**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

FORM 10-K /A 

(Mark One)

[X]  Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2012

[ ]  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: 000-53974

PMX COMMUNITIES, INC.

(Exact name of Registrant as specified in its charter)
| Nevada

 

80-0433114

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

2200 NW Corporate Blvd, Suite 220

 

 

Boca Raton, FL 33431

 

(561) 210-5349

(Address of Principal Executive Offices)

 

(Registrant's telephone number)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to section 12(g) of the Act: Common Stock, $0.0001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 

Yes [ ]  No  [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes [ ]  No [X]

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. 

Yes [X]  No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and 

1

posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the proceeding 12 months (or for such shorter period that the registrant was required to submit and post such files).   

Yes [X]  No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting registrant. 

(Check one):

Large accelerated filer [ ]

 

Accelerated filer                     [ ]

Non-accelerated filer   [ ]

 

Smaller reporting company   [x]

Indicate by check mark whether the registrant is a shell registrant (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]  No [X]

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed fiscal quarter. **The market value of the registrant’s voting $.0001 par value common stock held by non-affiliates of the registrant was approximately $2,393,096.**

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.  **The number of shares outstanding of the registrant’s only class of common stock, as of April 15, 2013 was 77,802,080 shares of its $0.0001 par value common stock.**

DOCUMENTS INCORPORATED BY REFERENCE 

  None. 

 EXPLANATORY NOTE 

 This amendment to the Form 10-K, as originally filed on April 15, 2013, is being filed solely to insert the new audit report for the year ended December 31, 2011. 

 No other changes have been made to this Form 10-K, and this Amendment has not been updated to reflect events occurring subsequent to the filing of the 10-K. 

2

PMX Communities, Inc.

Form 10-K

For the Fiscal Year Ended December 31, 2012

Table of Contents

 

 

Page

PART I

 

 

Item 1.  Business

 

5

Item 1A.  Risk Factors

 

10

Item 2.  Properties

 

10

Item 3.  Legal Proceedings

 

10

Item 4.  Mine Safety Disclosures

 

10

 

 

 

PART II

 

 

Item 5.  Market for Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

 

11

Item 6.  Selected Financial Data

 

14

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

 

14

Item 7A.  Quantitative and Qualitative Disclosures about Market Risk

 

19

Item 8.  Financial Statements and Supplementary Data

 

19

Item 9.  Changes In and Disagreements with Accountants on Accounting and Financial Disclosures

 

37

Item 9A.  Controls and Procedures

 

38

Item 9B.  Other Information

 

40

 

 

 

PART III

 

 

Item 10.  Directors, Executive Officers and Corporate Governance

 

41

Item 11.  Executive Compensation

 

43

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

44

Item 13.  Certain Relationships and Related Transactions, and Director Independence

 

45

Item 14.  Principal Accountant Fees and Services

 

46

 

 

 

PART IV

 

 

Item 15.  Exhibits, Financial Statement Schedules

 

48

Signatures

 

50

3

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION 

Certain statements in this report contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements.  These factors include, but are not limited to, our ability to implement our business plan and generate revenues, economic, political and market conditions and fluctuations, government and industry regulation, U.S. and global competition, and other factors.  Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this in its entirety, including but not limited to our financial statements and the notes thereto. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. 

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PART I

**Item 1: Business**

**General**

The registrant was organized under the laws of the State of Nevada on December 29, 2004 under the name Merge II, Inc. The registrant's year end is December 31.

On February 10, 2009, by unanimous written consent, the board of directors authorized an amendment to its certificate of incorporation to change the name of the corporation to PMX Communities, Inc. and increased the authorized common shares from 25,000,000 to 100,000,000. The amendment was filed on June 30, 2009.

On September 28, 2010, the registrant formed PMX Gold, LLC, a Florida limited liability company as a wholly owned subsidiary of the registrant to assist with evaluating and pursuing opportunities within the gold mining and retail gold sales industries.

On September 28, 2011, the registrant formed PMX Gold Bullion Sales, Inc., a Florida limited liability company as a wholly owned subsidiary of the registrant to manage and operate the manufacturing, supply and commercial distribution of proprietary fine gold products via its gold dispensing terminals.

**Operations**

Through PMX Gold, LLC, its wholly owned subsidiary, the registrant focuses on the development of leveraged opportunities within the retail gold sales and gold mining industries.

During the period from December 17, 2010 through March 23, 2011, the registrant test marketed and operated the first gold bullion vending machine at the Town Center at Boca Raton, a retail shopping mall located in South Florida.  As of March 23, 2011 the registrant consummated a total of 699 gold transactions yielding gross sales of $266,256 through the Gold Vending Machine. Approximately 32% of the total sales were in the larger investment class denominations (10 grams to 1 ounce).

Although our tests were limited to one physical location, management is satisfied with the results of the test marketing program given the fact that the machine was operational in a cash only mode, together with a number of other significant technology and operational challenges that were faced. We have acquired full ownership of intellectual property including two U.S. Provisional Patent Applications and the third and final International Patent Application Number PCT/US2012/020486 (“Unattended Precious Metal Distribution System, Methods and Apparatus”), and are awaiting completion of a proprietary machine to re-commence automated gold bullion sales.

5

Through PMX Gold, LLC and PMX Gold Bullion Sales, Inc., the registrant focuses on the development and manufacture of its gold dispensing terminals, in addition to the manufacture, supply and commercial distribution, through said terminals, of its proprietary fine gold products.

During the year ended December 31, 2012, the registrant executed their business plan as follows:

1) On March 15, 2012 PMX Gold was assigned the ownership rights to the ATM patent applications for the first phase of its gold dispensing terminal production.

2) During the year ended December 31, 2012, PMX Gold Bullion Sales, Inc. entered into an agreement with Sunshine Minting Inc., located in Coeur d’Alene, Idaho for the production of our gold products.  We also entered into an agreement with a vending machine manufacturer for the production of our gold dispensing terminals.

3) On July 26, 2012, PMX Gold Bullion Sales, Inc. announced the launch of its newly re-designed website.

4) On December 31, 2012, PMX Gold Bullion Sales, Inc. received the delivery of its first gold dispensing terminal in Boca Raton, Florida, and placed it in the Town Center at Boca Raton on January 4, 2013.

**Nationwide Expansion**

PMX Gold Bullion Sales, Inc. has manufactured their first ATM gold terminal, called the MGIV.  Newer versions of the PMX terminal will become more advanced as the demand for our products increases.

The registrant intends to sell gold bullion bars and coins through its dispensing terminals in the United States first.  Later plans are to sell globally, doing business primarily through credit and debit card transactions.  The registrant also plans to build an online gold bullion store.

The registrant is actively seeking gold properties and claims for development, including mineral lease purchase option transactions and reviewing several precious metal mining properties for development.  We will consider a wide range of worldwide project opportunities, and we do not have fixed criteria for the consideration of such projects.

6

**Assignment and Lease Assumption**

The registrant is actively seeking mineral lease-purchase option transactions for speculation and reviewing several precious metals mining properties for development. 

**Government Regulation**

We are subject to general business regulations and laws, as well as regulations and laws directly applicable to our operations.  As we continue to expand the scope of our operations, the application of existing laws and regulations to the registrant relating to issues such as defamation, pricing, advertising, consumer protection, content regulation, quality of products and services and intellectual property ownership and infringement can be unclear.  In addition, we will also be subject to new laws and regulations directly applicable to our activities.

Any existing or new legislation applicable to us could expose us to substantial liability, including significant expenses necessary to comply with such laws and regulations, and dampen the growth of our business.

**Competition**

We compete with many other sellers of precious metals products and entities that offer precious metals based financial products. As we expand the scope of our product offering, we will compete directly with a greater number of precious metals sales and investment companies including:

·

coin shops and other fixed retail locations that offer access to the general public for purchase of gold bullion products from fixed locations through face-to-face sales. 

·

Internet based businesses that offer coin and bullion products for purchase electronically over the internet.

·

financial institutions that offer access to gold and precious metals,  gold and precious metals based securities and other leveraged products to investors.

·

vertical markets where competitors may have advantages in expertise, brand recognition, available financial and other resources, and other factors.

Some of these competitors have established customer bases and market recognition.  These competitors maintain billing relationships with more customers and have access to established distribution networks.  We have not yet generated significant revenue nor established a significant client and customer base from our limited operations  compared to some of these competitors.

7

If these or other competitors seize our product ideas and business model and produced competing versions of our PMX Gold Bullion Financial Management Account with similar product matrixes, our ability to generate revenue would be negatively affected. 

Additionally, these new competitors could be better capitalized and capture a larger market share of our intended market.

**Insurance**

During the test marketing of the gold vending machine in 2011, the registrant maintained an insurance policy on the gold inventory, premises, and certain aspects of our business operations, as well as covering general liability of the registrant subject to certain limitations and exclusions.  The registrant has signed a new insurance policy in December 2012 that covers both their office premises and any new gold machines.

**Employees**

We employ part-time employees on an as needed basis.  We also have various consultants, lawyers and others that work for us on different aspects of our operations.  As operations increase and revenues allow, we will have to employ an additional undetermined number of employees, consultants and contracted professionals to assist with the development of the registrant’s business plan.

**Consulting Agreements**

OTC Business Solutions

On February 1, 2009, the registrant entered into a consulting agreement with OTC Business Solutions, then an unaffiliated company. As of February 23, 2010, Michael C. Hiler, its owner, became an officer and director of the registrant. The consultant provides consulting services related to the management and organization of the registrant, our financial policies, the terms and conditions of employment and generally any matter arising out of the business affairs of the registrant.

