0001019687-13-004454.txt : 20131119 0001019687-13-004454.hdr.sgml : 20131119 20131119115308 ACCESSION NUMBER: 0001019687-13-004454 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131119 DATE AS OF CHANGE: 20131119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global Vision Holdings, Inc. CENTRAL INDEX KEY: 0001497120 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] IRS NUMBER: 272553082 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54050 FILM NUMBER: 131229094 BUSINESS ADDRESS: STREET 1: 19200 VON KARMAN AVE, 6TH FLOOR CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 949-281-6438 MAIL ADDRESS: STREET 1: 19200 VON KARMAN AVE, 6TH FLOOR CITY: IRVINE STATE: CA ZIP: 92612 FORMER COMPANY: FORMER CONFORMED NAME: Versant International, Inc. DATE OF NAME CHANGE: 20120103 FORMER COMPANY: FORMER CONFORMED NAME: Versant International, Inc,. DATE OF NAME CHANGE: 20120103 FORMER COMPANY: FORMER CONFORMED NAME: Shang Hide Consultants Ltd DATE OF NAME CHANGE: 20100721 10-Q 1 gvhi_10q-093013.htm QUARTERLY REPORT

 

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, 2013

or

 

¨ 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 000-54050

 

GLOBAL VISION HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Nevada   27-2553082

(State or Other Jurisdiction of

Incorporation or Organization)

  

(I.R.S. Employer

Identification Number)

   
19200 Von Karman, 6th Floor, Irvine, CA 92612   (949) 281-6438
(Address of Principal Executive Offices) (Zip Code)   (Registrant’s 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.    x Yes    ¨ No

Indicate by checkmark 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).    x 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. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Securities Exchange Act of 1934.

             
Large Accelerated Filer   ¨   Accelerated Filer   ¨
       
Non-Accelerated Filer   ¨     Smaller Reporting Company   x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    ¨ Yes    x No

 

As of November 15, 2013, 72,264,778 shares of the registrant's Class B common stock and 70,000,000 shares of the registrant’s Class A common stock were outstanding.

 

 
 

 

TABLE OF CONTENTS

 

Part I. FINANCIAL INFORMATION  
     
Item 1.    Financial Statements 3
     
  Balance Sheet as of September 30, 2013 and December 31, 2012 3
     
  Statements of Operations for the Nine Months Ended September 30, 2013 and 2012 4
     
  Statements of Cash Flows for the Nine Months Ended September 30, 2013 and 2012 5
     
  Notes to Interim Statements 6
     
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations 9
     
Item 4.   Controls and Procedures 12
     
Part II.   Other Information  
     
Item 1. Legal Proceedings 13
     
Item 2. Recent Sales of Unregistered Securities 13
     
Item 3. Defaults Upon Senior Securities 13
     
Item 4. Submission of Matter to a Vote of Security Holders 13
     
Item 5. Other Information 13
     
Item 6. Exhibits 13
     
Signatures   14

 

2
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Global Vision Holdings, Inc. advises readers that, as of the date of this report, it has not obtained a review of the interim financial statements contained herein by its independent accountant using professional review standards and procedures as required by Rule 10-01(d) of Regulation S-X.

 

Global Vision Holdings, Inc

(formerly Versant International, Inc.)

CONSOLIDATED BALANCE SHEETS

 

   September 30, 2013   December 31, 2012 
   (unaudited)      
ASSETS          
          
Current Assets          
Cash and cash equivalents  $263   $15,883 
Accounts receivable   63,318    8,810 
Inventory   28,486    3,208 
Prepaid expenses   40,742    165,558 
           
Total current assets   132,809    193,459 
           
Furniture and Fixtures, net   20,364      
           
Other Assets          
Deposits   10,075    – 
Goodwill   1,110,076    86,985 
           
Total assets  $1,273,324   $280,444 
           
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)          
           
Current Liabilities          
Accounts payable  $175,113   $40,842 
Advance from shareholder   34,652    – 
Convertible notes, net of discount   558,751    – 
Current portions of promissory notes payable   55,000    – 
Derivative liability   187,707    – 
           
Total current liabilities   1,011,223    40,842 
           
Long-Term Liabilities          
           
Promissory notes payable, net of current portion   785,000    – 
           
Total liabilities   1,796,223    40,842 
           
           
Commitments and Contingencies          
           
Stockholders' Equity (Deficit)          
Preferred stock: 25,000,000 shares authorized ($0.001 par value) none issued and outstanding  $–   $– 
Class A Common stock, $.001 par value, 200,000,000 shares authorized and 70,000,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively   70,000    70,000 
Class B Common stock, $.001 par value, 675,000,000 shares authorized 72,264,778 and 71,570,334 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively   72,264    71,570 
Treasury stock   (1,084,600)   (1,084,600)
Additional paid in capital   3,825,335    3,806,143 
Accumulated deficit   (3,405,898)   (2,623,511)
           
Total stockholders' equity (deficit)   (522,899)   239,602 
           
Total liabilities and stockholders' equity (deficit)  $1,273,324   $280,444 

 

The accompanying notes are an integral part of these financial statements.

 

3
 

 

Global Vision Holdings, Inc.

(formerly Versant International, Inc.)

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30,   September 30,   September 30, 
   2013   2012   2013   2012 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue                    
                     
Net sales  $205,918   $3,804   $428,337   $8,983 
Cost of goods sold   144,506    2,912    288,533    7,046 
                     
Gross margin   61,412    892    139,804    1,937 
                     
Expenses                    
Compensation   64,927    47,419    104,871    2,678,928 
Sales and marketing   1,959    6,652    34,080    12,583 
Professional fees   71,951    35,470    318,012    193,201 
Other general and administrative   17,043    27,279    88,561    63,973 
                     
Total operating expenses   155,880    116,820    545,524    2,948,685 
                     
Loss from operations   (94,468)   (115,928)   (405,720)   (2,946,748)
                     
Other income (expense)                    
Interest expense   (109,705)        (177,493)     
Financing fees   (39,225)        (171,825)     
Loss on change in fair value of derivatives   (10,764)   –    (27,349)   – 
                     
Total other expenses   (159,694)        (376,667)     
                     
Net loss  $(254,162)  $(115,928)  $(782,387)  $(2,946,748)
                     
Net loss per share - basic and diluted  $(0.00)  $(0.00)  $(0.01)  $(0.03)
                     
Weighted average shares outstanding   141,732,371    141,042,772    141,624,346    116,646,165 

 

The accompanying notes are an integral part of these financial statements.

