CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(USD ($))
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3 Months Ended | 6 Months Ended | ||
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Nov. 30, 2015
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Nov. 30, 2014
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Nov. 30, 2015
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Nov. 30, 2014
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Revenue | $ 41,349,934us-gaap_SalesRevenueServicesNet | $ 33,102,321us-gaap_SalesRevenueServicesNet | $ 77,233,452us-gaap_SalesRevenueServicesNet | $ 65,677,322us-gaap_SalesRevenueServicesNet |
Cost of Revenue | 33,880,009us-gaap_CostOfRevenue | 27,260,859us-gaap_CostOfRevenue | 63,443,074us-gaap_CostOfRevenue | 54,171,765us-gaap_CostOfRevenue |
Gross Profit | 7,469,925us-gaap_GrossProfit | 5,841,462us-gaap_GrossProfit | 13,790,378us-gaap_GrossProfit | 11,505,557us-gaap_GrossProfit |
Operating Expenses: | ||||
Salaries and wages | 5,428,780us-gaap_SalariesAndWages | 4,166,293us-gaap_SalariesAndWages | 9,589,859us-gaap_SalariesAndWages | 7,982,842us-gaap_SalariesAndWages |
Professional fees | 1,551,260us-gaap_ProfessionalFees | 757,041us-gaap_ProfessionalFees | 2,141,208us-gaap_ProfessionalFees | 1,672,936us-gaap_ProfessionalFees |
Consulting fees - Related parties | 506,187us-gaap_OtherGeneralExpense | 103,166us-gaap_OtherGeneralExpense | 577,687us-gaap_OtherGeneralExpense | 289,924us-gaap_OtherGeneralExpense |
Depreciation and amortization | 800,229us-gaap_DepreciationDepletionAndAmortization | 696,688us-gaap_DepreciationDepletionAndAmortization | 1,537,345us-gaap_DepreciationDepletionAndAmortization | 1,391,374us-gaap_DepreciationDepletionAndAmortization |
General and administrative expenses | 924,300us-gaap_GeneralAndAdministrativeExpense | 1,101,075us-gaap_GeneralAndAdministrativeExpense | 2,343,788us-gaap_GeneralAndAdministrativeExpense | 2,550,565us-gaap_GeneralAndAdministrativeExpense |
Impairment of intangibles | 0us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill | 703,222us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill | 0us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill | 703,222us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill |
Operating expenses - Restructuring | 0staf_RestructuringOperatingExpenses | 868,207staf_RestructuringOperatingExpenses | 0staf_RestructuringOperatingExpenses | 868,207staf_RestructuringOperatingExpenses |
Total Operating Expenses | 9,210,756us-gaap_OperatingExpenses | 8,395,692us-gaap_OperatingExpenses | 16,189,887us-gaap_OperatingExpenses | 15,459,070us-gaap_OperatingExpenses |
Loss From Operations | (1,740,831)us-gaap_OperatingIncomeLoss | (2,554,230)us-gaap_OperatingIncomeLoss | (2,399,509)us-gaap_OperatingIncomeLoss | (3,953,513)us-gaap_OperatingIncomeLoss |
Other Income / (Expenses): | ||||
Interest expense | (678,833)us-gaap_InterestExpense | (515,833)us-gaap_InterestExpense | (1,120,452)us-gaap_InterestExpense | (966,685)us-gaap_InterestExpense |
Amortization of deferred financing and original issue discount | (325,049)us-gaap_AmortizationOfDeferredCharges | (157,938)us-gaap_AmortizationOfDeferredCharges | (476,565)us-gaap_AmortizationOfDeferredCharges | (509,308)us-gaap_AmortizationOfDeferredCharges |
Amortization of beneficial conversion feature | (193,345)staf_AmortizationOfBeneficialConversionFeature | (598,269)staf_AmortizationOfBeneficialConversionFeature | (366,040)staf_AmortizationOfBeneficialConversionFeature | (2,346,705)staf_AmortizationOfBeneficialConversionFeature |
Amortization of debt discount | (242,606)us-gaap_AmortizationOfDebtDiscountPremium | (236,423)us-gaap_AmortizationOfDebtDiscountPremium | (504,768)us-gaap_AmortizationOfDebtDiscountPremium | (1,026,798)us-gaap_AmortizationOfDebtDiscountPremium |
Other income / (loss) | 4,532us-gaap_OtherNonoperatingIncomeExpense | 108,672us-gaap_OtherNonoperatingIncomeExpense | 39,982us-gaap_OtherNonoperatingIncomeExpense | 160,693us-gaap_OtherNonoperatingIncomeExpense |
Interest expense - Restructuring | 0staf_InterestExpenseRestructuringCosts | (2,541,853)staf_InterestExpenseRestructuringCosts | 0staf_InterestExpenseRestructuringCosts | (2,541,853)staf_InterestExpenseRestructuringCosts |
Gain on settlement of debt - Restructuring | 0us-gaap_GainsLossesOnRestructuringOfDebt | 813,912us-gaap_GainsLossesOnRestructuringOfDebt | 0us-gaap_GainsLossesOnRestructuringOfDebt | 813,912us-gaap_GainsLossesOnRestructuringOfDebt |
Modification Expense | (40,216)staf_ModificationExpense | 0staf_ModificationExpense | (40,216)staf_ModificationExpense | 0staf_ModificationExpense |
Modification Expense - Restructuring | (5,215)us-gaap_OtherRestructuringCosts | (3,082,447)us-gaap_OtherRestructuringCosts | (10,429)us-gaap_OtherRestructuringCosts | (3,082,447)us-gaap_OtherRestructuringCosts |
Loss Before Provision For Income Tax | (3,221,563)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (8,764,409)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (4,877,997)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | (13,452,704)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
Income tax benefit / (expense) | 41,740us-gaap_IncomeTaxExpenseBenefit | 36,381us-gaap_IncomeTaxExpenseBenefit | 6,941us-gaap_IncomeTaxExpenseBenefit | 98,995us-gaap_IncomeTaxExpenseBenefit |