The consulting agreement terminated on December 31, 2011. The consultant was issued 5,000,000 common shares for services rendered and to be rendered to the registrant. Additionally, the consultant received $60,000.

Tritos, Inc.

On December 8, 2010, the registrant entered into a consulting agreement with Tritos, Inc. to provide management consulting services, business advisory services, shareholder information services and public relations services.

The registrant paid $15,000 for the services of Tritos, Inc. for a term commencing December 15, 2010 through January 14, 2011.

8

TransMedia Group

On December 6, 2010, the registrant entered into a consulting agreement with Madden Company, Inc. dba TransMedia Group to provide public relations, promotional and/or marketing services.  

The agreement was terminated in March of 2011.  To date, the consultant has been paid $9,000 and issued 100,000 common shares.

Michael P. Schumacher

On June 20, 2011, the registrant entered into a consulting agreement with Michael P. Schumacher to provide corporate consulting services, business advisory services, and shareholder information services.

The registrant paid 100,000 common shares to Michael Schumacher for a term commencing June 20, 2011 through December 20, 2011.

Gold Deposit Technologies, Inc.

On August 5, 2011, the registrant entered into an agreement with Gold Deposit Technologies, Inc. to assist in the development and implementation of the registrant's proprietary PMX Gold ATM Terminal and associated gold bullion based business plan.

The agreement allowed for annual stock awards and monthly cash payments to GDT in exchange for exclusive worldwide licensing rights to be awarded to the registrant for any technology and intellectual property developed between the parties as it relates to the precious metals industry, subject to certain financial and performance milestones to be accomplished by the registrant. 

On March 15, 2012, the parties amended their agreement to allow for the assignment to and sole ownership by the registrant of all intellectual property rights developed to date, including but not limited to two earlier U.S. Provisional Patent Applications and a third patent filing (International Business Method Patent Application Number PCT/US2012/020486 'Unattended Precious Metal Distribution System, Methods and Apparatus').

GDT and the registrant recognized total payment to date under their contract of 3,000,000 PMXO shares and approximately $27,000 in cash as full and final payment due to GDT.

Saul Caprio

On October 5, 2011, the registrant entered into a consulting agreement with Saul Caprio to act as a technical advisor and a consultant.

9

The registrant paid 500,000 common shares to Saul Caprio for a term commencing June 20, 2011 through December 20, 2011. The registrant terminated this agreement in April 2012.

**Item 1A.  Risk Factors**

Not applicable to a smaller reporting registrant.

**Item 2. Properties**

The registrant signed a lease agreement with West Boca Executive Suites on September 20, 2010. The office space located at 7777 West Glades Road, Suite 100, Boca Raton, FL 33434, at a cost of $1,000 per month. The lease agreement terminated December 20, 2011.

The registrant also signed a lease agreement with Town Center at Boca Raton on November 11, 2010. The space is located at 6000 Glades Road, Boca Raton, FL 33431 at a cost of 2,120 per month. The lease agreement was for a term of three and a half months.

The registrant signed a lease agreement with Reflections of Boca, LLC on February 22, 2012 for a period of three years for a total cost of at a cost of $67,431.84. The office space is located at 2200 NW Corporate Boulevard, Suite 220, Boca Raton, FL 

The registrant signed a lease with Town Center at Boca Raton in December 2012.  The space is located at 6000 Glades Road, Boca Raton, FL 33431 at a cost of $3,500 per month.  The lease agreement is for a term of one year.  This lease is for the gold machine itself, and is not related to any further office space.

**Item 3. Legal Proceedings**

The registrant is not a party to, and its property is not the subject of, any material pending legal proceedings.

**Item 4. Mine Safety Disclosures**

Not applicable

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PART II

**Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities  **

Market Information

The registrant’s common stock began trading on the OTC Bulletin Board under the symbol "PMXO.OB" on December 15, 2010.  It is also dually quoted on the OTC Pink Sheets where it is qualified for trading on the OTCQB, the middle tier of the OTC market.   The registrant as a fully reporting company current in its filing requirements with the SEC.  The following table sets forth the reported trading data for the registrant common stock for the following periods.   These prices do not include retail mark-ups, markdowns or commissions, and may not necessarily represent actual transactions.

2012

 

High

 

Low

January 1, 2012 - March 31, 2012

 

$0.21

 

$0.05

April 1, 2012 - June 30, 2012

 

$0.08

 

$0.04

July 1, 2012 - September 30, 2012

 

$0.27

 

$0.05

October 1, 2012 - December 31, 2012

 

$0.15

 

$0.05

 

 

 

 

 

2011

 

 

 

 

January 1, 2011 - March 31, 2011

 

$0.25

 

$0.16

April 1, 2011 - June 30, 2011

 

$0.25

 

$0.15

July 1, 2011 - September 30, 2011

 

$0.22

 

$0.05

October 1, 2011 - December 31, 2011

 

$0.21

 

$0.11

As of December 31, 2012, there were approximately 69 shareholders of record of the registrant's common stock. Among those 69 holders of record is CEDE and Company that held 14,521,000 shares of stock for benefit of shareholders held in street name by brokerage firms.  

Dividends and Dividend Policy

Holders of the registrant’s common stock are entitled to receive such dividends as may be declared by its board of directors.  No dividends on the registrant’s common stock have ever been paid, and the registrant does not anticipate that dividends will be paid on its common stock in the foreseeable future.  Instead, we will retain any earnings for use in our business.  This policy will be reviewed by our board of directors from time to time in light of, among other things, our earnings and financial position.

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No distribution may be made if, after giving it effect, we would not be able to pay its debts as they become due in the usual course of business; or the corporation's total assets would be less than the sum of its total liabilities plus (unless the articles of incorporation permit otherwise) the amount that would be needed, if we were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.  The board of directors may base a determination that a distribution is not prohibitive either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation of other method that is reasonable in the circumstances.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers 

None. 

Securities Authorized for Issuance under Equity Compensation Plans 

On August 29, 2011, the registrant approved the 2011 Stock Awards Plan that authorizes the issuance of 6,000,000 common shares.  The 2011 Stock Awards Plan Awards may be granted only to persons who, at the time of grant, are employees, consultants, members of the board or persons affiliated with the registrant or any of its affiliates.  An award may be granted on more than one occasion to the same person, and, subject to the limitations set forth in the Plan, such award may include an incentive stock option or a nonqualified stock option, a stock appreciation right, a restricted stock award, a phantom stock award or any combination thereof.   To date, 4,500,000 common shares have been issued under the Plan.

The Plan shall be effective upon its adoption by the board, provided that the Plan has been or is approved by the stockholders of the registrant within twelve months of its adoption by the board.  No further awards may be granted under the Plan on or after the date that is ten years following the effective date.  The Plan shall remain in effect until all awards granted under the Plan have been satisfied or expired.

Sales of unregistered securities 

On June 20, 2011 the registrant sold 250,000 restricted common shares to Derrick Dennis, a sophisticated investor at $.10 per common share for a total of $25,000. The registrant granted the investor registration rights whereby registrant will include the investor's common shares in any public offering the registrant conducts subject to underwriter approval, if any. The registrant will bear all costs of the registration of investor's common shares.

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On August 8, 2011, there was a change in control of the registrant as Michael C. Hiler sold his 33,000,000 common shares to Dickinson Capital, LLC, an entity controlled by Mark B. Goldstein for $.00176 per common share.

On August 19, 2011, the registrant sold 250,000 restricted common shares to Dan Young and Karen Young, unaffiliated sophisticated investors, at $.10 per common share for a total of $25,000. The registrant granted the investor piggyback registration rights whereby the registrant will include the investor’s common shares in any public offering the registrant conducts. The registrant will bear all costs of the registration of investor’s common shares.  As of the date of this memorandum the shares have not yet been issued and are not included in any share summaries or calculations within this document.

On September 16, 2011, the registrant sold 500,000 restricted common shares to Mark Kaiser, an unaffiliated sophisticated investor, at $.10 per common share for a total of $50,000 and also granted him the right to purchase up to an additional 500,000 shares at $.10 per share through October 14, 2011. The registrant granted the investor piggyback registration rights whereby the registrant will include the investor’s common shares in any public offering the registrant conducts. The registrant will bear all costs of the registration of investor’s common shares.  

In 2012, the registrant placed a total of $26,000 worth of units to 3 investors under SEC Rule 4(2) and issued 325,000 common shares and 325,000 “A” warrants and 325,000 “B” warrants.

In 2012, the registrant issued 4,000,000 shares of common stock for cash of $320,000 to investors at $0.08 per share.

In 2012, the registrant issued 1,000,000 shares for services to a consultant with a fair value of $60,000. 

In January 2013, the registrant sold 450,000 shares at $0.08/share to two investors for a total of $36,000.

In February 2013, the registrant issued 19,792 shares in lieu of accrued interest of $1,583 owed to one investor.

In March 2013, the registrant sold 625,000 shares at $0.08/share to one investor for a total of $50,000.

In March 2013, the registrant issued an aggregate of 1,000,000 shares to three consultants for services.  The market value of the stock at the date of issuance was $62,000.

All of the above securities were issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933 to sophisticated investors.

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Use of proceeds from initial public offering

Not Applicable

**Item 6.  Selected Financial Data.**

Not applicable to smaller reporting companies.