 

4
 

 

Global Vision Holdings, Inc.

(formerly Versant International, Inc.)

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the Nine Months Ended 
   September 30,   September 30, 
   2013   2012 
   (unaudited)   (unaudited) 
Cash Flows from Operating Activities          
           
Net loss  $(782,387)  $(2,946,748)
           
Adjustments to reconcile net income to net cash provided by operating activities:          
           
Stock based compensation   77,917    2,636,197 
Non-cash finance fees and amortization of debt discount   349,318    – 
Loss on change in fair value of derivatives   27,349      
Change in accounts receivable   (54,508)   (959)
Change in prepaid expenses   19,484    (1,391)
Change in inventories   (25,278)   7,944 
Change in deposits   (7,350)   – 
Change in accounts payable   134,271    15,652 
           
Net cash used in operating activities   (261,184)   (289,305)
           
           
Cash Flows from Investing Activities          
Purchase of furniture and fixtures   (20,364)   – 
Cash received in subsidiary acquisition   –    7,821 
           
Net cash provided by (used in) operating activities   (20,364)   7,821 
           
Cash Flows from Financing Activities          
Proceeds from shareholder advances   55,400    – 
Payments on shareholder advances   (20,748)   – 
Proceeds from issuance of convertible promissory notes   370,912    – 
Payments on promissory notes payable   (160,000)   – 
Proceeds from issuances of common stock   –    309,600 
           
Net cash provided by financing activities   245,564    309,600 
           
Net increase in cash and cash equivalents   (15,620)   28,116 
           
Cash and cash equivalents at beginning of the period   15,883    15,000 
           
Cash and cash equivalents at end of the period  $263   $43,116 

 

Supplementary Disclosures of Cash Flow Information

 

The Company did not pay any interest or taxes for the nine months ended September 30, 2013 and 2012, respectively

 

Non-Cash Investing and Financing Activities

 

During the nine months ended September 30, 2013 the Company issued the Seller notes payable totaling $860,000 related to its acquisition of its wholly-owned subsidiary, The Place Media.

 

During the nine months ended September 30, 2013 the Company issued 694,444 shares of Class B common stock for the settlement of convertible promissory notes with a principal balance of $15,000.

 

During the nine months ended September 30, 2012 the Company issued 10,000,000 shares of Class B common stock, valued at $100,000, to acquire the identifiable assets including goodwill along with the assumed liabilities of its wholly-owned subsidiary Mamma's Best, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

5
 

 

GLOBAL VISION HOLDINGS, INC.

(formerly Versant International, Inc.)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

The unaudited condensed consolidated financial statements included herein were prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, disclosures made are adequate to make the information not misleading.

 

In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year.

 

Note 1 – Organization

 

Global Vision Holdings, Inc. (Company) was organized under the laws of the State of Nevada in May 2010.  The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire companies or businesses seeking the perceived advantages of being a publicly held corporation. Prior to the acquisition of Mamma’s Best, LLC in April 2012, the Company was considered to be in the development stage as defined by United States generally accepted accounting principles.

 

In addition to the parent Company, Global Vision Holdings, Inc. operates four wholly-owned subsidiaries: The Place Media, LLC (“The Place Media”); Mamma’s Best LLC (“Mamma’s Best” or “MB”), Strategic Management Consultants, LLC (“Strategic Management” or “SMC”), and Grocers Direct, LLC (“Grocers Direct” or “GD”).

 

One of our principal business objectives has been, and is, to achieve long-term growth potential through acquisitions or combinations with other businesses.

 

In April 2013, we acquired The Place Media, LLC which publishes The Place Magazine, a travel and tourist guide highlighting local attractions, entertainment and restaurants to visitors to the San Diego, Orange County and Los Angeles areas, found in over 600 hotel rooms across Southern California.

 

Through Mamma’s Best, LLC, which we acquired in April 2012, we produce and sell food products. Our Mamma’s Best products are available at well-known organic and natural food retail outlets primarily in Southern California.

 

Strategic Management provides skilled advice for businesses to streamline and make more efficient management and organizational decisions. SMC formulates business strategies and improved operational performance by assessing the organization's current systems and processes; evaluating and recommending appropriate solutions; and ensuring success by mitigating potential risk. SMC provides the necessary resources, at all levels, to implement these new strategies and initiatives from sales and marketing, leadership, strategic partnerships, public relations, branding, financial forecasting and accounting.

 

Grocers Direct provides consulting and representation services for emerging natural food brands in the retail market place.

 

Note 2 – Summary of Significant Accounting Policies

 

Use of Estimates

 

Management makes estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods.  Actual results could vary from these estimates.

 

6
 

 

Principles of Consolidation

 

Our consolidated financial statements consist of our legal parent, Global Vision Holdings, Inc. and our wholly-owned subsidiaries, The Place Media, Mamma’s Best, LLC, Strategic Management Consultants, and Grocers Direct. All inter-company balances and transactions have been eliminated upon consolidation.

 

Cash and Cash Equivalents

 

We maintain our cash at federally insured financial institutions.  Cash equivalents with maturity dates less than 90 days from the date of origination are considered to be cash equivalents for all financial reporting purposes.  We currently have no cash equivalents.

 

Fair Value

 

Cash and other current assets and liabilities are carried at cost which approximates their fair value in accordance with the fair value hierarchy as established by US GAAP. Convertible notes payable, along with their associated derivative conversion liabilities, are estimated at their fair value on as “if-converted” basis on the applicable balance sheet date using a combination of Level 2 and Level 3 inputs within the fair value hierarchy as established by US GAAP. Level 3 fair values are estimated through the use of a Black-Scholes pricing model assuming the instruments will remain convertible throughout the contractual term; historical volatility of 100%; dividend yields of 0.0%; and a risk free rate of 0.1% .

 

Revenue Recognition

 

For our Mamma’s Best subsidiary, we recognize revenues upon delivery of our goods to a customer. This is generally the point at which title and risk of loss is transferred, and when payment has either been received or collection is reasonably assured. Revenues are recorded net of applicable incentives and promotions and include all shipping and handling costs passed to customers.

 

We recognize an allowance for sales returns based upon estimated and known returns. Product returns are recorded as a reduction of net revenues and as a reduction of the accounts receivable balance. When all revenues are collected within the same period, resulting in no outstanding receivables at the balance sheet date, the allowance is reclassified to current liabilities. Since inception, we have had an immaterial amount of our products returned.

 

Through our Grocer’s Direct subsidiary we enter into agreements with our customers to provide product maximization consulting and retail in-store monitoring services for emerging natural food brands. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.

