Professional, Inc.) ("the Company", our or "we") was incorporated in the State of Nevada as a for-profit company on December 17, 2008.  We are a development-stage Company formed in order to enter into the international market for patent consulting and technology transfer services.


Results of Operation


The Company had $nil revenues for the three month period ended September 30, 2014 as compared to $nil revenues for the three month period ended September 30, 2013. Total expenses for the three month period ended September 30, 2014 were $78,400 comprised of Impairment of fixed asset expense of $nil, Office and general expense of $75,400, Professional fees of $1,500 and Related party expense of $1,500 resulting in a net loss of $78,400 as compared to total expenses of $3,750 comprised of Impairment of fixed asset expense of $nil, Office and general expense of $750, Professional fees of $1,500 and Related party expense of $1,500 resulting in a net loss of $3,750 for the three months ended September 30, 2013.


Total expenses for the nine month period ended September 30, 2014 were $1,171,030 comprised of Impairment of fixed asset expense of $1,000,000, Office and general expense of $162,030, Professional fees of $4,500 and Related party expense of $4,500 resulting in a net loss of $1,171,030 as compared to total expenses of $12,515 comprised of Impairment of fixed asset expense of $nil, Office and general expense of $3,515, Professional fees of $3,000 and Related party expense of $6,000 resulting in a net loss of $12,515 for the nine months ended September 30, 2013.



Liquidity and Capital Resources


The Company has not yet generated any revenue from its operations.  We had $3,156 in cash during the quarter ended September 30, 2014 and $139 during the fiscal year ended December 31, 2013. We incurred net loss in the amount of $78,400 and $3,750 during the quarter ended September 30, 2014 and September 30, 2013 respectively. Operating expenses since inception date were in the amount of $1,268,644. These operating expenses were comprised of Impairment of fixed asset, professional fees, office and general expense and Related party expense.


Our current cash holdings will not satisfy our liquidity requirements and we will require additional financing to pursue our planned business activities.  We have registered 4,000,000 of or our common stock for sale to the public.  Our registration statement became effective on November 1, 2011and we are still in the process of seeking equity financing to fund our operations over the next 12 months.  





Management still believes that if subsequent private placements are successful, we will generate sales revenue within the following twelve months thereof. However, additional equity financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.


The Company has raised $9,500 in cash to initiate its business plan through the sale of its common stock.  The amount raised from our stock offering is insufficient and we still will need additional cash to continue to implement our business plan.  If we are unable to raise it, we will either suspend marketing operations until we do raise the cash, or cease operations entirely. Other than as described in this paragraph, we have no other financing plans.

Over the next 12 months after this registration statement becomes effective the company must (a) raise capital, (b) identify several specific, high growth technology markets, (c) identify qualified institutional customers who require commercial applications of these technologies, (d) identify and sign revenue sharing agreements with clients who are capable of providing these commercial applications in the form of patentable inventions, products, techniques or processes, (e) start the process of preparing and filing our initial patent applications and finally (f) enter licensing agreements with our first customers.

The company intends to hire an independent third party patent consultant to perform all aspects pertaining to the filing of its clients patent applications and marketing consultants to identify institutional customers who are seeking our patented technologies.  We also expect to hire an independent consultant to develop our web site and computer systems within 60 days after the termination of the sale of shares through this registration statement.

The dependence on hiring the appropriate third parties to perform essential services could result in a material adverse effect on the companys potential future operations and, consequently, on the companys business, operating results and financial condition. Further, such third party contractors have no fiduciary duty to our shareholders and may not perform these services as expected. The capacity of certain third parties for these services may be limited for economic or other reasons. Their inability to provide these services could have a material adverse effect upon the results of our operations and financial condition.


We intend to hire third party professionals using the Internet mostly for initial research. First and foremost we will need to find law firms that specialize in patent applications, and further define what expertise a patent attorney may have in a specific field related to the product we want to patent. Some patent lawyers may have expertise in intellectual property (IP) others in engineering or other specialty fields.  The Company also intends to hire, on a consulting basis, marketing experts in the particular fields in which products the Company is thinking of patenting a product. These experts product knowledge could range from board games to IP to the building industry; the requirement for experts is based completely on the products the Company is presented with for consideration.


Industry professionals would be able to give our firm a better educated opinion of the market feasibility of a product. Attorneys, engineers, business consultants, and marketing specialist would simply charge a fee for their services that the Company would pay; these services would make up a part of the services our firm would offer to potential clients besides financial assistance. It is possible in some circumstances that our professional third party consultants may be interested in offering their services for a royalty on the licensing or sale of the patent.   

The company anticipates qualifying its first clients and signing revenue sharing exclusivity agreements with them within 120 days after the termination of the sale of shares through this registration statement.. The company expects to start the process of filing its first patent applications within 180 days after the termination of the sale of shares through this registration statement.

Concurrently with the filing of our first patent applications, we plan on hire a marketing consultant with experience in the technology transfer and sales industry to begin the sales and marketing of our patented. We anticipate that we may be able to hire this consultant within approximately 270 days of after the termination of the sale of shares through this registration statement. The company




anticipates that our sales cycle (the length of time between initial customer contact and sale completion) to be a minimum of 90 days. We anticipate that we may sign our first licensing agreements within 360 days after the termination of the sale of shares through this registration statement.