**Item 7.  Management’s Discussions and Analysis of Financial Condition and Results of Operations.**

Trends and Uncertainties

The registrant is in the final stages of the development of its PMX Gold Bullion Dispensing Terminal prototype called the MGIV.  The terminal is an unmanned dispenser which allows for gold dispensing and deposit and account management functions.  These terminals also incorporate conventional ATM technology.

The registrant has been assigned the ownership rights to two U.S. Provisional Patent Applications and the third and final International Patent Application Number PCT/US2012/020486 (“Unattended Precious Metal Distribution System, Methods and Apparatus”), and is in the final stages to file full patent applications for its proprietary gold machine, which will dispense automated gold bullion bars and coins.

The registrant’s business is subject to numerous risk factors, including the following:

1. Our business operations are currently focused on the demand for essentially one commodity, gold. Specifically, we are addressing the markets of physical gold ownership by retail investors, as well as developing and offering an ancillary set of financial services that would complement the purchase and sale of gold and other precious metals by retail investors. Any decrease in demand for gold or gold investments could materially adversely affect our revenues, profitability and general business prospects.

2. Proposed expansion plans’ economic success depends upon extensive capital infusion, technology and infrastructure development and market acceptance. Management believes that the current business model of conducting stand alone retail sales of physical gold (whether online or via telephone, face-to-face at a manned retail location or through a financial institution, or via an unmanned portal such as the gold bullion vending machine that we test marketed) is extremely limited and one dimensional. For the most part prices are non-standardized, quality is often not certified and there is no sense of client account affiliation between the customer and the entity that either buys gold from or sells gold to the client or customer. The resale ability is rarely 

14

offered and there is no integration of the holdings/transactions into a system that would allow for the equity to be utilized for the benefit of the customer or other account management features.

While we still intend to engage in simple retail sales and purchases to and from individuals in single, one-time transactions, our expansion plans are based on developing and offering a managed gold account and related products to retail customers and investors. We intend to capitalize on the potential emergence of gold as a parallel currency and offer our clients the ability to conduct Gold Bullion based transactions through this account via the envisioned PMX Gold ATM terminals.

The success of our business model lies in accessing the required capital to develop this gold based ATM network, developing the technology and infrastructure controls and framework necessary to operate the network and cultivating a client base that is receptive to the managed gold account scenario. There is no guarantee that the capital will be available to the registrant on acceptable terms which would allow for the economic success of the model, that the technology and infrastructure can be successfully developed or that the marketplace will accept our products and services.

3. The supply and price of gold bullion is subject to volatility and is influenced by numerous factors that are beyond our control; there is no guarantee as to effectiveness of our hedging practices to preserve profits or prevent losses.  We intend to use gold futures and options contracts for the purpose of hedging the effects of changing gold prices on our inventory.

Although the use of hedging may enable us to mitigate the effect of changing prices, no strategy is entirely effective to eliminate the pricing risks and we may remain exposed to losses when prices move significantly in a short period of time, and we generally remain exposed to supply risk in the event of non-performance by the counter-parties to any futures contracts. Our hedging strategy and the hedges that we enter into may not adequately offset the risks of gold volatility and our hedges may result in losses. Failure to properly design and implement an effective hedging strategy may materially adversely affect our business and operating results. In this case, our cost of sales may increase, resulting in a decrease in profitability.

4. Reliance on third party shippers, gold bullion suppliers.  Since we rely heavily on common carriers to ship our gold, any disruption in their services or increase in shipping costs could adversely affect our relationship with our customers, which could result in reduced revenues, increased operating expenses, a loss of customers or reduced profitability. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and profits to suffer.

15

We depend on our relationships with precious metals mints and gold wholesalers for the supply of our primary product, which is fine .9999 24K gold.  If any of our relationships with these sources deteriorate, we may be unable to procure a sufficient quantity of high-quality gold at prices acceptable to us or at all.  In such a case, we may not be able to fulfill the demand of our existing customers using United States made gold and will look for alternative mints in other countries to supply the demand for new machines to be placed in the United States and in other countries.

5. Changes in the foreign exchange rate could negatively affect our profitability. We face foreign exchange rate exposure as we intend to allow for our products to be bought and sold in multiple currencies. To the extent that we are unable to unsuccessfully hedge any exposure that we face in these transactions we could suffer financial losses.

Results of Operations for the twelve months ended December 31, 2012 and 2011

For the year ended December 31, 2012, the registrant did not report any revenues.  We had depreciation expenses of $12,810 a loss on the impairment of machinery of $54,342, and selling, general and administrative expenses of $278,233.  We had gains on settlement of debt of $10,155 and interest expenses of $30,690.  As a result, we had a net loss of $365,920 for the year ended December 31, 2012.

Further, we had the following adjustments to reconcile net loss to net cash provided by and used in operating activities.  We had $60,000 from the issuance of common stock for services, $12,810 from depreciation, and a $54,342 loss on impairment of machine.  We had a $8,410 loss on conversion of convertible notes, a $7,292 amortization of note payable discount, and $25,000 in in-kind services.  We had a change in inventory of $161,563, prepaid expenses and other current assets of $413, and paid a security deposit of $5,000.  We received $10,036 from accounts payable, $23,411 from accrued interest, and paid $10,250 in accrued expenses.  As a result, we had net cash used in operating activities of $341,019 for the year ended December 31, 2012.

In comparison, for the year ended December 31, 2011, the registrant reported revenues of $167,200.  The cost of sales was $163,120, resulting in a gross profit of $4,080.  We had depreciation costs of $17,080.  We also had $1,614,406 in selling, general and administrative expenses.  We had gains on the settlement of debt of $36,935, and an interest expense of $33,777, resulting in a net loss of $1,624,248 for the year ended December 31, 2011.

Further, we had the following adjustments to reconcile net loss to net cash provided by and used in operating activities.  We received $1,154,960 from the issuance of common stock for services.  We paid $371,355 for the conversion/ retirement of notes payable.  We had $17,080 in depreciation, received $229,529 for conversion in to stock, and $89,956 from conversion into warrants.  We had $105,044 from the amortization of note 

16

payable discount.  There was a $40,372 change in restricted cash, a $96,737 change in inventory, $15,170 in prepaid expenses and other current assets, a security deposit of $2,000, and a conversion of a prepaid deposit of $83,603.  We paid accounts payable of $40,471, had accrued interest of $33,776, and accrued expenses of $678.  We recorded a reduction in derivative liability of $149,599.  As a result, we had net cash used in operating activities of $316,768 for the year ended December 31, 2011.

The decrease in net cash used for operating activities is primarily a result of decreased operations for the year ended December 31, 2012.  We did not have to issue as many shares in order to fund operating activities during this period as we did for the year ended December 31, 2011.

Liquidity and Capital Resources

For the year ended December 31, 2012, we paid $114,370 for the purchase of fixed assets, resulting in net cash used in investing activities of $114,370.  Comparatively, for the year ended December 31, 2011, we used $83,603 for the purchase of fixed assets, resulting in net cash used by investing activities of $83,603.

For the year ended December 31, 2012, we received $65,551 in proceeds from notes payable and $84,500 from related parties notes payable.  We spent $2,500 on payments on related party short term loans and paid $2,500 on payments made to a stockholder.  We received $346,000 from the proceeds from stock issuances and spent $22,500 on the repayment of notes payable.  As a result, we had net cash provided by financing activities of $468,551 for the year ended December 31, 2012.

Comparatively, for the year ended December 31, 2011, we received $244,500 from proceeds for notes payable and received a $7,500 loan from a related party.  We received $2,500 from a short-term loan from a stockholder.  We received $179,999 from the proceeds of stock issuances and spent $77,500 on repayment of notes payable.  As a result, we had net cash provided by financing activities of $356,999 for the year ended December 31, 2011.

Our internal and external sources of liquidity have included proceeds raised from subscription agreements and private placements and advances from related parties.  We are currently not aware of any trends that are reasonably likely to have a material impact on our liquidity.  We are attempting to increase the sales to raise much needed cash for the fulfillment of the registrant’s business plan. It is our intent to secure a market share in the retail gold and related financial services market which we feel will require additional capital over the long term to undertake sales and marketing initiatives, further our research and development, and to manage timing differences in cash flows from the time our PMX Gold Bullion Account becomes active and the PMX Gold ATM terminals are developed and put into use and positive cash flow product is generated. 

17

Our capital strategy is to increase our near and mid term cash balance through financing transactions, including the issuance of debt and/or equity securities. Once our PMX Gold ATM terminal prototypes have been developed and put into the field we intend to work to develop a pro-forma financial model based on their results and pursue traditional Wall Street financing.

Off-Balance Sheet Arrangements

The registrant had no material off-balance sheet arrangements as of December 31, 2012.

Critical Accounting Policies and Estimates Management's discussion and analysis of its financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. 

The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to the reported amounts of revenues and expenses and the valuation of our assets and contingencies. We believe our estimates and assumptions to be reasonable under the circumstances. However, actual results could differ from those estimates under different assumptions or conditions. Our financial statements are based on the assumption that we will continue as a going concern. If we are unable to continue as a going concern we would experience additional losses from the write-down of assets.

The registrant uses the fair value recognition provision of ASC 718, “Compensation-Stock Compensation,” which requires the Registrant to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments. The registrant uses the Black-Scholes option pricing model to calculate the fair value of any equity instruments on the grant date. 

The registrant also uses the provisions of ASC 505-50, “Equity Based Payments to Non-Employees,” to account for stock-based compensation awards issued to non-employees for services. Such awards for services are recorded at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in ASC 505-50. 

