CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
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Nov. 30, 2015
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May 31, 2015
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Current Assets: | ||
Cash and equivalents | $ 1,040,939us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 19,194us-gaap_CashAndCashEquivalentsAtCarryingValue |
Accounts receivable, net | 22,944,887us-gaap_AccountsReceivableNetCurrent | 18,759,616us-gaap_AccountsReceivableNetCurrent |
Deferred financing, net | 1,838,474us-gaap_DeferredFinanceCostsCurrentNet | 1,151,434us-gaap_DeferredFinanceCostsCurrentNet |
Prepaid expenses and other current assets | 993,993us-gaap_PrepaidExpenseCurrent | 1,023,453us-gaap_PrepaidExpenseCurrent |
Total Current Assets | 26,818,293us-gaap_AssetsCurrent | 20,953,697us-gaap_AssetsCurrent |
Property and equipment, net | 613,744us-gaap_PropertyPlantAndEquipmentNet | 506,005us-gaap_PropertyPlantAndEquipmentNet |
Goodwill | 14,209,716us-gaap_Goodwill | 8,399,786us-gaap_Goodwill |
Intangible assets, net | 12,552,253us-gaap_IntangibleAssetsNetExcludingGoodwill | 10,568,862us-gaap_IntangibleAssetsNetExcludingGoodwill |
Other assets | 2,295,195us-gaap_OtherAssetsNoncurrent | 1,903,905us-gaap_OtherAssetsNoncurrent |
Total Assets | 56,489,201us-gaap_Assets | 42,332,255us-gaap_Assets |
Current Liabilities: | ||
Accounts payable and accrued expenses | 10,446,535us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent | 7,090,856us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent |
Accounts payable and accrued expenses - related parties | 50,000us-gaap_AccountsPayableRelatedPartiesCurrent | 175,000us-gaap_AccountsPayableRelatedPartiesCurrent |
Accrued payroll and taxes | 5,165,872us-gaap_EmployeeRelatedLiabilitiesCurrent | 4,015,594us-gaap_EmployeeRelatedLiabilitiesCurrent |
Convertible notes payable, net | 1,507,772us-gaap_ConvertibleNotesPayableCurrent | 202,068us-gaap_ConvertibleNotesPayableCurrent |
Promissory notes | 3,109,304us-gaap_NotesPayableCurrent | 1,646,442us-gaap_NotesPayableCurrent |
Earn-out liabilities | 1,579,690us-gaap_BusinessCombinationContingentConsiderationLiabilityCurrent | 270,180us-gaap_BusinessCombinationContingentConsiderationLiabilityCurrent |
Accounts receivable financing | 14,788,001us-gaap_OtherShortTermBorrowings | 13,015,618us-gaap_OtherShortTermBorrowings |
Series A and B bonds payable, net | 1,056,500us-gaap_SecuredDebtCurrent | 1,086,400us-gaap_SecuredDebtCurrent |
Other current liabilities | 0us-gaap_OtherLiabilitiesCurrent | 46,421us-gaap_OtherLiabilitiesCurrent |
Total Current Liabilities | 37,703,674us-gaap_LiabilitiesCurrent | 27,548,579us-gaap_LiabilitiesCurrent |
Dividends payable | 149,670us-gaap_DividendsPayableCurrentAndNoncurrent | 49,890us-gaap_DividendsPayableCurrentAndNoncurrent |
Interest payable | 165,539us-gaap_InterestPayableCurrentAndNoncurrent | 123,832us-gaap_InterestPayableCurrentAndNoncurrent |
Earn-out liabilities | 1,201,044us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent | 1,287,407us-gaap_BusinessCombinationContingentConsiderationLiabilityNoncurrent |
Convertible notes payable, net | 3,301,056us-gaap_ConvertibleNotesPayable | 0us-gaap_ConvertibleNotesPayable |
Promissory notes | 3,834,354us-gaap_LongTermNotesPayable | 3,820,487us-gaap_LongTermNotesPayable |
Total Liabilities | 46,355,337us-gaap_Liabilities | 32,830,195us-gaap_Liabilities |
Stockholders' Equity: | ||
Preferred stock, $0.00001 par value, 20,000,000 shares authorized; Series A Preferred Stock, 1,663,008 designated, $10.00 stated value, 1,663,008 and 0 shares issued and outstanding as of November 30, 2015 and May 31, 2015, respectively | 17us-gaap_PreferredStockValue | 17us-gaap_PreferredStockValue |
Common stock, $0.00001 par value, 200,000,000 shares authorized; 4,891,320 and 4,573,360 shares issued and outstanding as of November 30, 2015 and May 31, 2015, respectively | 49us-gaap_CommonStockValue | 44us-gaap_CommonStockValue |
Additional paid in capital | 48,409,897us-gaap_AdditionalPaidInCapitalCommonStock | 42,883,904us-gaap_AdditionalPaidInCapitalCommonStock |
Accumulated other comprehensive income (loss) | 49,163us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax | (27,479)us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Accumulated deficit | (39,599,520)us-gaap_RetainedEarningsAccumulatedDeficit | (34,407,771)us-gaap_RetainedEarningsAccumulatedDeficit |
Total Staffing 360 Solutions, Inc. Stockholders' Equity | 8,859,606us-gaap_StockholdersEquity | 8,448,715us-gaap_StockholdersEquity |
Non-controlling interest | 1,274,258us-gaap_MinorityInterest | 1,053,345us-gaap_MinorityInterest |
Total Equity | 10,133,864us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 9,502,060us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Total Liabilities and Stockholders' Equity | $ 56,489,201us-gaap_LiabilitiesAndStockholdersEquity | $ 42,332,255us-gaap_LiabilitiesAndStockholdersEquity |
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of liability recognized arising from contingent consideration in a business combination, expected to be settled within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liability recognized arising from contingent consideration in a business combination, expected to be settled beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net amount of current deferred finance costs capitalized at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts at the balance sheet date of short-term borrowings not otherwise specified in the taxonomy having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of the portion of long-term, collateralized debt obligations due within one year or the operating cycle, if longer. Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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