 

Through our The Place Media subsidiary we enter into agreements with our customers to provide advertising space within our Southern California distributed tourism guide. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.

 

Note 3 – Inventory

 

Our inventory is stated at the lower of cost or market using the FIFO method. We have entered into third party production agreements on an as needed basis, correspondingly, there are no purchase commitments related to inventory. As of September 30, 2013 and December 31, 2012 we had finished goods inventory valued at $28,486 and $3,208 held by our wholly-owned subsidiary Mamma’s Best, respectively. Periodic reviews for obsolescence are performed and applicable reserves are recognized. We have not recognized any reserves for obsolete inventory through the period covered by this report.

 

7
 

 

Note 4 – Notes Payable

 

During the nine months ended September 30, 2013, the Company entered into short-term convertible promissory notes in exchange for total cash proceeds of $370,912, which was used in the acquisition of The Place Media as described in Note 6 and to meet working capital obligations.

 

The notes are convertible into Class B shares of common stock, predominantly at a minimum discount of 45% to the lowest trailing market prices ranging from 10-25 days (see Current Report filings on Form 8-K throughout the period ended September 30, 2013 for more detail).

 

As of September 30, 2013 the Company recognized current obligations associated with these notes totaling $558,751 net of discounts of $206,158. The Company also recognized derivative liabilities of $187,707 associated with the variable conversion component of these notes. For the three and nine months ended September 30, 2013 the Company recognized non-cash interest and financing expenses of $148,930 and $349,318, respectively, associated with these notes and also recognized a cumulative loss of $27,349 related to fluctuations in the estimated fair value of the variable conversion component. All of the convertible notes mature prior to September 30, 2013.

 

During the three months ended September 30, 2013 the Company issued 694,444 shares of Class B common stock for the settlement of debt with a principal balance of $15,000.

 

The Company entered into a promissory note with the seller of its wholly-owned subsidiary, The Place Media, totaling $860,000. The note requires payments totaling $60,000 in $5,000 increments for the first twelve months subsequent to the acquisition agreement. The long-term portion of the obligation, totaling $785,000 is subject to certain adjustments as described in the Current Report on Form 8-K filed on April 17, 2013. As of September 30, 2013 the obligation associated with this promissory note totaled $840,000 of which $55,000 is classified as current.

 

Note 5 – Related Party Transactions

 

During the nine months ended September 30, 2013 our officers and key employees provided operating advances totaling $55,400 which are due on demand. As of September 30, 2013 the Company had remaining obligations due to related parties of $34,652.

Note 6 – Acquisition of The Place Media, LLC

 

On April 12, 2013 the Company completed the acquisition, subsequently operated a wholly-owned subsidiary of Global Vision Holdings, Inc, .of all of the assets of a division of Max Communicating Resources, Inc. entitled The Place Media, relating to the production and distribution of magazines and online publications under the series “The Place – The Insider’s Guide to Southern California” (the “Business”). The acquisition was completed pursuant to the terms of an Asset Purchase Agreement, dated as of April 12, 2013 (the “Purchase Agreement”), by and among The Place Media, LLC (“Buyer”, a wholly owned subsidiary of the Company), and Max Communicating Resources, Inc. (“Seller”).

 

Pursuant to the Purchase Agreement, the Company acquired substantially all of the assets relating to the Business for an aggregate purchase price of One Million Dollars ($1,000,000), consisting of (i) an initial cash payment of $140,000 on the Closing Date; (ii) monthly cash payments totaling $60,000 during the year immediately following the Closing; and $800,000 in the form of an additional promissory note.

 

The promissory note issued to the Seller on the Closing Date contains the following material terms: no interest is due under the note except in the event of a default; the amortization schedule calls for semi-annual principal payments commencing March 1, 2014 and ending September 1, 2019 and prepayment is permitted without penalty. In addition, the promissory note provides for potential reductions in the principal amount of the Note of up to $200,000 under certain circumstances. The promissory note is guaranteed by the Company.

 

In the event the Company acquired The Place on January 1, 2013, unaudited revenues associated with The Place for the nine months ended September 30, 2013 would have been approximately $646,000 compared to approximately $670,000 for the fiscal period ended 2012. Unadjusted and unaudited net income for the periods ended September 30, 2013 and 2012 are not currently estimable based on the information available as of the date of this report. The Company has recognized provisional amounts associated with this acquisition that are subject to further adjustment upon completion of the GAAP defined measurement period.

 

Note 7 – Subsequent Events

 

On November 5, 2013, the Company issued an additional 8% convertible promissory note with a cash maturity value of $18,500. The terms of this note, other than principal amount, are substantially the same as those previously reported in a Current Report on Form 8-K filed on November 13, 2013.

 

8
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

This Quarterly Report on Form 10-Q contains certain statements that are not historical facts, including, most importantly, information concerning possible or assumed future results of operations of Global Vision Holdings, Inc. (together with its subsidiaries and affiliates, the “Company”) and statements preceded by, followed by or that include the words “may,” “believes,” “expects,” “anticipates,” or the negation thereof, or similar expressions, which constitute “forward-looking statements” within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E (the “Reform Act”) of the Securities Exchange Act of 1934 (the “Exchange Act”). For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are based on the Company's current expectations and are susceptible to a number of risks, uncertainties and other factors, including the risk factors specifically identified in Section 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

The Company will not undertake and specifically disclaims any obligation to publicly release the result of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. In addition, it is the Company's policy generally not to make any specific projections as to future earnings, and the Company does not endorse any projections regarding future performance that may be made by third parties.

 

The following discussion and analysis provides information which the Company's management believes to be relevant to an assessment and understanding of the Company's results of operations and financial condition. This discussion should be read together with the Company's financial statements and the notes to financial statements, which are included in this report, as well as the Company's Form 10-K for the period ended December 31, 2012.

 

Business Overview & Plan of Operations

 

Overview

 

With our previously disclosed acquisition of The Place Media, LLC during the second quarter of 2013, we currently operate through four wholly owned subsidiaries: The Place Media, LLC, Mamma’s Best, LLC, Grocer’s Direct, LLC and Strategic Management Consultants.