New Accounting Pronouncements

The registrant has adopted all recently issued accounting pronouncements.  The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the registrant.

18

**Item 7a.  Quantitative And Qualitative Disclosures About Market Risk**

Not applicable.

**Item 8.  Financial Statements And Supplementary Data**

PMX Communities, Inc.

Index to

Financial Statements

 

 

 

 

 

Page

Report of Independent Registered Public Accounting Firm

 

20

Report of Independent Registered Public Accounting Firm

 

21

 

 

 

Audited Consolidated Balance Sheets of December 31, 2012 and 2011

 

22

 

 

 

Audited Consolidated Statements of Operations for the Years ended December 31, 2012 and 2011

 

23

 

 

 

Audited Consolidated Statement of Changes in Stockholders' Deficit

 

24

 

 

 

Audited Consolidated Statements of Cash Flows for the Years ended December 31, 2012 and 2011

 

25

 

 

 

Notes to Consolidated Financial Statements

 

26

19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of:

PMX Communities, Inc. and Subsidiaries

We have audited the accompanying consolidated balance sheet of PMX Communities, Inc. and Subsidiaries (the “Company”) as of December 31, 2012, and the related consolidated statements of operations, changes in stockholders’ deficit and cash flows for the year then ended.  These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly in all material respects, the financial position of PMX Communities, Inc. and Subsidiaries as of December 31, 2012 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 12 to the consolidated financial statements, the Company has a net loss of $365,920, a negative cash flow from operations of $341,019, a working capital deficiency of $208,694 and a stockholders' deficiency of $88,046. These factors raise substantial doubt about the Company's ability to continue as a going concern.  Management's plans concerning these matters are also described in Note 12.  The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/*Liggett, Vogt, & Webb P.A.*

LIGGETT, VOGT & WEBB P.A.

*Certified Public Accountants*

Boynton Beach, Florida

April 12, 2013

20

**Messineo & Co., CPAs LLC**

**2471 N McMullen Booth Rd, Ste. 302**

**Clearwater, FL 33759-1362**

**T: (727) 421-6268**

**F: (727) 674-0511**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 To the Board of Directors and 

 Stockholders of PMX Communities, Inc. 

 We have audited the accompanying consolidated balance sheets of PMX Communities, Inc. and subsidiary as of December 31, 2011 and the related statements of operations, stockholders’ equity and cash flows for the year ended December 31, 2011. PMX Communities Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits. 

 We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. 

 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PMX Communities, Inc. as of December 31, 2011, and the results of its operations and its cash flows for the year ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America. 

 The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As discussed in Note 12, the Company has incurred significant losses.  The Company’s viability is dependent upon its ability to obtain future financing and the success of its future operations.  These factors raise substantial doubt as to the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 

 Messineo & Co., CPAs, LLC 

 Clearwater, FL 

 October 29, 2013 

21

PMX Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2012 and 2011

 

**December 31, 2012**

**December 31, 2011**

**Assets**

 

 

 

 

 

**Current assets**

 

 

  Cash and cash equivalents

 $             16,971 

 $              3,809 

  Inventory

            164,748 

                  3,184 

  Prepaid expenses

                 500 

                      913 

  Other current assets

               500 

 

Total current assets

          182,719 

                  7,906 

 

 

 

**Fixed assets**

 

 

   Property and equipment , net

          115,210 

                67,992 

 

 

 

**Other Assets**

 

 

Security Deposits 

           5,438 

                     939 

Total assets

 $          303,367 

 $            76,837 

 

 

 

**Liabilities and Stockholders' Deficit**

 

 

 

 

 

**Current liabilities**

 

 

  Accounts Payable

 $            50,753 

 $            40,717 

  Accrued expenses

               12,647 

             22,897 

  Related parties - short-term loan

               5,000 

            7,500 

  Due to stockholder

        -   

               2,500 

  Notes payable - short term, net

          323,013 

             171,156 

Total current liabilities

         391,413 

            244,770 

Notes payable - long term

              - 

           12,861 

**Total Liabilities**

         391,413 

        257,631 

 

 

 

Commitments and Contingency (See Note 10)

 - 

 - 

 

 

 

**Stockholders' deficit**

 

 

  Common stock, $.0001 par value; authorized 100,000,000 shares; issued and outstanding 75,707,288 and 69,631,053 as of  December 31, 2012 and December 31, 2011, respectively

           7,571 

              6,993 

  Additional paid-in capital

     2,300,427 

        1,842,337 

  Accumulated deficit

(2,396,044)

 (2,030,124)

Total stockholders' deficit

           (88,046)

        (180,794)

Total liabilities and stockholders' deficit

 $            303,367 

 $              76,837 

See accompanying notes to financial statements

22

PMX Communities, Inc. and Subsidiaries

Consolidated Statement of Operations

For the Years Ended December 31, 2012 and 2011

 

**Years ended December 31, 2012**

**Years ended December 31, 2011**

 

 

 

**Net sales**

 $                 -   

 $              167,200 

Cost of sales

                    -   

                 163,120 

Gross profit

                    -   

                     4,080 

 

 

 

**Costs and expenses:**

 

 

  Depreciation

            12,810 

                   17,080 

Loss on impairment of machine

            54,342 

                             - 

  Selling, general and administrative expenses

          278,233 

              1,614,406 

 

          345,385 

              1,631,486 

Loss from operations

        (345,385)

             (1,627,406)

 

 

 

Gains on settlement of debt

            10,155 

                   36,935 

Interest expense

          (30,690)

                  (33,777)

**Loss before income taxes**

        (365,920)

             (1,624,248)

**Income taxes  **

                      - 

                             - 

**Net loss**

 $     (365,920)

 $          (1,624,248)

 

 

 

**Net loss per share- Basic and Diluted**

 $           (0.01)

 $                   (0.03)

 

 

 

**Weighted average shares outstanding**

 

 

**  Basic and Diluted**

71,192,503 

64,081,899 

See accompanying notes to financial statements.

23

PMX Communities, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders' Deficit

For the Years Ended December 31, 2012 and 2011

 

Common Stock Shares

Common Stock Par Value

Additional Paid in Capital

 Accumulated Deficit 

Total Stockholders' Deficit

**Balance December 31, 2010**

**     59,150,000**

** $       5,915**

** $    188,970**

** $     (405,876)**

** $      (210,991)**

Common stock issued for services (January 2011)

        50,000 

                  5 

            10,995 

 

               11,000 

Common stock issued for cash (June 2011)

       250,000 

                25 

            24,975 

 

               25,000 

Common stock issued from note conversion (June 2011)

     1,300,000 

              130 

          124,870 

 

             125,000 

Common stock issued for cash (August 2011)

        250,000 

                25 

            24,975 

 

               25,000 

Common stock issued for services (September 2011)

   12,400,000 

           1,240 

       1,022,720 

 

          1,023,960 

Common stock issued for cash (September 2011)

         500,000 

                50 

            49,950 

 

               50,000 

Common stock issued for services (October 2011)

       600,000 

                60 

          119,940 

 

             120,000 

Common stock issued for cash (October 2011)

       800,000 

                80 

            34,328 

 

               34,408 

Warrant "A" issued for cash (October 2011)

 

 

            14,396 

 

               14,396 

Warrant "B" issued for cash (October 2011)

 

 

            15,196 

 

               15,196 

Common stock issued for cash (November 2011)

        200,000 

                20 

              8,578 

 

                 8,598 

Warrant "A" issued for cash (November 2011)

 

 

              3,601 

 

                 3,601 

Warrant "B" issued for cash (November 2011)

 

 

              3,801 

 

                 3,801 

Common stock issued from note conversion (December 2011)

      2,431,053 

              243 

          104,286 

 

             104,529 

Warrant "A" issued from note conversion (December 2011)

 

 

            43,762 

 

               43,762 

Warrant "B" issued from note conversion (December 2011)

 

 

            46,194 

 

               46,194 

Common stock canceled, issued previously for services (December 2011)

  (8,000,000)

             (800)

                 800 

 

                         - 

Net loss - December 31, 2011

 

 

 

      (1,624,248)

        (1,624,248)

**Balance December 31, 2011**

**     69,931,053**

**          6,993**

**    1,842,337**

**     (2,030,124)**

**         (180,794)**

Common stock purchased for cash

     4,000,000 

              400 

          319,600 

 

             320,000 

Common stock units purchased for cash

         325,000 

                33 

            25,967 

 

               26,000 

Stock issued for services

      1,000,000 

              100 

            59,900 

 

               60,000 

In-kind services

 

 

            25,000 

 

               25,000 

 Conversion of notes payable into common stock 

        451,235 

                45 

            27,623 

 

               27,668 

 Net loss - December 31, 2012 

 

 

 

          (365,920)

           (365,920)

**Balance December 31, 2012**

**     75,707,288**

** $       7,571**

** $ 2,300,427**

** $  (2,396,044)**

** $        (88,046)**

See accompanying notes to financial statements.

