pixy_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): September 18, 2017

 

SHIFTPIXY, INC.

(Exact name of registrant as specified in its charter)

 

Wyoming

47-4211438

(State of incorporation or organization)

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

 

1 Venture, Suite 150, Irvine CA

92618

(Address of principal executive offices)

(Zip Code)

 

888-798-9100

(Registrant’s telephone number, including area code)

 

Commission File No. 001-37954

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 
 

 

Section 7 - Regulation FD

 

Item 7.01 Regulation FD Disclosure.

 

Disclosure of Certain Financial Information

 

ShiftPixy, Inc. (the “Company”), is furnishing as Exhibit 99.1 to this Current Report on Form 8-K, materials which were prepared and posted on our Company website on September 18, 2017. The Company undertakes no obligation to update the attached presentation materials.

 

The information in this Current Report on Form 8-K (including the presentation materials attached as Exhibit 99.1 hereto) is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

This Current Report on Form 8-K does not constitute a determination or an admission by the Company as to the materiality or completeness of any information contained herein.

 

ShiftPixy Policy on Using Social Media to Make Corporate Disclosures and Announce Key Information in Compliance with Regulation FD

 

Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

 

Facebook: http://www.facebook.com/shiftpixy

Twitter: http://www.twitter.com/shiftpixy

LinkedIn: https://www.linkedin.com/company/shiftpixy

YouTube: https://www.youtube.com/channel/UCyWJS08Trwb5ikhtfFoFWTQ/featured (current)

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:

 

Exhibit Number

 

Description

 

 

 

99.1

 

Presentation Materials – September 18, 2017

 

 

2

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

 

 

SHIFTPIXY, INC.

   

 

Date: September 18, 2017

By:

/s/ Scott W. Absher

Scott W. Absher

Chief Executive Officer and Director

 

 

3

 

pixy_ex991.htm

EXHIBIT 99.1

 

ANNUAL RESULTS

 

 

YTD RESULTS

 

 

QUARTERLY RESULTS

 

PROFITABILITY RATIOS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 17

 

 

NINE MONTHS ENDED MAY 16

 

 

THREE MONTHS ENDED MAY 17

 

 

THREE MONTHS ENDED MAY 16

 

GROSS BILLINGS (REVENUE) & NET REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS BILLINGS (REVENUE)

 

$ 50,672,129

 

 

$ 77,661

 

 

$ 93,252,371

 

 

$ 15,605,125

 

 

$ 27,456,730

 

 

$ 13,324,855

 

NET REVENUE

 

$ 8,460,653

 

 

$ 17,705

 

 

$ 15,718,780

 

 

$ 2,574,846

 

 

$ 4,628,362

 

 

$ 2,198,601

 

GROSS PROFIT & GROSS MARGIN:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$ 1,516,429

 

 

$ 6,049

 

 

$ 4,756,786

 

 

$ 1,168,102

 

 

$ 878,013

 

 

$ 975,690

 

GROSS MARGIN

(Gross Profit/Gross Billings)

 

 

3.0 %

 

 

7.8 %

 

 

5.1 %

 

 

7.5 %

 

 

3.2 %

 

 

7.3 %

PROFIT & LOSS RATIOS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

(Net Profit/Net Income)

 

$ (1,854,556 )

 

$ (53,681 )

 

$ (2,470,048 )

 

$ (150,655 )

 

$ (2,709,672 )

 

$ 49,756

 

OPERATING MARGIN

(Net Income/Gross Billings/Revenue)

 

 

-3.7

%

 

 

-69.1

%

 

 

-2.6

%

 

 

-1.0

%

 

 

-9.9

%

 

 

0.4 %

NET INCOME (LOSS) PER SHARE

(Net Income/Share)

 

$ (0.07 )

 

$ (0.00 )

 

$ (0.09 )

 

$ (0.01 )

 

$ (0.10 )

 

$ 0.00

 

 

 

 