We do not currently have any employees and management does not plan to hire employees at this time. We do not expect the purchase or sale of any significant equipment and has no current material commitments.





Limited Operating History; Need for Additional Capital


There is no historical financial information about us upon which to base an evaluation of our performance. We are a development stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources.



Capital Resources


If All Marketing Solutions is unsuccessful in raising the additional proceeds through a private placement offering it will then have to seek additional funds through debt financing, which would be highly difficult for a new development stage company to secure. Therefore, the company is highly dependent upon the success of the anticipated private placement offering and failure thereof would result in All Marketing Solutions having to seek capital from other sources such as debt financing, which may not even be available to the company. However, if such financing were available, because All Marketing Solutions is a development stage company with no operations to date, it would likely have to pay additional costs associated with high risk loans and be subject to an above market interest rate. At such time these funds are required, management would evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage the debt load. If All Marketing Solutions cannot raise additional proceeds via a private placement of its common stock or secure debt financing it would be required to cease business operations. As a result, investors in All Marketing Solutions common stock would lose all of their investment. 


Off Balance Sheet Arrangement


The company is dependent upon the sale of its common shares to obtain the funding necessary to carry its business plan.  Our President, Nikola Pizurica has undertaken to provide the Company with operating capital to sustain its business over the next twelve month period, as the expenses are incurred, in the form of a non-secured loan. However, there is no contract in place or written agreement securing these agreements.  Investors should be aware that Mr. Pizurica expression is neither a contract nor agreement between him and the company.


Other than the above described situation the Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Not required.


ITEM 4. CONTROLS AND PROCEDURES


Evaluation of Disclosure Controls and Procedures





Based upon an evaluation of the effectiveness of disclosure controls and procedures, our principal executive and financial officer  has concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were not effective.  As reported in our Annual Report on Form 10-K for the year ended December 31, 2013, the Companys principal executive and financial officer has determined that there are material weaknesses in our disclosure controls and procedures.


The material weaknesses in our disclosure control procedures are as follows:


1.           Lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions.


2.            Audit Committee and Financial Expert. The Company does not have a formal audit committee with a financial expert, and thus the Company lacks the board oversight role within the financial reporting process.


We intend to initiate measures to remediate the identified material weaknesses including, but not necessarily limited to, the following:


 

 Establishing a formal review process of significant accounting transactions that includes participation of the Chief Executive Officer, the Chief Financial Officer and the Companys corporate legal counsel.


 

 Form an Audit Committee that will establish policies and procedures that will provide the Board of Directors a formal review process that will among other things, assure that management controls and procedures are in place and being maintained consistently.





Changes in Internal Controls over Financial Reporting


As reported in our Annual Report on Form 10-Q for the quarter ended September 30, 2014, management is aware that there a significant deficiency and a material weakness in our internal control over financial reporting and therefore has concluded that the Companys internal controls over financial reporting were not effective as of September 30, 2014. The significant deficiency relates to a lack of segregation of duties due to the small number of employees involvement with general administrative and financial matters.  The material weakness relates to a lack of formal policies and procedures necessary to adequately review significant accounting transactions.


There have not been any changes in the Company's internal control over financial reporting during the quarter ended September 30, 2014 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.  




PART II - OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


The Company is not a party to any pending legal proceedings, and no such proceedings are known to be contemplated.





No director, officer, or affiliate of the issuer and no owner of record or beneficiary of more than 5% of the securities of the issuer, or any security holder is a party adverse to the small business issuer or has a material interest adverse to the small business issuer.



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


        None.



ITEM 3. DEFAULTS UPON SENIOR SECURITIES


        None



ITEM 4. (REMOVED AND RESERVED)



ITEM 5. OTHER INFORMATION


    None





ITEM 6. EXHIBITS



3.1

Articles of Incorporation of All Marketing Solutions, Inc. (fka Patents Professional, Inc.) (incorporated by reference from our Registration Statement on Form S-1 filed on June 17, 2009)



3.2

Bylaws of All Marketing Solutions, Inc. (fka Patents Professional, Inc.) (incorporated by reference from our Registration Statement on Form S-1 filed on June 17, 2009)



31.1

Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer



31.2

Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer *



32.1

Section 1350 Certification of Chief Executive Officer



32.2

Section 1350 Certification of Chief Financial Officer **



101.INS

XBRL Instance Document



101.SCH

XBRL Taxonomy Extension Schema Document



101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document



101.DEF

XBRL Taxonomy Extension Definition Linkbase Document



101.LAB

XBRL Taxonomy Extension Label Linkbase Document



101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document


 *     Included in Exhibit 31.1

**    Included in Exhibit 32.1

                                   





SIGNATURES


Pursuant to the requirements of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

                       


All Marketing Solutions, Inc. (fka Patents Professional, Inc.)



BY:/s/ Nikola Pizurica

Nikola Pizurica

President, Secretary Treasurer, Principal Executive Officer,

Principal Financial Officer

Dated:  November 10, 2014