Net Loss From Continued Operations | (3,179,823)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | (8,728,028)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | (4,871,056)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest | (13,353,709)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest |
Net Income / (Loss) From Discontinued Operations | 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | (9,168)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | (46,760)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax |
Net Loss | (3,179,823)us-gaap_ProfitLoss | (8,737,196)us-gaap_ProfitLoss | (4,871,056)us-gaap_ProfitLoss | (13,400,469)us-gaap_ProfitLoss |
Net income (loss) attributable to non-controlling interest | 206,357us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 111,892us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 220,913us-gaap_NetIncomeLossAttributableToNoncontrollingInterest | 216,555us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |
Net Loss Attributable To Staffing 360 Solutions, Inc. | (3,386,180)us-gaap_NetIncomeLoss | (8,849,088)us-gaap_NetIncomeLoss | (5,091,969)us-gaap_NetIncomeLoss | (13,617,024)us-gaap_NetIncomeLoss |
Dividends - Series A preferred stock | 49,890us-gaap_PreferredStockDividendsIncomeStatementImpact | 0us-gaap_PreferredStockDividendsIncomeStatementImpact | 99,780us-gaap_PreferredStockDividendsIncomeStatementImpact | 0us-gaap_PreferredStockDividendsIncomeStatementImpact |
Net loss attributable to common stock | $ (3,436,070)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (8,849,088)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (5,191,749)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic | $ (13,617,024)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
Basic And Diluted Income / (Loss) from Continued Operations (in dollars per share) | $ (0.68)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (2.44)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (1.06)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare | $ (3.87)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare |
Basic And Diluted Income / (Loss) from Discontinued Operations (in dollars per share) | $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare | $ (0.01)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare |
Basic And Diluted Income / (Loss) per Share (in dollars per share) | $ (0.68)us-gaap_EarningsPerShareBasicAndDiluted | $ (2.44)us-gaap_EarningsPerShareBasicAndDiluted | $ (1.06)us-gaap_EarningsPerShareBasicAndDiluted | $ (3.88)us-gaap_EarningsPerShareBasicAndDiluted |
Weighted Average Shares Outstanding - Basic And Diluted (in shares) | 4,706,554us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | 3,575,949us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | 4,599,032us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted | 3,451,770us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted |
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- Definition
The amount of amortization of the beneficial conversion feature during the period. No definition available.
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- Definition
Amount of expenses associated with interest expense related to exit or disposal activities. No definition available.
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- Definition
It represents the amounts of expenses associated with modification. No definition available.
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- Definition
Amount of operating expenses associated with exit or disposal activities pursuant to an authorized plan. No definition available.
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- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of amortization of deferred charges applied against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
For a debtor, the aggregate gain (loss) recognized on the restructuring of payables arises from the difference between the book value of the debt before the restructuring and the fair value of the payments on the debt after restructuring is complete. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of impairment loss resulting from write-down of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) from continuing operations per each basic and diluted share of common stock or unit when the per share amount is the same for both basic and diluted shares. No definition available.
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- Definition
Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Per basic and diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation, when the per share amount is the same. No definition available.
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Amount of general expenses not normally included in Other Operating Costs and Expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of other expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses associated with a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders. No definition available.
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- Definition
A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Expenditures for salaries other than officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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