 

The Place Media, LLC

 

The Place Magazines currently reaches over 1.5 million readers each month, distributed in-room and in lobbies of over 600 Southern California hotels, ranging from large Hilton, Radisson and Marriott locations to smaller beach boutique hotels. The magazines include insider tips on places to eat, things to do, as well as customized TV listings for the area and coupons for local attractions and theme parks. Advertisers fall into several categories:

 

·Large theme parks, including Disneyland, Universal Studios Hollywood, Legoland, and Sea World;
·Theaters, such as the Pantages;
·Professional sporting teams, including the Los Angeles Angels of Anaheim;
·Large scale retail venues, including The District of Tustin, Downtown Buena Park and Long Beach Town Center; and
·Restaurants, including The White House, Downtown Disney, Rain Forest Café, House of Blues, Jazz Kitchen, Angelo & Vinci’s and the Patina Group Restaurants.

 

The Place also includes an online presence, with a comprehensive website (www.visittheplace.com) and Facebook page (facebook.com/VisitThePlaceCom) that includes local tips, videos, blogs and ticket giveaways for everything from golf to the circus. For many years, these magazines have introduced visitors to the countless entertainment opportunities here in Southern California. The content of the websites referenced in this Quarterly Report are not incorporated herein by reference and do not constitute a portion of this report.

 

Starting with the June 2013 issues, we implemented some upgrades and improvements to the overall look, tone and feel of The Place. Some of the upgrades include beautiful paper stock, a heavier matte finish cover, perfect binding, and fresh designs that are being constantly updated.

 

9
 

 

In line with our previous quarter’s strategic plan, in the July 2013 issue we launched a new larger size of the magazine to appeal to a greater audience and help bring on more retailers and restaurants as advertisers, and to compete effectively with other publications that we consider competitors in the industry.

 

Mamma’s Best, LLC

 

Through our wholly-owned subsidiary, Mamma’s Best, LLC we sell unique, all natural food products based on family recipes of the subsidiaries’ founders. Through the date of this report all of our sales were from a total of four sauces and marinades available at up to 375 natural and organic food outlets across the Western United States, representing an increase in expansion to new retail locations of approximately 10% relative to the last quarter.

 

Mamma’s Best continues to experience exciting changes. Mamma’s Best products are now sold in all Whole Foods and Sprouts throughout California, as well as other high-end specialty stores. In addition, Mamma’s Best sauces are also sold by the gallon and at certain outlets are used to create prepared foods on display at the meat counters, and are featured in prime placement locations within the grocery section.

 

As discussed in our prior quarter’s expansion plans, we are pleased to announce that Mamma’s Best has rolled out an entirely new product line of six homemade jams, including exciting flavors such as Mango-Habanero, Blackberry-Pear and Acai-Blueberry. These jams are available in the same food outlets across the Western United States as the sauce and marinade product line.

 

Mamma’s Best is also working to expand its product line to include a new line of soups, which is currently in the research and development phase. In addition, Mamma’s Best is working on some new flavors to their line of sauces and marinades.

 

Other Subsidiaries

 

Additionally, our Grocers Direct and Strategic Management Consultants subsidiaries provide marketing, merchandising, and other brand awareness services to small to mid-sized companies in the all-natural wholesale food industry and beyond.

 

We continue to investigate and, if such investigation warrants, seek to acquire additional companies or businesses, which may or may not be in the same industry as our wholly-owned subsidiaries. Our on-going principal business objective for the next 12 months and beyond will be to achieve long-term growth potential through additional business combinations and the operation and growth of our current subsidiaries.

 

The analysis of new business opportunities will be undertaken by or under the supervision of Glen W. Carnes, our Chief Executive Officer and Chairman and Professor John Jackson, an independent director. Mr. Carnes possesses significant investment banking and acquisition experience to enhance our ability to identify acquisition targets. Mr. Carnes has over 16 years of experience and involvement with these types of transactions across a wide array of industries. Correspondingly, we believe the contacts obtained along with the experience in analyzing and accounting for these types of transactions is significantly beneficial in identifying potential acquisition targets.  

 

We presently have seven employees including our sole officer, Glen W. Carnes.

 

10
 

 

Results of Operations

 

Our analysis of the results of operations for the nine month period ended September 30, 2013 reflects the operations of the Company on a consolidated basis. The impact of our acquisition of The Place Media LLC on April 12, 2013 is reflected in the three and nine months ended September 30, 2013, but not in the corresponding prior year periods.

 

For the three and nine months ended September 30, 2013, our revenues increased to $205,918 and $428,337, respectively, representing increases of $188,611 and $419,354 for these periods. These increases represented the impact of our acquisition of The Place Media. Our revenue from The Place Media is derived primarily from advertising revenue and, to a lesser degree, revenue from the placement of physical magazines in hotels and other establishments.

 

Our cost of goods sold increased to $144,506 and $288,533 for the three and nine-month periods ended September 30, 2013, representing increases of $141,594 and $281,487, respectively, in-line with the increased revenue primarily attributable to our acquisition of The Place Media. Our gross margin, as a percentage of Net sales, increased from 23% to 30%, comparing the three-month period ended September 30, 2013 to the corresponding prior year period. Comparing the nine-month period ended September 30, 2013 to the corresponding prior year period, our gross margin as a percentage of Net sales increased from 22% to 33%.

 

Professional fees increased approximately $36,481 and $124,811 from the three and nine months ended September 30, 2012, respectively, primarily due to increased accounting, audit, and legal fees associated with the filing of our annual report for the year ended December 31, 2012 and acquisition expenses associated with our purchase of The Place Media, including due diligence expense.

 

Compensation expense decreased from $2,678,928 for the nine months ended September 30, 2012 to $104,871 for the nine months ended September 30, 2013 since we did not incur significant stock based compensation during the nine months ended September 30, 2013. For the three months ended September 30, 2013, compensation expense increased to $64,927 from $47,419 in the corresponding prior period. With the acquisition of The Place Media, we have implemented initiatives designed to increase efficiency and control employment and consulting costs.

 

In line with our expectations, and despite a slight decrease in costs for the three months ended September 30, 2013 from the comparable 2012 period, other general and administrative increased approximately 38% for the nine month period ended September 30, 2013 compared to prior year period as we implemented the operations of The Place Media.

 

Total other expenses increased significantly for both the three and nine-month periods ended September 30, 2013, from $0 to $159,694 and $376,667, respectively. Total other expense in the 2013 periods related to convertible notes entered into during these periods, which provide for conversion at significant discounts to the market price of the Company’s Class B common stock. All such expense represents non-cash changes in estimated fair value on an “if converted” basis.

 

We plan to grow the presence of The Place magazines in the marketplace, increasing readership and establishing them as a leading travel and visitor magazine.

