PR Newswire | Oct 15, 2020 10:31AM EDT

31, 2020 and Provides Shareholder Update

10/15 09:30 CDT

Futuris Company Announces Completion of Audit for the Fiscal Year Ending July 31, 2020 and Provides Shareholder Update FAIRFAX, Va., Oct. 15, 2020

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

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

Corporate Highlights and Shareholder Update:

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

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

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

Investor ContactKCSA Strategic CommunicationsValter Pinto / Allison SossFuturis@KCSA.comPH: (212) 896-1254

BALANCE SHEET

July 31, 2020



ASSETS

July 31, 2020

CURRENT ASSETS

Cash and Cash Equivalents $178,764

Accounts receivables 791,327

Advance to Vendors 53,920

Prepaid expenses 643

Other Current Assets 418,821

Total current assets 1,443,475

PROPERTY AND EQUIPMENT, at cost

Goodwill 1,550,431

Accumulated depreciation and amortization (0)

Total property and equipment, net 1,550,431

Total assets $2,993,906

LIABILITIES AND STOCKHOLDER'S EQUITY

July 31, 2020

CURRENT LIABILITIES

Long Term Loan from Shareholders $2,136,353

Factoring 887,391

Accounts payable 53,600

Promissory Notes payable 653,177

Accrued liabilities 453,939

Other short term liabilities 149,708

Payroll taxes payable 612

Total current liabilities 4,334,780

Total liabilities 4,334,780

STOCKHOLDER'S EQUITY

Common stock, $0.001 par value, 1 billion shares 288,353 authorized, 288,352,964 issued and outstanding

Preferred stock Special 2019 Series A, 1 share 0 authorized, 1 share issued, $0.0001 par value

Preferred stock Series F, 110 shares authorized, 1 0 share issued, $0.0001 par value

Preferred stock, Series G, $0.0001 par value, 20 0 million shares authorized, 30 issued and outstanding

Retained earnings (1,629,227)

Total stockholder's equity (1,340,874)

Total liabilities and stockholder's equity $2,993,906

STATEMENTS OF INCOME

For the Twelve Months Ended July 31, 2020



2020

Revenue Earned

Outsourced contingent workforce 1,041,570

Total revenue earned 1,041,570

Cost of earned revenue

Outsourced contingent workforce 851,917

Total cost of earned revenue 851,917

Gross profit 189,653

General and administrative expenses 87,524

Earnings before interest, taxes, depreciation & amortization 102,129

Non-Operating Income (Expense)

Interest expense (27,396)

Income before taxes on income 74,733

Income tax benefit 0

Net income $74,733

STATEMENT OF CASH FLOWS

Twelve Months Ended July 31, 2020



2020

Cash flows from operating activities:

Net Income $74,527

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization -

Loss on disposal of property and equipment -

Deferred Tax Liability -

Changes in operating assets and liabilities:

Increase in Contract receivables (791,327)

Increase in Other Current Assets (473,384)

Increase in Accounts Payable 53,600

Increase in Other Current Liabilities 604,259

Net cash provided by operating activities (532,325)

Cash flows used in investing activities:

Business Acquisition (1,415,402)

Goodwill paid on Business Acquisition (1,550,431)

Net cash provided by Investing Activities (2,965,833)



Cash flows from financing activities:

Interest Free Loan from Majority Shareholder 2,136,354

Factoring of Contract Receivables 887,390

Issuance of Promissory Notes 653,177

Net cash provided by Financing Activities 3,676,921

Net increase (decrease) in cash and cash equivalents 178,764

Cash and cash equivalents, beginning of period 0

Cash and cash equivalents, end of period $178,764

View original content: http://www.prnewswire.com/news-releases/futuris-company-announces-completion-of-audit-for-the-fiscal-year-ending-july-31-2020-and-provides-shareholder-update-301153337.html

SOURCE Futuris Company