ANNUAL RESULTS

 

 

YTD RESULTS

 

BALANCE SHEET RATIOS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS

ENDED MAY 17

 

CURRENT RATIO

(Current Assets/Current Liabilities)

 

 

0.80

 

 

 

6.49

 

 

 

0.51

 

WORKING CAPITAL FUNDS

(Current Assets Less Current Liabilities)

 

$ (328,983 )

 

$ 101,319

 

 

$ (1,037,326 )

LEVERAGE RATIO

(Total Liabilities/Total Assets)

 

 

0.93

 

 

 

0.15

 

 

 

1.43

 

DEBT-TO-EQUITY RATIO

(Total Liabilities/Total Shareholders Funds)

 

 

13.43

 

 

 

0.18

 

 

 

(3.33 )

 

 
1
 
 

 

 

 

ANNUAL RESULTS

 

 

YTD RESULTS

 

BALANCE SHEET RATIOS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 17

 

CURRENT RATIO

(Current Assets/Current Liabilities)

 

 

0.80

 

 

 

6.49

 

 

 

0.51

 

WORKING CAPITAL FUNDS

(Current Assets Less Current Liabilities)

 

$ (328,983 )

 

$ 101,319

 

 

$ (1,037,326 )

LEVERAGE RATIO

(Total Liabilities/Total Assets)

 

 

0.93

 

 

 

0.15

 

 

 

1.43

 

DEBT-TO-EQUITY RATIO

(Total Liabilities/Total Shareholders Funds)

 

 

13.43

 

 

 

0.18

 

 

 

(3.33 )

 

ANNUAL RESULTS

YTD RESULTS

 

 

FYE AUG

2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 17

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

CASH

 

$ 868,532

 

 

$ 103,650

 

 

$ 511,267

 

ACCOUNTS RECEIVABLE

 

$ 56,438

 

 

$ -

 

 

$ 155,995

 

PREPAID EXPENSES

 

$ 342,996

 

 

$ 16,129

 

 

$ 404,820

 

OTHER CURRENT ASSETS

 

$ 73,482

 

 

$ -

 

 

$ 17,470

 

TOTAL CURRENT ASSETS

 

$ 1,341,448

 

 

$ 119,779

 

 

$ 1,089,552

 

FIXED ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

FIXED ASSETS, NET

 

$ 348,773

 

 

$ -

 

 

$ 304,413

 

DEPOSITS AND OTHER ASSETS

 

$ 104,613

 

 

$ -

 

 

$ 93,483

 

TOTAL FIXED ASSETS

 

$ 453,386

 

 

$ -

 

 

$ 397,896

 

TOTAL ASSETS

 

$ 1,794,834

 

 

$ 119,779

 

 

$ 1,487,448

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

ACCOUNTS PAYABLE

 

$ 826,447

 

 

$ 18,460

 

 

$ 578,105

 

PAYROLL RELATED LIABILITIES

 

$ 722,715

 

 

$ -

 

 

$ 1,178,545

 

OTHER CURRENT LIABLILITIES

 

$ 121,269

 

 

$ -

 

 

$ 370,228

 

TOTAL CURRENT LIABILITIES

 

$ 1,670,431

 

 

$ 18,460

 

 

$ 2,126,878

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

OTHER

 

$ -

 

 

$ -

 

 

$ -

 

TOTAL LONG-TERM LOANS

 

$ -

 

 

$ -

 

 

$ -

 

TOTAL LIABILITIES

 

$ 1,670,431

 

 

$ 18,460

 

 

$ 2,126,878

 

 

NET ASSETS

(Assets Less Liabilities - Should Equal Total Shareholders Funds)

 

$ 124,403

 

 

$ 101,319

 

 

$ (639,430 )

 

SHAREHOLDER FUNDS (EQUITY)

 

 

 

 

 

 

 

 

 

 

 

 

COMMON STOCK (PAR VALUE)

 