 

In addition, we are also seeking to expand our geographical presence of Mamma’s Best products throughout the Western United States as well as increase the number of retailers carrying our products. Specifically, Mamma’s Best is now working with UNFI, a large distributor, in effort to reach a larger geographical audience and bring their products to a broader spectrum of consumers within the natural marketplace. We have substantially completed the development of six new all natural jams, and we are working on the development of six uniquely flavored soup offerings to diversify our Mamma’s Best product offerings.

 

Liquidity and Capital Resources

 

Our current working capital and liquidity needs are provided by the operations of The Place Media, Mamma’s Best and Grocer’s Direct; working capital advances from our officers; convertible note financing; and private placements of our common stock.

 

11
 

 

Since we generally purchase inventory on a just in time basis we believe that cash provided by operations will be sufficient to meet our recurring obligations. Additionally, our officers have agreed to defer payment or forgive their outstanding obligations until such time as the Company obtains the appropriate level of operating resources or may accept equity settlements in the future.

 

During the nine months ended September 30, 2013, we raised cash proceeds of $370,912 through the issuance of convertible promissory notes. In the event our current operations, including the operations of The Place Media and Mamma’s Best, are not sufficient to settle these obligations, we will need to raise additional capital.

 

In order to execute our growth strategy and acquire other businesses we may need to raise additional capital. We may raise funds through lending and/or through private placements of our common stock; however, at this time there are no firm future funding commitments by stockholders, management, or other third party investors.

 

Based on the continued availability of our funding sources described herein, we believe that we will have sufficient resources to maintain our on-going operations, at their current levels, for at least the next twelve months.

 

Off-Balance Sheet Arrangements

 

None.

 

Item 4. Controls and Procedures

 

We maintain “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our principal executive officer to allow timely decisions regarding required disclosure.

 

Evaluation of disclosure and controls and procedures.

 

As of September 30, 2013, the Company carried out an evaluation, under the supervision and with the participation of our Principal Executive and Financial Officer of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on the evaluation, the Company's Principal Executive and Financial Officer concluded that the Company's disclosure controls and procedures, which are designed to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and are not operating in an effective manner.

 

Changes in internal controls over financial reporting.

 

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

12
 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

Not applicable.

 

Item 2. Recent Sales of Unregistered Securities

 

During the three months ended September 30, 2013 the Company issued 694,444 shares of Class B common stock for the settlement of debt with a principal balance of $15,000.

 

The Company did not issue any other unregistered securities during the quarter ended September 30, 2013, other than certain convertible notes which have been previously disclosed in Current Reports on Form 8-K.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Submission of Matter to a Vote of Security Holders

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit No. Description
4.1

Form of Promissory Note Issued to Institutional Accredited Investor on August 8, 2013 (incorporated by reference to Exhibit 99.2 to a Form 8-K filed with the Commission on March 12, 2013)

31

Section 302 Certification of Principal Executive and Financial Officer

32

Section 906 Certification of Principal Executive and Financial Officer

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13
 

 

SIGNATURES

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.

 

 

  GLOBAL VISION HOLDINGS, INC.
   
Dated: November 19, 2013 /s/ Glen W. Carnes
  Glen W. Carnes
  Chief Executive Officer and Chairman of the Board
  (Principal Executive, Accounting and Financial Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 EX-31 2 gvhi_10q-ex31.htm CERTIFICATION

EXHIBIT 31

 

PRINCIPAL EXECUTIVE AND ACCOUNTING OFFICER CERTIFICATION

 

I, Glen W. Carnes, certify that:

 

1.I have reviewed this Quarterly Report of Global Vision Holdings, Inc. (the “registrant”) on Form 10-Q for the period ending September 30, 2013;

 

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 registrant as of, and for, the periods presented in this report;

 

4.As the registrant's Principal Executive Officer 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 in 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 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.As the registrant's Principal Executive Officer I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of 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: November 19, 2013

/s/ Glen W. Carnes

Glen W. Carnes

Principal Executive and Accounting Officer

 EX-32 3 gvhi_10q-ex32.htm CERTIFICATION

EXHIBIT 32

  

GLOBAL VISION HOLDINGS, INC.

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES -OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Global Vision Holdings, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Glen W. Carnes the Principal Executive, Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350 (including subsections (a) (b) and (c) thereof), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: November 19, 2013