24

PMX Communities, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2012 and 2011

 

**2012**

**2011**

**Cash flows from operating activities**

 

 

Net loss

 $          (365,920)

 $      (1,624,248)

Adjustments to reconcile net (loss) to net

 

 

 cash (used in) operating activities:

 

 

  Issuance of common stock for services

                 60,000 

           1,154,960 

 Conversion/retirement of notes payable

 

            (371,355)

  Depreciation

                 12,810 

                17,080 

  Conversion into stock

 

              229,529 

  Conversion into warrants

 

                89,956 

  Loss on impairment of machine

                 54,342 

 

  Loss on conversion of convertible notes

                   8,410 

                       -   

 Amortization of note payable discount

                   7,292 

              105,044 

  In-kind services

                 25,000 

 

Change in assets and liabilities 

 

 

    Restricted cash 

                           - 

                40,372 

    Inventory

             (161,563)

                96,737 

    Prepaid expenses and other current assets

413 

15,170 

    Security deposit

(5,000)

2,000 

    Prepaid deposit

0 

83,603

    Accounts payable

10,036 

(40,471)

    Accrued interest

23,411 

33,776 

    Accrued expenses

               (10,250)

                     678 

    Derivative liability

 

            (149,599)

Net cash used in operating activities

             (341,019)

            (316,768)

**Cash flows from investing activities**

 

 

   Purchase of fixed assets

             (114,370)

                (83,603) 

Net cash provided by (used in) investing activities

             (114,370)

               ( 83,603) 

**Cash flows from financing activities**

 

 

  Proceeds from notes payable

                 52,367

              244,500 

  Proceeds from related parties notes payable

                 112,100

                       -   

  Loan from related party

 

                  7,500 

  Payments on related party - short-term loan

                 (2,500)

                       -   

  Short-term loan from stockholder

 

                  2,500 

  Payment made to stockholder

                 (2,500)

                       -   

  Proceeds from stock  issuance

               346,000 

              179,999 

  Repayment of notes payable

               (36,916)

              (77,500)

Net cash provided by  financing activities

               468,551 

              356,999 

**Net increase (decrease) in cash and cash equivalents**

                 13,162 

              (43,372)

**Cash and cash equivalents,** beginning of fiscal year 

                   3,809 

                47,181 

**Cash and cash equivalents,** end of period

 $              16,971 

 $                3,809 

Supplementary information:

 

 

  Cash paid for :

 

 

     Interest

 $                   396 

 $                       -   

     Income taxes

 $                        -   

 $                       -   

     Common stock issued for services 

 $              60,000 

 $        1,154,960 

     Conversion of Notes Payable into common stock 

 $              27,668 

 $           229,529 

     Warrants converted  

 $                        - 

 $             89,956 

See accompanying notes to financial statements.

25

PMX Communities, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Years Ended December 31, 2012 and December 31, 2011

**NOTE 1 - DESCRIPTION OF BUSINESS**

PMX Communities, Inc.  "PMX" was organized under the laws of the State of Nevada on December 29, 2004 under the name Merge II, Inc. PMX's year end is December 31.

On September 28, 2010, the Company formed PMX Gold, LLC, (“PMX Gold”) a Florida limited liability company as a wholly owned subsidiary of the Company to assist with evaluating and pursuing opportunities within the Gold Mining and Retail Gold Sales Industries.

On September 28, 2011, the Company formed PMX Gold Bullion Sales Inc. (“PMX Bullion”), a Florida corporation as a wholly owned subsidiary of the Company.

PMX, (through its wholly owned subsidiaries PMX Gold, LLC and PMX Gold Bullion Sales Inc.) focuses on the development of leveraged opportunities within the Retail Gold Sales and Gold Mining Industries. 

PMX Communities, Inc and its wholly- owned subsidiaries are hereafter referred to as “the Company”.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

Basis of Presentation

The accompanying consolidated financial statements and notes are prepared in accordance with accounting principles generally accepted in the United States of America.

A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements is as follows:

The accompanying consolidated financial statements were prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of its liabilities in the normal course of operations.

26

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates include the valuation of inventories, deferred tax assets and equity transactions.

Principles of Consolidation

The consolidated financial statements include the accounts of PMX Communities, Inc. and its wholly-owned subsidiaries, PMX Gold, LLC and PMX Gold Bullion Sales, Inc. All significant inter-company transactions have been eliminated.

Inventories

Inventories are valued at the lower of cost (first-in, first-out) or market, and include finished gold bullion coins and bars.

Equipment

Equipment is stated at cost, less accumulated depreciation. Depreciation is provided using the straight line method over the estimated useful life of five years for equipment, seven years for molds and seven years for furniture and fixtures.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of long-lived assets and the related estimated remaining useful lives when events or circumstances lead management to believe that the carrying value of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In such circumstances, those assets are written down to estimated fair value. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset's estimated fair value and its book value. During 2012, the Company recognized an impairment loss of $54,342.

27

Common Stock, Common Stock Options and Warrants

The Company uses the fair value recognition provision of ASC 718, "Compensation-Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments. The Company uses the Black-Scholes option pricing model to calculate the fair value of any equity instruments on the grant date. 

The Company also uses the provisions of ASC 505-50, "Equity Based Payments to Non-Employees," to account for stock-based compensation awards issued to non-employees for services. Such awards for services are recorded at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in ASC 505-50.

Income Taxes

Under the asset and liability method prescribed under ASC 740, Income Taxes, the Company uses the liability method of accounting for income taxes.  The liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur.  A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an   examination.   For tax positions   meeting a "more-likely-than-not"   threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority.  For tax positions not meeting the threshold, no financial statement benefit is recognized.  As of December 31, 2012 and 2011, the Company had no uncertain tax positions.  The Company recognizes interest and penalties, if any, related to uncertain tax positions as general and administrative expenses.  The Company currently has no federal or state tax examinations nor has it had any federal or state examinations since its inception.  The tax years for December 31, 2010-2012 remain subject to review by federal and state tax authorities.

Revenue Recognition

The Company recognizes revenue when it is realized and realizable.

 - Price is fixed or determinable; and

 - Collectability is reasonably assured

28

Subject to these criterions, the Company recognizes revenue at the time the merchandise is purchased and the machine dispenses the relevant merchandise. The Company offers its individual customers a 14-day warranty if the item is returned and if the TEP packaging is not broken. The customer will receive their money back. The Company estimates an allowance for sales returns based on historical experience with product returns. The Company closely follows the provisions of ASC 605, Revenue Recognition, which includes the guidelines of Staff Accounting Bulletin No. 104 as described above.

Income (loss) Per Common Share

Basic income (loss) per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting   period.  As of December 31, 2012 and 2011, the effect of 4,081,053 and 6,862,106 warrants are not included in the loss per share calculation since the effect is anti-dilutive.

Reclassifications

Certain prior period balances have been reclassified to conform to the current year's presentation.  These reclassifications had no impact on previously reported results of operations or stockholders' equity.

Recent Authoritative Accounting Pronouncements

In February 2013, FASB issued Accounting Standards Update 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The amendments in this update are effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. This standard is not expected to have a material impact on the Company’s reported results of operations or financial position.

In February 2013, FASB issued Accounting standards update 2013-02, Comprehensive Income Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This update requires an entity to provide information amount the 

29

amount reclassified out of accumulated other comprehensive income by component. The entity is also required to disclose significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting periods. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other discourses required under U.S. GAAP that provide additional detail about those amounts. The objective in this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update should be applied prospectively for reporting periods beginning after December 15, 2012. This standard is not expected to have a material impact on the Company’s reported results of operations or financial position.

**NOTE 3 - INVENTORY**

Included in inventory are the package materials used to hold each piece disbursed from the gold dispensing terminal.

Inventory consists of the following:        

 

 

December 31, 2012  

 

December 31, 2011

 

 

 

 

 

Finished Goods

$

164,748

$

3,184

 

$

164,748

$

3,184

**NOTE 4 - PROPERTY AND EQUIPMENT**

Components of property and equipment are as:

 

 

December 31, 2012  

 

December 31, 2011

 

 

 

 

 

Gold Machine

$

-

$

83,603

Construction In-Progress Gold Machine

 

131,761

 

-

Molds

 

8,909

 

-

Office Equipment

 

1,600

 

1,600

Office Furniture and Fixtures

 

3,366

 

405

Less: Accumulated Depreciation

 

(30,426)

 

(17,616)

 

 

 

 

 

Property and Equipment, net

$

115,210

$

67,992

Depreciation for the years ended December 31, 2012 and 2011 was $12,810 and $17,080, respectively.  During the year ended December 31, 2012, the Company recorded an impairment loss of $54,342 related to a gold machine.

30

**NOTE 5 - ACCRUED EXPENSES**

Accrued liabilities consisted of the following:

 

 

December 31, 2012  

 

December 31, 2011

 

 

 

 

 

Accrued Professional Fees                   

$

10,000

$

14,058

Payroll Taxes Payable

 

      66

 

    218

Sales Tax Payable                             

 

 2,581

 

 8,621

 

 

 

 

 

 

$

12,647

$

22,897

**NOTE 6 - NOTES PAYABLE**

Convertible Notes

Beginning in 2009, the Company entered into various Convertible Promissory Notes at an annual interest rate of 8-10%.  The Notes are unsecured and have staggered conversion features at 180, 360, 540 and 720 days after issuance and are convertible at a rate equal to 50% of the weighted average price in the 30 trading days preceding notice of conversion.

For the year ended December 31, 201,1 $113,600 of principal and $28,071 of accrued interest was converted into 1,770,888 shares of common stock, 1,770,888 “A” Warrants, and 1,770,888 “B” Warrants.   Notes totaling $45,000 and accrued interest of $5,949 were retired for cash resulting in a gain on retirement of notes of $26,935 that was reflected in the 2011 Statement of Operations.  One Note with a principal balance of $5,000 was converted to common stock at $0.05/share, resulting in the issuance of 100,000 shares of common stock.  Lastly, $120,000 of the Notes were issued and then converted to common stock at $0.10/share within the fiscal year ended December 31, 2011 resulting in the issuance of 1,200,000 shares of common stock. 