$ 2,622

 

 

$ 2,528

 

 

$ 2,664

 

ADDITIONAL PAID-IN CAPITAL

 

$ 2,030,018

 

 

$ 152,472

 

 

$ 3,735,891

 

ACCUMULATED DEFICIT

 

$ (1,908,237 )

 

$ (53,681 )

 

$ (4,378,285 )

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$ 1,794,834

 

 

$ 119,779

 

 

$ 1,487,148

 

 

 
2
 
 

 

 

 

ANNUAL RESULTS

 

 

YTD RESULTS

 

 

QUARTERLY RESULTS

 

INCOME STATEMENT HIGHLIGHTS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 17

 

 

NINE MONTHS ENDED MAY 16

 

 

THREE MONTHS ENDED MAY 17

 

 

THREE MONTHS ENDED MAY 16

 

GROSS BILLINGS (REVENUE) & NET REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS BILLINGS (REVENUE)

 

$ 50,672,129

 

 

$ 77,661

 

 

$ 93,252,371

 

 

$ 15,605,125

 

 

$ 27,456,730

 

 

$ 13,324,855

 

NET REVENUE

 

$ 8,460,653

 

 

$ 17,705

 

 

$ 15,718,780

 

 

$ 2,574,846

 

 

$ 4,628,362

 

 

$ 2,198,601

 

GROSS PROFIT & GROSS MARGIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$ 1,516,429

 

 

$ 6,049

 

 

$ 4,756,786

 

 

$ 1,168,102

 

 

$ 878,013

 

 

$ 975,690

 

GROSS MARGIN

(Gross Profit/Gross Billings)

 

 

3.0 %

 

 

7.8 %

 

 

5.1 %

 

 

7.5 %

 

 

3.2 %

 

 

7.3 %

PROFIT & LOSS RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

(Net Profit/Net Income)

 

$ (1,854,556 )

 

$ (53,681 )

 

$ (2,470,048 )

 

$ (150,655 )

 

$ (2,709,672 )

 

$ 49,756

 

NET INCOME (LOSS) PER SHARE

(Net Income/Share)

 

$ (0.07 )

 

$ (0.00 )

 

$ (0.09 )

 

$ (0.01 )

 

$ (0.10 )

 

$ 0.00

 

 

INCOME STATEMENT DETAILS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 17

 

 

NINE MONTHS ENDED MAY 16

 

 

THREE MONTHS ENDED MAY 17

 

 

THREE MONTHS ENDED MAY 16

 

GROSS BILLINGS (REVENUE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS BILLINGS (REVENUE)

 

$ 50,672,129

 

 

$ 77,661

 

 

$ 93,252,371

 

 

$ 15,605,125

 

 

$ 27,456,730

 

 

$ 13,324,855

 

ADJUSTMENTS TO GROSS BILLINGS (REVENUE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ADJUSTMENTS TO GROSS BILLINGS (REVENUE)

 

$ 42,211,476

 

 

$ 59,956

 

 

$ 77,533,591

 

 

$ 13,030,279

 

 

$ 22,828,368

 

 

$ 11,126,254

 

NET REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NET REVENUE

 

$ 8,460,653

 

 

$ 17,705

 

 

$ 15,718,780

 

 

$ 2,574,846

 

 

$ 4,628,362

 

 

$ 2,198,601

 

COST OF REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTOTAL COST OF REVENUE

 

$ 6,944,224

 

 

$ 11,656

 

 

$ 10,961,994

 

 

$ 1,406,744

 

 

$ 3,750,349

 

 

$ 1,222,911

 

GROSS PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

$ 1,516,429

 

 

$ 6,049

 

 

$ 4,756,786

 

 

$ 1,168,102

 

 

$ 878,013

 

 

$ 975,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL OPERATING EXPENSES

 

$ 3,370,985

 

 

$ 59,730

 

 

$ 7,226,834

 

 

$ 1,318,757

 