/s/ Glen W. Carnes

Glen W. Carnes

Principal Executive, Financial and Accounting Officer

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Acquisition of The Place Media, LLC Subsequent Events [Abstract] Subsequent Events Use of Estimates Principles of Consolidation Cash and Cash Equivalents Fair Value Receivables Inventories Revenue Recognition Cost of Goods Sold Selling, General, and Administrative Expenses Goodwill Stock Based Compensation Income Taxes Earnings per Share Reclassifications Going Concern Recent Accounting Pronouncements Finished goods inventory Proceeds from convertible promissory notes Interest rate on notes Maturity date Convertible notes payable Discount on notes Interest and financing expense Loss in fair value of conversion component Promissory note current Promissory note noncurrent Stock issued for settlement of debt, value Stock issued for settlement of debt, shares issued Due to related parties Cost of Goods Sold Expenses Cost of Goods Sold Expenses MammasBestMember Notes payable issued related to acquisition of subsidiary Stock issued for settlement of convertible promissory notes Stock issued for settlement of debt, shares issued Class of Stock [Axis] [Default Label] Assets, Current Assets Liabilities, Current Liabilities Treasury Stock, Value Liabilities and Equity Gross Profit Operating Costs and Expenses Operating Income (Loss) Interest Expense Other Nonoperating Income (Expense) Net Cash Provided by (Used in) Operating Activities Payments to Acquire Furniture and Fixtures Net Cash Provided by (Used in) Investing Activities Repayments of Related Party Debt Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Inventory Disclosure [Text Block] Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] EX-101.PRE 9 gvhin-20130930_pre.xml XBRL PRESENTATION FILE ZIP 10 0001019687-13-004454-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001019687-13-004454-xbrl.zip M4$L#!!0````(`*E>&UL550)``-]EXM2?9>+4G5X"P`!!"4.```$.0$``.Q=;7/;1I+^?E7W'^:T MM;G=*E'""T&04NPM6;(<56Q):]G.[:>M$3`DYPP"#`:@I/SZZQX`Y(`$0;Q1 MEG-.I1**P'0_T]/=T]WSPI__\3CSR(*%@@?^JP/]2#L@S'<"E_N35P>?[WIG M=^=75P?D'Z__\S\(_//S?_5ZY)(SSSTA%X'3N_+'P2FYIC-V0MXQGX4T"L)3 M\H5Z,7X37'*/A>0\F,T]%C%XD'`Z(>;1X)[T>A7(?F&^&X2?/UXMR4ZC:'YR M?/SP\'#D!POZ$(1?Q9$35"-W%\2APY:T)EYP3[T%1U3_UK7?_VI<:"-3T\VC MQS%TY()&\)(!?\,#713\U8'2QP?S*`@GQX:FZYC$^OJ=B11D!EKR_@02>NM&R@?JR=9P\S+W*"U\= M)*_R[%67K;TGF',T"1;'\.`8!ZBGZ3U3SUX/V7@KY,$Q/,U>Y"+H&[I=UK_D MC:Q!+'H32N?+!F,J[N7+Z8,",/`D##PF"MO()P6-_,#WXUDQ+C<*CZ.G.3N& MEWKP%@NYLVRWNU&^`6#`KXO1R2<%Z-Y]^>7J>MD"8#"PP)E\$>WG(#,,5*83 M(57V(QL3J8KSJP9)$^Z51( MWZ<"*D):TZ1NA91:K*%8K/%="BQGL483BS6>SV+_#1'8+/#//2K$V0YQAT<)5N)R>#,)4=-9]@3#*H;M9:=NQG=1X'P] M>^3BX'7VRF:G?SXNI*]B.RX&]SVYGA^C_Z\^=+MMO_G_.-IOOOEH?R/; M_C':?V+;_AYCHIQ)[%](9D_7>[KU_0HI[A:1_[SF;OD_GNBH@V'^N`H+] ML@H(J[3/_G.E??7EW'G:%_L\$7(LW`UISA@5<IT7,D\]W%QFQ[%&>!5+; M3O^6A6)*0R8V&+E\`4+>[#FVOL:"(ZX,;$8(-1"NHRRBJC"]8'XPX_XNMNG0 MR4Y5XUM$.'N>DT(%D6X19G5P13Q2JT^!^4.J7?EN^SQ5_9$4OWYB.77 MLMJI:D!;J:GL+@(GQBCKT].<5>:B:[U_)O35YD5D;Z4QO$U,I3)]U:EMI::R M.X.G+KYQZ=%)939CZ@F6<,@14"F?QV&(7W/A4.]?C(9U^]++9L$R:IL*\!OS MO%_]X,&_`ZT)?.9>"1&#!ZW*]CI0%6`+M4VV7P(O]L$;/LGU/]&0W1J5`O5. 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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenue        
Net sales $ 205,918 $ 3,804 $ 428,337 $ 8,983
Cost of goods sold 144,506 2,912 288,533 7,046
Gross margin 61,412 892 139,804 1,937
Expenses        
Compensation 64,927 47,419 104,871 2,678,928
Sales and marketing 1,959 6,652 34,080 12,583
Professional fees 71,951 35,470 318,012 193,201
Other general and adminstrative 17,043 27,279 88,561 63,973
Total operating expenses 155,880 116,820 545,524 2,948,685
Loss from operations (94,468) (115,928) (405,720) (2,946,748)
Other income (expense)        
Interest expense (109,705) 0 (177,493) 0
Financing fees (39,225) 0 (171,825) 0
Loss on change in fair value of derivatives (10,764) 0 (27,349) 0
Total other expenses (159,694) 0 (376,667) 0
Net loss $ (254,162) $ (115,928) $ (782,387) $ (2,946,748)
Net loss per share - basic and diluted $ 0.00 $ 0.00 $ (0.01) $ (0.03)
Weighted average shares outstanding 141,732,371 141,042,772 141,624,346 116,646,165
XML 13 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
5. Related Party Transactions
 9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

During the nine months ended September 30, 2013 our officers and key employees provided operating advances totaling $55,400 which are due on demand. As of September 30, 2013 the Company had remaining obligations due to related parties of $34,652.
XML 14 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. Organization
 9 Months Ended
Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

Global Vision Holdings, Inc. (Company) was organized under the laws of the State of Nevada in May 2010.  The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire companies or businesses seeking the perceived advantages of being a publicly held corporation. Prior to the acquisition of Mamma’s Best, LLC in April 2012, the Company was considered to be in the development stage as defined by United States generally accepted accounting principles.

 

In addition to the parent Company, Global Vision Holdings, Inc. operates four wholly-owned subsidiaries: The Place Media, LLC (“The Place Media”); Mamma’s Best LLC (“Mamma’s Best” or “MB”), Strategic Management Consultants, LLC (“Strategic Management” or “SMC”), and Grocers Direct, LLC (“Grocers Direct” or “GD”).

 

One of our principal business objectives has been, and is, to achieve long-term growth potential through acquisitions or combinations with other businesses.

 

In April 2013, we acquired The Place Media, LLC which publishes The Place Magazine, a travel and tourist guide highlighting local attractions, entertainment and restaurants to visitors to the San Diego, Orange County and Los Angeles areas, found in over 600 hotel rooms across Southern California.

 

Through Mamma’s Best, LLC, which we acquired in April 2012, we produce and sell food products. Our Mamma’s Best products are available at well-known organic and natural food retail outlets primarily in Southern California.

 

Strategic Management provides skilled advice for businesses to streamline and make more efficient management and organizational decisions. SMC formulates business strategies and improved operational performance by assessing the organization's current systems and processes; evaluating and recommending appropriate solutions; and ensuring success by mitigating potential risk. SMC provides the necessary resources, at all levels, to implement these new strategies and initiatives from sales and marketing, leadership, strategic partnerships, public relations, branding, financial forecasting and accounting.

 

Grocers Direct provides consulting and representation services for emerging natural food brands in the retail market place.
XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
3. Inventory
 9 Months Ended
Sep. 30, 2013
Inventory Disclosure [Abstract]  
Inventory

Our inventory is stated at the lower of cost or market using the FIFO method. We have entered into third party production agreements on an as needed basis, correspondingly, there are no purchase commitments related to inventory. As of September 30, 2013 and December 31, 2012 we had finished goods inventory valued at $28,486 and $3,208 held by our wholly-owned subsidiary Mamma’s Best, respectively. Periodic reviews for obsolescence are performed and applicable reserves are recognized. We have not recognized any reserves for obsolete inventory through the period covered by this report.
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6. Acquisition of The Place Media, LLC
 9 Months Ended
Sep. 30, 2013
Business Combinations [Abstract]  
6. Acquisition of The Place Media, LLC

On April 12, 2013 the Company completed the acquisition, subsequently operated a wholly-owned subsidiary of Global Vision Holdings, Inc, .of all of the assets of a division of Max Communicating Resources, Inc. entitled The Place Media, relating to the production and distribution of magazines and online publications under the series “The Place – The Insider’s Guide to Southern California” (the “Business”). The acquisition was completed pursuant to the terms of an Asset Purchase Agreement, dated as of April 12, 2013 (the “Purchase Agreement”), by and among The Place Media, LLC (“Buyer”, a wholly owned subsidiary of the Company), and Max Communicating Resources, Inc. (“Seller”).