For the year ended 2012, a Note totaling $11,400 of principal and accrued interest of $3,849 was retired for cash resulting in a gain on retirement of notes of $1,745 that was reflected in the 2012 Statement of Operations.  Additionally, Convertible Notes with a principal balance of $5,000 were converted to 70,610 shares of common stock at $0.08/share resulting in a gain on conversion of notes of $679.

The Convertible Notes carried outstanding principal of $25,000 and $41,400 as of December 31, 2012 and 2011, respectively.  Accrued interest was $6,736 and $6,730 as of December 31, 2012 and December 31, 2011.  The convertible features had expired on all outstanding Convertible Notes as of December 31, 2011.

Promissory Notes

Beginning in 2010, the Company entered into various Promissory Notes at an annual interest rate of 8-10%.  The Notes are unsecured and have maturities ranging from 6 months to 2 years.

31

During the year ended December 31, 2011, three shareholders converted $52,813 of their Promissory Notes into 660,165 shares of common stock, 660,165 “A” Warrants and 660,165“B” Warrants.

During the year ended December 31, 2012, one shareholder converted his Promissory Notes with a principal and accrued interest balance of $30,202 to 380,625 shares of common stock resulting in a gain of $7,731 that was recorded in the Statement of Operations.

The Promissory Notes carried outstanding principal of $298,013 and $126,000 as of December 31, 2012 and 2011, respectively.  Accrued interest was $25,146 and $17,178 as of December 31, 2012 and December 31, 2011.  Of these outstanding Promissory Notes, related parties held $85,561 in principal and accrued interest.

Future maturities of notes payable are as follows:

Year ending December 31, 2012

Past Due

$221,252

2013

101,761

2014

-

2015

-

2016

-

Total

$323,013

**NOTE 7 - EQUITY TRANSACTIONS**

2011 Private Placement

In 2011, the Company executed a private placement that sold stock in $8,000 units whereby 1 unit represented 100,000 shares of common stock, 100,000 “A” Warrants and 100,000 “B” Warrants.  The “A” Warrants have a strike price of $0.20 per share and an expiration date of 1 year from the date of the close of the securities offering. The “B” Warrants have a strike price of $0.25 per share and a term of 2 years from the close of the securities offering.  

In 2011, the Company placed a total of $80,000 worth of units under the private placement to 3 investors; and an additional $100,000 of common stock was placed with 3 investors under SEC Rule 4(2) resulting in the issuance of 1,000,000 shares.

In 2012, the Company placed a total of $26,000 worth of units to 3 investors Under SEC Rule 4(2) and issued 325,000 common shares and 325,000 “A” Warrants and 325,000 “B” Warrants.

In 2012, the Company issued 4,000,000 shares of common stock for cash of $320,000 to investors at $0.08 per share.

32

2011 Shares Issued for Services

In 2011, the Company issued 13,050,000 shares for services representing $1,054,960, which was reflected on the 2011 Statement of Operations. On December 29, 2011, the Company canceled 8,000,000 shares of stock issued earlier in the year for services in conjunction with the resignation of two executives previously compensated for their service and future services.

In 2012, the Company issued 1,000,000 shares for services to a consultant with a fair value of $60,000. 

During 2012, the Company recorded an in-kind contribution of $25,000 for the value of the services provided by the CEO.

Warrants

The following tables summarize all “A” and “B” warrants issued to consultants and warrants issued as part of convertible debt transactions for the year ended December 31, 2012 and December 31, 2011, and the related changes during these years. The A warrants are exercisable at $0.20 per share for a period of one year from the date of issue and the B warrants are exercisable at $0.25 per share for a period of two years from the date of issue. 

**Warrants**

 

 

Balance at December 31, 2010

 

 

0

Issued

 

 

6,862,106

Exercised

 

 

0

Expired/Forfeited

 

 

0

Balance at December 31, 2011

 

 

6,862,106

Warrants Exercisable at December 31, 2011

 

 

6,862,106

Weighted Average Fair Value of Warrants Granted During 2011

 

$

0.0185

Balance at December 31, 2011

 

 

6,862,106

 

Issued

 

 

650,000

 

Exercised

 

 

0

 

Expired/Forfeited

 

 

(3,431,053)

 

Balance at December 31, 2012

 

 

4,081,053

 

Warrants Exercisable at December 31, 2012

 

 

4,081,053

 

Weighted Average Fair Value of Warrants Granted During 2012

 

$

0.0068

 

33

**NOTE 8 - RELATED PARTY TRANSACTIONS**

In 2011, the Company engaged in a transaction with various related parties and borrowed a total of $54,500 via the 2011 Promissory Notes and $180,000 via the 2011 Convertible Notes. (See Note 8).

Additionally, in 2011, the Company repaid $77,500 in principal on convertible notes to 3 related parties.

In 2011, the Company’s majority shareholder converted $37,678 of convertible debt into 470,975 shares of common stock, 470,975 “A” Warrants and 470,975 “B” Warrants.

In 2012, the Company’s majority shareholder loaned the Company $112,100 and was repaid $2,500 from a previous note.  Additionally, the Company’s CEO loaned the Company $10,000.

**NOTE 9 – COMMITMENT AND CONTIGENCY**

The Company signed a lease agreement with West Boca Executive Suites on September 20, 2010 and no longer occupies the space.

The Company signed a 36-month lease agreement for office space at Reflections of Boca LLC.  The rent is $1,366 per month.

The Company signed a 12-month lease for rental space for the Company’s gold dispensing terminal  on January 1, 2013.  The rent is $3,500 per month.

Security Deposits consist of the following:

 

 

December 31, 2012

 

December 31, 2011

 

 

 

 

 

West Boca Executive Suites                 

$

939

$

939

Reflections OF Boca LLC                     

 

4,499

 

-

 

$

5,438

$

939

Future lease commitments

For the years ending:

 

2013

$58,392

2014

16,392

2015

13,660

Total

$88,444

34

**NOTE 10 – PROVISION FOR INCOME TAXES**

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes.  Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2012 and 2011 are as follows:

 

**2012**

 

**2011**

At December 31, deferred tax assets consist of:

 

 

 

 

Net operating loss carry forward

$

1,927,813

$

1,686,899

Start-up costs capitalized for tax purposes

 

405,876

 

405,876

Gross deferred tax assets

 

816,791

 

732,471

Valuation allowance

 

(816,791)

 

(732,471)

Net deferred tax assets

$

-

$

-

The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax expense is as follows:

 

 

December 31,

 

 

2012

 

2011

 

 

 

 

 

Combined statutory income tax rate

 

35%

 

35%

 

 

 

 

 

Valuation allowance

 

(35%)

 

(35%)

Effective tax rate

 

-

 

-

Deferred income taxes result from temporary differences in the recognition of income and expenses for the financial reporting purposes and for tax purposes. The effects of temporary differences that gave rise to deferred tax assets are as follows: 

The Company has made a 100% valuation allowance of the deferred income tax asset at December 31, 2012, as it is not expected that the deferred tax assets will be realized. The Company has a net operating loss carry forward of $1,927,813 available to offset future taxable income through 2032. The valuation allowance increased $84,320 for the year ended December 31, 2012.

The Company’s federal income tax returns for the years ended December 31, 2010 through December 31, 2012 remains subject to examination by the Internal Revenue Services as of December 31, 2012.

**NOTE 11 - GOING CONCERN**

As reflected in the accompanying consolidated financial statements, the Company had a net loss of $365,920 and $1,624,248 for the years ended December 31, 2012 and 

35

December 31, 2011, respectively. The Company has a working capital and stockholders' deficiency of $208,694 and $88,046, respectively at December 31, 2012.  There is a substantial doubt about the ability of the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to further implement its business plan and raise capital.  Management hopes that the continued placement of precious metals machines in the U.S.A. and the potential of a global rollout of additional dispensing terminals will bring sufficient revenues and investment into the Company to sustain its growth and operations.  Furthermore, the registrant feels organic growth through a new acquisition strategy in their other subsidiaries will assist the registrant in achievement of their goals. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

**NOTE 12 - SUBSEQUENT EVENTS**

Equity Transactions

In January of 2013, the Company sold 450,000 shares at $0.08/share to 2 investors for a total of $36,000.

In February of 2013, the Company issued 19,792 shares in lieu of accrued interest of $1,583 owed to one investor.

In March of 2013, the Company sold 625,000 shares at $0.08/share to 1 investor for a total of $50,000.

In March of 2013, the Company issued an aggregate of 1,000,000 shares to 3 consultants for services.  The market value of the stock at the date of issuance was $62,000.

Machine Placement

On January 4, 2013, the Company placed a gold dispensing terminal in service.  The machine was classified as construction-in-progress on the December 31, 2012 balance sheet. 