 

$ 3,587,685

 

 

$ 925,934

 

NET INCOME (LOSS)

 

$ (1,854,556 )

 

$ (53,681 )

 

$ (2,470,048 )

 

$ (150,655 )

 

$ (2,709,672 )

 

$ 49,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

$ (0.07 )

 

$ (0.00 )

 

$ (0.09 )

 

$ (0.01 )

 

$ (0.10 )

 

$ 0.00

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN PER SHARE COMPUTATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC

 

 

25,630,874

 

 

 

24,110,852

 

 

 

26,337,976

 

 

 

25,436,894

 

 

 

26,555,706

 

 

 

25,653,731

 

 

 
3
 
 

 

 

 

ANNUAL RESULTS

 

 

YTD RESULTS

 

STATEMENT OF CASH FLOWS:

 

FYE AUG
2016

 

 

FYE AUG
2015

 

 

NINE MONTHS ENDED MAY 2017

 

 

NINE MONTHS ENDED MAY 2016

 

NET INCOME (LOSS)

 

$ (1,854,556 )

 

$ (53,681 )

 

$ (2,470,048 )

 

$ (150,655 )

ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH USED IN OPERATIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION AND AMORTIZATION

 

$ 23,222

 

 

$ -

 

 

$ 49,021

 

 

$ 12,620

 

STOCK BASED COMPENSATION

 

$ -

 

 

$ -

 

 

$ 328,415

 

 

$ -

 

 

CHANGES IN OPERATING ASSETS AND LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCOUNTS RECEIVABLE

 

$ (56,438 )

 

$ -

 

 

$ (99,557 )

 

$ (93,477 )

PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

$ (400,349 )

 

$ (16,129 )

 

$ (5,812 )

 

$ (307,639 )

OTHER ASSETS

 

$ (104,613 )

 

$ 18,460

 

 

$ 11,430

 

 

$ (117,107 )

ACCCOUNTS PAYABLE

 

$ 807,987

 

 

$ -

 

 

$ (248,342 )

 

$ 360,863

 

PAYROLL RELATED LIABILITIES

 

$ 722,715

 

 

$ -

 

 

$ 455,830

 

 

$ 549,305

 

OTHER CURRENT LIABILITIES

 

$ 121,269

 

 

$ -

 

 

$ 248,959

 

 

 

 

 

NET CASH FLOW FROM OPERATIONS

 

$ (740,763 )

 

$ (51,350 )

 

$ (1,730,104 )

 

$ 253,910

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PURCHASE OF FIXED ASSETS

 

$ (371,995 )

 

$ -

 

 

$ (4,661 )

 

$ (270,186 )

NET CASH FLOW FROM INVESTING ACTIVITIES

 

$ (371,995 )

 

$ -

 

 

$ (4,661 )

 

$ (270,186 )

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROCEEDS FROM THE ISSUANCE OF COMMON STOCK WITH WARRANTS

 

$ 1,872,600

 

 

$ 155,000

 

 

$ 1,377,500

 

 

$ 1,767,641

 

PROCEEDS FROM THE ISSUANCE OF STOCK SUBSCRIPTION RECEIVABLE

 

$ 5,040

 

 

$ -

 

 

$ -

 

 

$ -

 

NET CASH FLOW FROM FINANCING ACTIVITIES

 

$ 1,877,640

 

 

$ 155,000

 

 

$ 1,377,500

 

 

$ 1,767,641

 

NET INCREASE IN CASH

 

$ 764,882

 

 

$ 103,650

 

 

$ (357,265 )

 

$ 1,751,365

 

 

CASH AT BEGINNING OF PERIOD

 

$ 103,650

 

 

$ -

 

 

$ 868,532

 

 

$ 103,650

 

 

CASH AT END OF PERIOD

 

$ 868,532

 

 

$ 103,650

 

 

$ 511,267

 

 

$ 1,855,015

 

 

 

4