 

Pursuant to the Purchase Agreement, the Company acquired substantially all of the assets relating to the Business for an aggregate purchase price of One Million Dollars ($1,000,000), consisting of (i) an initial cash payment of $140,000 on the Closing Date; (ii) monthly cash payments totaling $60,000 during the year immediately following the Closing; and $800,000 in the form of an additional promissory note.

 

The promissory note issued to the Seller on the Closing Date contains the following material terms: no interest is due under the note except in the event of a default; the amortization schedule calls for semi-annual principal payments commencing March 1, 2014 and ending September 1, 2019 and prepayment is permitted without penalty. In addition, the promissory note provides for potential reductions in the principal amount of the Note of up to $200,000 under certain circumstances. The promissory note is guaranteed by the Company.

 

In the event the Company acquired The Place on January 1, 2013, unaudited revenues associated with The Place for the nine months ended September 30, 2013 would have been approximately $646,000 compared to approximately $670,000 for the fiscal period ended 2012. Unadjusted and unaudited net income for the periods ended September 30, 2013 and 2012 are not currently estimable based on the information available as of the date of this report. The Company has recognized provisional amounts associated with this acquisition that are subject to further adjustment upon completion of the GAAP defined measurement period.
XML 18 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
4. Notes Payable
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Notes Payable

During the nine months ended September 30, 2013, the Company entered into short-term convertible promissory notes in exchange for total cash proceeds of $370,912, which was used in the acquisition of The Place Media as described in Note 6 and to meet working capital obligations.

 

The notes are convertible into Class B shares of common stock, predominantly at a minimum discount of 45% to the lowest trailing market prices ranging from 10-25 days (see Current Report filings on Form 8-K throughout the period ended September 30, 2013 for more detail).

 

As of September 30, 2013 the Company recognized current obligations associated with these notes totaling $558,751 net of discounts of $206,158. The Company also recognized derivative liabilities of $187,707 associated with the variable conversion component of these notes. For the three and nine months ended September 30, 2013 the Company recognized non-cash interest and financing expenses of $148,930 and $349,318, respectively, associated with these notes and also recognized a cumulative loss of $27,349 related to fluctuations in the estimated fair value of the variable conversion component. All of the convertible notes mature prior to September 30, 2013.

 

During the three months ended September 30, 2013 the Company issued 694,444 shares of Class B common stock for the settlement of debt with a principal balance of $15,000.

 

The Company entered into a promissory note with the seller of its wholly-owned subsidiary, The Place Media, totaling $860,000. The note requires payments totaling $60,000 in $5,000 increments for the first twelve months subsequent to the acquisition agreement. The long-term portion of the obligation, totaling $785,000 is subject to certain adjustments as described in the Current Report on Form 8-K filed on April 17, 2013. As of September 30, 2013 the obligation associated with this promissory note totaled $840,000 of which $55,000 is classified as current.
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Stockholders' Equity/ (Deficit)    
Preferred stock par value $ 0.001 $ 0.001
Preferred stock shares authorized 25,000,000 25,000,000
Preferred stock shares issued 0 0
Preferred stock shares outstanding 0 0
Common Class A
    
Stockholders' Equity/ (Deficit)    
Common stock par value $ 0.001 $ 0.001
Common stock authorized 200,000,000 200,000,000
Common stock issued 70,000,000 70,000,000
Common stock outstanding 70,000,000 70,000,000
Common Class B
    
Stockholders' Equity/ (Deficit)    
Common stock par value $ 0.001 $ 0.001
Common stock authorized 675,000,000 675,000,000
Common stock issued 72,264,778 71,570,334
Common stock outstanding 72,264,778 71,570,334
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3. Inventory (Narrative) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Inventory Disclosure [Abstract]    
Finished goods inventory $ 28,486 $ 3,208
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows from Operating Activities    
Net loss $ (782,387) $ (2,946,748)
Stock based compensation 77,917 2,636,197
Non-cash finance fees and amortization of debt discount 349,318 0
Loss on change in fair value of derivatives 27,349 0
Change in accounts receivable (54,508) (959)
Change in prepaid expenses 19,484 (1,391)
Change in inventories (25,278) 7,944
Change in deposits (7,350) 0
Change in accounts payable 134,271 15,652
Net cash used in operating activities (261,184) (289,305)
Cash Flows from Investing Activities    
Purchase of furniture and fixtures (20,364) 0
Cash received in subsidiary acquisition 0 7,821
Net cash provided by (used in) investing activities (20,364) 7,821
Cash Flows from Financing Activities    
Proceeds from shareholder advances 55,400 0
Payments on shareholder advances (20,748) 0
Proceeds from issuance of convertible promissory notes 370,912 0
Payments on promissory notes payable (160,000) 0
Proceeds from issuances of common stock 0 309,600
Net cash provided by financing activities 245,564 309,600
Net increase in cash and cash equivalents (15,620) 28,116
Cash and cash equivalents at beginning of the period 15,883 15,000
Cash and cash equivalents at end of the period 263 43,116
Supplementary Disclosures of Cash Flow Information    
Interest paid 0 0
Taxes paid 0 0
Non-Cash Investing and Financing Activities    
Notes payable issued related to acquisition of subsidiary 860,000 0
Stock issued for settlement of convertible promissory notes 15,000 0
Stock issued in acquisition $ 0 $ 100,000
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CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current Assets    
Cash and cash equivalents $ 263 $ 15,883
Accounts receivable 63,318 8,810
Inventory 28,486 3,208
Prepaid expenses 40,742 165,558
Total current assets 132,809 193,459
Furniture and Fixtures, net 20,364 0
Other Assets    
Deposits 10,075 0
Goodwill 1,110,076 86,985
Total assets 1,273,324 280,444
Current Liabilities    
Accounts payable 175,113 40,842
Advance from shareholder 34,652 0
Convertible notes, net of discount 558,751 0
Current portions of promissory notes payable 55,000 0
Derivative liability 187,707 0
Total current liabilities 1,011,223 40,842
Promissory notes payable, net of current portion 785,000 0
Total liabilities 1,796,223 40,842
Commitments and Contingencies      
Stockholders' Equity/ (Deficit)    
Preferred stock: 25,000,000 shares authorized, $0.001 par value none issued and outstanding 0 0
Treasury stock (1,084,600) (1,084,600)
Additional paid in capital 3,825,335 3,806,143
Accumulated deficit (3,405,898) (2,623,511)
Total stockholders' equity (deficit) (522,899) 239,602
Total liabilities and stockholders' equity (deficit) 1,273,324 280,444
Common Class A
    