36

**Item 9.  Changes In And Disagreements With Accountants On Accounting And Financial Disclosure**

1) Previous Independent Auditors:

a. On February 15, 2013, the registrant dismissed Lake & Associates CPA’s LLC of Boca Raton, Florida, as their registered independent public accountant.  On the same day, the registrant engaged Liggett, Vogt & Webb, P.A. as its new registered independent public accountant.

b. For each of the years ended December 31, 2011 and 2010, Lake’s report did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to audit scope or accounting principles, except that the reports contained an explanatory paragraph stating that there was substantial doubt about the registrant’s ability to continue as a going concern.

c. The decision to dismiss Lake and to engage Liggett was approved by the registrant’s board of directors.

d. Through the period covered by the financial audit for the years ended December 31, 2011 and 2010, and including its review of financial statements of the quarterly periods through September 30, 2012 there have been no disagreements with Lake on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Lake would have caused them to make reference thereto in their report on the financial statements.  For the interim period through February 15, 2013 (the date of dismissal), there have been no disagreements with Lake on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Lake would have caused them to make reference thereto in their report on the financial statements.

e. We have authorized Lake to respond fully to any inquiries of Liggett.

f. During the years ended December 31, 2011 and 2010 and the interim period through February 15, 2013, there have been no reportable events between the registrant and Lake as set forth in Item 304(a)(1)(v) of Regulation S-K

g. The registrant provided a copy of the foregoing disclosures to Lake prior to the date of the filing of this report and requested that Lake furnish it with a letter addressed to the Securities & Exchange Commission stating whether or not it agrees with the statements in this report.  A copy of this letter is filed as Exhibit 16.1 to our Form 8-K filed February 22, 2013.

2) New Independent Accountants:

a. On February 15, 2013, the registrant engaged Liggett, Vogt & Webb, P.A as its new registered independent public accountant.  During the year ended December 31, 2012 and 2011 and prior to February 15, 2013 (the date of the new engagement), we did not consult with Liggett regarding (i) the application of accounting principles to a specified transaction, (ii) the type of audit opinion that might be rendered on the 

37

registrant’s financial statements by Liggett, in either case where written or oral advice provided by Liggett would be an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issues or (iii) any other matter that was the subject of a disagreement between us and our former auditor or was a reportable event (as described in Items 304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K, respectively).

**Item 9a.  Controls And Procedures**

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of December 31, 2012.  We do not have sufficient segregation of duties within accounting functions, which is a basic internal control.  Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible.  However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.  Based on this evaluation, our chief executive officer and chief financial officer have concluded such controls and procedures to be not effective as of December 31, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting.  Our internal control over financial reporting is the process designed by and under the supervision of our chief executive officer and chief financial officer, or the persons performing similar functions, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America.  These officers have evaluated the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control over Financial Reporting – Guidance for Smaller Public Companies*.

38

Our chief executive officer and chief financial officer have assessed the effectiveness of our internal control over financial reporting as of December 31, 2012 and concluded that it was not effective because of the material weakness described below:

In connection with the preparation of our consolidated financial statements for the year ended December 31, 2012, material weaknesses became evident to management regarding our inability to generate all the necessary disclosure for inclusion in our filings with the Securities and Exchange Commission due to the lack of resources and segregation of duties. A material weakness is a significant deficiency in one or more of the internal control components that alone or in the aggregate precludes our internal controls from reducing to an appropriately low level the risk that material misstatements in our consolidated financial statements will not be prevented or detected on a timely basis.

The registrant hired an outsource certified public accountant to work with our CFO and management on an as needed basis to eliminate the material weaknesses.  We will continue to aggressively recruit experienced professionals to ensure that we include all necessary disclosures in our filings with the Securities and Exchange Commission. Although we believe that this corrective step will enable management to conclude that the internal controls over our financial reporting are effective when the staff is trained, we cannot assure you these steps will be sufficient. We may be required to expend additional resources to identify, assess and correct any additional weaknesses in internal control. 

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the registrant’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the registrant to provide only management’s report in this annual report.

Evaluation of Changes in Internal Control over Financial Reporting

Our chief executive officer and chief financial officer have evaluated changes in our internal controls over financial reporting that occurred during the year ended December 31, 2012.  Based on that evaluation, our chief executive officer and chief financial officer, or those persons performing similar functions, did not identify any change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Important Considerations

The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to various inherent limitations, including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, 

39

the soundness of our systems, the possibility of human error, and the risk of fraud. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and the risk that the degree of compliance with policies or procedures may deteriorate over time. Because of these limitations, there can be no assurance that any system of disclosure controls and procedures or internal control over financial reporting will be successful in preventing all errors or fraud or in making all material information known in a timely manner to the appropriate levels of management.

**Item 9b.  Other Information**

None

40

PART III

**Item 10.  Directors, Executive Officers And Corporate Governance.**

Our bylaws provide that the number of directors who shall constitute the whole board shall be such number as the board of directors shall at the time have designated.  We confirm that the number of authorized directors has been set at one or more in number pursuant to our bylaws.

Each director shall be selected for a term of one year and until his successor is elected and qualified.  Vacancies are filled by a majority vote of the remaining directors then in office with the successor elected for the unexpired term and until the successor is elected and qualified.  The directors, officers and significant employees are as follows:

NAME

 

AGE

 

POSITIONS HELD

 

SINCE

Lindsey Perry

 

58

 

CEO/ Director/ CFO/ Controller

 

April 18, 2012 to present

 

 

 

 

 

 

 

Mervyn M. Gervis

 

63

 

VP/ Director

 

May 15, 2009 to present

Richard D. Seay

 

57

 

VP/ Director

 

December 16, 2011 to present

Business Experience of Officers, Directors and Significant Employees

Lindsey R. Perry, Jr. has been the chairman, chief executive officer, and chief financial officer of PMX Communities since April 19, 2012.  Mr. Perry graduated from Bucknell University in 1977 with a Bachelor of Science Degree in accounting.

Mervyn M. Gervis has been vice president and director of PMX Communities since May 2009.  From 1995 to present, Mr. Gervis has been president of Universal Telecommunications, Inc., a telecommunications company.  Prior to that he ran a mining operation in the Western Transvaal region of South Africa.  Mr. Gervis was involved in mining of manganese ores and diamond prospecting.  

His experience included the exploration for minerals, acquisition of mineral rights and leases and the development of properties for open cast mining.  His over 15 years in this industry involved the design and procurement of plant and processing equipment; including Heavy Media Separation, Jigs, Diamond Pans, Crushing and Drying, to prepare ore to be supplied to many industries, including uranium, brick and tile, battery and steel.  He was responsible for developing an international market and installed a mill on site to 

41

bag and containerize ore for export.  He was involved in other exploration projects including Platinum in the Bushveld District of the Eastern Transvaal.

Mr. Gervis earned a Bachelor of Commerce from the University of Witwatersrand in Johannesburg, South Africa in 1972.

Mr. Seay joined the company in December 2011.  He is a South Florida based Attorney practicing in both the Florida State Courts and the Federal District Courts, Southern District of Florida.  His resume includes serving as a former State Prosecutor as well as public company managerial and supervisory experience.

The above named directors will serve in their capacity as director until our next annual shareholder meeting to be held within six months of our fiscal year's close.  Directors are elected for one-year terms.

Section 16(a) Beneficial Ownership Reporting Compliance

To our knowledge, no director, officer or beneficial owner of more than ten percent of any class of our equity securities, failed to file on a timely basis reports required by Section 16(a) of the Exchange Act during 2012.

Code of Ethics Policy

We have not yet adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Corporate Governance

There have been no changes in any state law or other procedures by which security holders may recommend nominees to our board of directors.  In addition to having no nominating committee for this purpose, we currently have no specific audit committee and no audit committee financial expert.  Based on the fact that our current business affairs are simple, any such committees are excessive and beyond the scope of our business and needs.

Family Relationships

There are no family relationships between our officers and directors.

Involvement in Certain Legal Proceedings

None of our directors, executive officers and control persons has been involved in any of the following events during the past ten years:

42

·

Any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time,

·

Any conviction in a criminal proceeding or being subject to any pending criminal proceeding (excluding traffic violations and other minor offenses);

·

Being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; or

·

Being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

**Item 11.  Executive Compensation**

We may elect to award a cash bonus to key employees, directors, officers and consultants based on meeting individual and corporate planned objectives.

Name and Principal Position

Year

 

Salary

Bonus

Stock Awards

Option Awards

 Non-Equity Incentive Plan Comp

Nonqualified deferred Comp Earnings

All Other Comp

Total

Lindsey Perry

2012

 

-

-

-

-

-

-

-

-

CEO/ CFO

2011

 

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Michael C. Hiler

2012

 

-

-

-

-

-

-

-

-

Former CEO/ CFO

2011

 

-

-

-

-

-

-

$44,350

$44,350

 

 

 

 

 

 

 

 

 

 

 

Mervyn M. Gervis

2012

 

-

-

-

-

-

-

-

-

VP, Director

2011

 

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Michael W. McCauley

2012

 

-

-

-

-

-

-

-

-

FormerVP

2011

 

-

-

$100,000

-

-

-

-

$100,000

Mark Connell

2012

 

-

-

-

-

-

-

-

-

Former President

2011

 

$7,500

-

$600,000(1)

-

-

-

-

$607,500

43

Alfred Cortellini

2012

 

-

-

-

-

-

-

-

-

Former Director

2011

 

-

-

$200,000(1)

-

-

-

-

$200,000

Rick Seay

2012

 

-

-

-

-

-

-

-

-

Director

2011

 

-

-

-

-

-

-

-

-

(1)

The shares related to this stock compensation were canceled before the period end of 12/31/2011

**Item 12.  Securities Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table sets forth, as of April 15, 2013, the number and percentage of our outstanding shares of common stock owned by (i) each person known to us to beneficially own more than 5% of its outstanding common stock, (ii) each director, (iii) each named executive officer and significant employee, and (iv) all officers and directors as a group.