Stockholders' Equity/ (Deficit)    
Common stock 70,000 70,000
Common Class B
    
Stockholders' Equity/ (Deficit)    
Common stock $ 71,570 $ 72,264
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2. Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

 

Management makes estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods.  Actual results could vary from these estimates.
Principles of Consolidation

Principles of Consolidation

 

Our consolidated financial statements consist of our legal parent, Global Vision Holdings, Inc. and our wholly-owned subsidiaries, The Place Media, Mamma’s Best, LLC, Strategic Management Consultants, and Grocers Direct. All inter-company balances and transactions have been eliminated upon consolidation.
Cash and Cash Equivalents

 

Cash and Cash Equivalents

 

We maintain our cash at federally insured financial institutions.  Cash equivalents with maturity dates less than 90 days from the date of origination are considered to be cash equivalents for all financial reporting purposes.  We currently have no cash equivalents.
Fair Value

 

Fair Value

 

Cash and other current assets and liabilities are carried at cost which approximates their fair value in accordance with the fair value hierarchy as established by US GAAP. Convertible notes payable, along with their associated derivative conversion liabilities, are estimated at their fair value on as “if-converted” basis on the applicable balance sheet date using a combination of Level 2 and Level 3 inputs within the fair value hierarchy as established by US GAAP. Level 3 fair values are estimated through the use of a Black-Scholes pricing model assuming the instruments will remain convertible throughout the contractual term; historical volatility of 100%; dividend yields of 0.0%; and a risk free rate of 0.1% .
Revenue Recognition

Revenue Recognition

 

For our Mamma’s Best subsidiary, we recognize revenues upon delivery of our goods to a customer. This is generally the point at which title and risk of loss is transferred, and when payment has either been received or collection is reasonably assured. Revenues are recorded net of applicable incentives and promotions and include all shipping and handling costs passed to customers.

 

We recognize an allowance for sales returns based upon estimated and known returns. Product returns are recorded as a reduction of net revenues and as a reduction of the accounts receivable balance. When all revenues are collected within the same period, resulting in no outstanding receivables at the balance sheet date, the allowance is reclassified to current liabilities. Since inception, we have had an immaterial amount of our products returned.

 

Through our Grocer’s Direct subsidiary we enter into agreements with our customers to provide product maximization consulting and retail in-store monitoring services for emerging natural food brands. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.

 

Through our The Place Media subsidiary we enter into agreements with our customers to provide advertising space within our Southern California distributed tourism guide. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.
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5. Related Party Transactions (Narrative) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Related Party Transactions [Abstract]    
Due to related parties $ 34,652 $ 0
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7. Subsequent Events
 9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events

On November 5, 2013, the Company issued an additional 8% convertible promissory note with a cash maturity value of $18,500. The terms of this note, other than principal amount, are substantially the same as those previously reported in a Current Report on Form 8-K filed on November 13, 2013.
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2. Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Use of Estimates

 

Management makes estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods.  Actual results could vary from these estimates.

  

Principles of Consolidation

 

Our consolidated financial statements consist of our legal parent, Global Vision Holdings, Inc. and our wholly-owned subsidiaries, The Place Media, Mamma’s Best, LLC, Strategic Management Consultants, and Grocers Direct. All inter-company balances and transactions have been eliminated upon consolidation.

 

Cash and Cash Equivalents

 

We maintain our cash at federally insured financial institutions.  Cash equivalents with maturity dates less than 90 days from the date of origination are considered to be cash equivalents for all financial reporting purposes.  We currently have no cash equivalents.

 

Fair Value

 

Cash and other current assets and liabilities are carried at cost which approximates their fair value in accordance with the fair value hierarchy as established by US GAAP. Convertible notes payable, along with their associated derivative conversion liabilities, are estimated at their fair value on as “if-converted” basis on the applicable balance sheet date using a combination of Level 2 and Level 3 inputs within the fair value hierarchy as established by US GAAP. Level 3 fair values are estimated through the use of a Black-Scholes pricing model assuming the instruments will remain convertible throughout the contractual term; historical volatility of 100%; dividend yields of 0.0%; and a risk free rate of 0.1% .

 

Revenue Recognition

 

For our Mamma’s Best subsidiary, we recognize revenues upon delivery of our goods to a customer. This is generally the point at which title and risk of loss is transferred, and when payment has either been received or collection is reasonably assured. Revenues are recorded net of applicable incentives and promotions and include all shipping and handling costs passed to customers.

 

We recognize an allowance for sales returns based upon estimated and known returns. Product returns are recorded as a reduction of net revenues and as a reduction of the accounts receivable balance. When all revenues are collected within the same period, resulting in no outstanding receivables at the balance sheet date, the allowance is reclassified to current liabilities. Since inception, we have had an immaterial amount of our products returned.

 

Through our Grocer’s Direct subsidiary we enter into agreements with our customers to provide product maximization consulting and retail in-store monitoring services for emerging natural food brands. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.

 

Through our The Place Media subsidiary we enter into agreements with our customers to provide advertising space within our Southern California distributed tourism guide. We recognize revenue from these arrangements on a monthly basis, subsequent to the agreed upon services being performed, payment is received, or collection is reasonably assured.
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4. Notes Payable (Narrative) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Debt Disclosure [Abstract]          
Proceeds from convertible promissory notes     $ 370,912 $ 0  
Convertible notes payable 558,751   558,751   0
Discount on notes 206,158   206,158    
Derivative liability 187,707   187,707   0
Interest and financing expense 148,930   349,318    
Loss in fair value of conversion component (10,764) 0 (27,349) 0  
Promissory note current 55,000   55,000    
Promissory note noncurrent 840,000   840,000    
Stock issued for settlement of debt, value     $ 15,000 $ 0  
Stock issued for settlement of debt, shares issued     694,444    
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Document And Entity Information
 9 Months Ended
Sep. 30, 2013
Nov. 15, 2013
Document And Entity Information    
Entity Registrant Name Global Vision Holdings, Inc.  
Entity Central Index Key 0001497120  
Document Type 10-Q  
Document Period End Date Sep. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
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 Common Stock, Shares Outstanding   72,264,778
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2013