The number of shares listed below includes shares that each shareholder listed in the table has the right to acquire beneficial ownership of within 60 days.

Name and Address

 

Number & Class of Shares

 

Percentage of Outstanding Common Shares

Lindsey R. Perry, Jr. (1)

 

2,157,144 direct

 

2.77%

6505 NW 39th Terrace

 

110,000 indirect(2)

 

0.14%

Boca Raton, FL 33496

 

 

 

 

 

 

 

 

 

Mervyn M. Gervis (3)

 

1,000,000 direct

 

1.29%

59,38 Catesby Street

 

 

 

 

Boca Raton, FL 33433

 

 

 

 

Richard D. Seay (4)

 

0

 

0%

2500 Hollywood Blvd.,

 

 

 

 

Suite 201

 

 

 

 

Hollywood, FL 33020

 

 

 

 

 

 

 

 

 

Directors/ Officers

 

3,157,144 direct

 

4.06%

As a group three (3) persons

 

110,000 indirect

 

0.14%

 

 

 

 

 

44

Mark Goldstein

 

1,650,000 direct

 

2.12%

2700 N. Military Trail

 

33,000,000 indirect (5)

 

42.42%

Suite 130

 

 

 

 

Boca Raton, FL 33431

 

 

 

 

(1)Mr. Perry is an officer and director of PMX Communities.

(2)These shares are owned by Caddyshack Partners, LLC.  Mr. Perry owns 25% of this entity

(3)Mr. Gervis is an officer and director of PMX Communities.

(4)Mr. Seay is a director of PMX Communities.

(5)Represents common shares held by Dickinson Capital, LLC (a Florida limited liability company) that is controlled by Mark B. Goldstein.

Based upon 77,802,080 outstanding common shares as of April 15, 2013.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Director Independence

All of our directors are independent as such term is defined by a national securities exchange or an inter-dealer quotation system.  During the years ended December 31, 2012 and 2011 there were no transactions with related persons other than as described in the section below.

Agreement with OTC Business Solutions

On February 1, 2009, the registrant entered into a consulting agreement with OTC Business Solutions, then an unaffiliated company.  As of February 23, 2010, Michael C. Hiler, its owner, became an officer and director of the registrant.  The consultant provides consulting services related to the management and organization of the company, their financial policies, the terms and conditions of employment and generally any matter arising out of the business affairs of the company.

The consulting agreement terminated on December 31, 2011.

The consultant was issued 5,000,000 common shares for services rendered and to be rendered to registrant.  Additionally, the consultant received $60,000.

Agreement with Invisosoft

Invisosoft is a software developer of a proprietary and copyrighted audio video software product known as Invisosoft Live Communicator Suite that enables VOIP/Audiovisual conferencing.  On June 23, 2009, PMX Communities acquired an initial 100 Activation Seats of the Invisosoft Live Communicator Suite Software. The seats were acquired for $50 per seat.  The term of the agreement is for five years.  Dennis Carrasquillo, a former 

45

officer and director of the registrant has been vice president of Invisosoft, Inc. since 2005.  For the first two years, the registrant shall have the right to increase the number of activator seats at anytime via a one time payment of $50 per seat up to a maximum of one hundred thousand seats.

**Item 14. Principal Accounting Fees and Services**

Liggett, Vogt & Webb, P.A. has served as our independent registered public accounting firm since February 15, 2013, and performed the audit for the year ended December 31, 2012.

Lake and Associates CPA's, LLC served as our independent registered public accounting firm for 2012 and 2011.  The following table shows the fees that were billed for the audit and other services provided by such firm for 2012 and 2011.

 

 

2012

 

2011

Audit Fees

 

$20,750

 

$12,600

Audit-Related Fees

 

-

 

-

Tax Fees

 

500

 

-

All Other Fees

 

-

 

-

Total

 

$21,250

 

$12,600

Audit Fees - This category includes the audit of our annual financial statements, review of financial statements included in our Form 10-Q Quarterly Reports and services that are normally provided by the independent auditors in connection with engagements for those fiscal years. This category also includes advice on   audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements.

Audit-Related Fees - This category consists of assurance and related services by the independent auditors that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under "Audit Fees." The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC and other accounting consulting.

Tax Fees - This category consists of professional services rendered by our independent auditors for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparation and technical tax advice.

Pre-approval Policy

Our Board of Directors has adopted a procedure for pre-approval of all fees charged by our independent auditors.  Under the procedure, the Board approves the engagement letter with respect to audit, tax and review services.  Other fees are subject to pre-

46

approval by the Board, or, in the period between meetings, by a designated member of Board.  Any such approval by the designated member is disclosed to the entire Board at the next meeting.  The audit and tax fees paid to the auditors with respect to 2012 were pre-approved by the entire Board of Directors.

Board of Directors Report

The Board of Directors has reviewed and discussed with the registrant's management and independent auditor the audited consolidated financial statements of the registrant’s contained in the registrant's Annual Report on Form 10-K for the registrant's fiscal year ended December 31, 2012.  The Board has also discussed with the independent auditor the matters required to be discussed pursuant to SAS No. 61 (Codification of Statements on Auditing Standards, AU Section 380), which includes, among other items, matters related to the conduct of the audit of the registrant's consolidated financial statements.

The Board has received and reviewed the written disclosures and the letter from the independent auditor required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent auditor's communications with the Board concerning independence, and has discussed with its independent auditor its independence from the registrant.

The Board has considered whether the provision of services other than audit services is compatible with maintaining auditor independence.

Based on the review and discussions referred to above, the Board approved the inclusion of the audited consolidated financial statements in the registrant's Annual Report on Form 10-K for its fiscal year ending December 31, 2012 for filing with the SEC.

47

PART IV

**Item 15.   Exhibits, Financial Statement Schedules  **

(a)(1)  List of Financial statements included in Part II hereof  

Balance Sheets, December 31, 2012 and 2011 

Statements of Operations for the years ended December 31, 2012 and 2011 

Statements of Stockholders' Equity (Deficit) for the years ended December 31, 2012 and 2011 

Statements of Cash Flows for the years ended December 31, 2012 and 2011 

Notes to the Financial Statements  

(a)(2) List of Financial Statement schedules included in Part IV hereof:  None. 

(a)(3) Exhibits  

The following exhibits are included herewith:

**Exhibit No.**

**      Description**

31

 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*

XBRL Instance Document

101.SCH*

XBRL Taxonomy Extension Schema Document

101.CAL*

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*

XBRL Taxonomy Extension Label Linkbase Document

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. 

Following are a list of exhibits which we previously filed in other reports which we filed with the SEC, including the Exhibit No., description of the exhibit and the identity of the Report where the exhibit was filed.

48

**NO.**

**DESCRIPTION**

**FILED WITH**

**DATE FILED**

3.1

Articles of Incorporation

Form S-1

September 3, 2009

3.2

Certificate of Amendment

Form S-1

September 3, 2009

3.3

Certificate of Change

Form S-1

September 3, 2009

3.4

Bylaws

Form S-1

September 3, 2009

10.1

Lease-Purchase Option

Form S-1

September 3, 2009

10.2

Revised Assignment and Assumption

Form S-1/A

October 16, 2009

10.3

Agreement with Invisosoft

Form S-1

September 3, 2009

10.4

Business Consultant Agreement

Form S-1

September 3, 2009

10.5

Gervis Agreement

Form S-1/A

October 16, 2009

10.6

Partial Satisfaction of Promissory Notes

Form S-1/A

October 16, 2009

10.7

Mark Goldstein Note Dated 2/13/09

Form S-1/A

October 16, 2009

10.8

Barry Roderman Note Dated 2/13/09

Form S-1/A

October 16, 2009

10.9

Mark Connell Note Dated 2/27/09

Form S-1/A

October 16, 2009

10.10

Andrew Goldstein Note Dated 3/8/09

Form S-1/A

October 16, 2009

10.11

Philip and Cynthia Liberty Note  Dated 6/19/09

Form S-1/A

October 16, 2009

10.12

Glenn Murphy Note Dated 6/25/09

Form S-1/A

October 16, 2009

10.13

Financing Agreement Dated 8/18/10

Form 8-K

October 20, 2010

10.14

Agreement Dated 9/2/10

Form 8-K

October 20, 2010

10.15

Agreement Dated 10/5/10

Form 8-K

October 20, 2010

10.16

Transmedia Consulting Agreement

Form 8-K

December 20, 2010

10.17

Tritos Consulting Agreement

Form 8-K

December 20, 2010

10.18

Development Agreement

Form 8-K

August 29, 2011

10.19

Financing Agreement

Form 8-K

August 29, 2011

10.20

Employment Agreement

Form 8-K

August 29, 2011

10.21

2011 Stock Awards Plan

Form 8-K

August 29, 2011

10.22

First Amendment to Executive Employment Agreement

Form 8-K/A

February 15, 2012

10.23

Promissory Note

Form 8-K/A

February 15, 2012

16.1

Auditor's Letter

Form 8-K/A

February 22, 2013

99.1

Confidentiality Agreement

Form 8-K

May 21, 2012

49

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.

PMX COMMUNITIES, INC.

BY: /s/ Lindsey Perry

Lindsey Perry

Chief Executive Officer, Chief Financial Officer

Dated: November 4, 2013

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 dates indicated.

By: /s/ Lindsey Perry

Lindsey Perry

Chief Executive Officer, Chief Financial Officer

Dated: November 4, 2013

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