0001165527-11-001046.txt : 20111110 0001165527-11-001046.hdr.sgml : 20111110 20111110081930 ACCESSION NUMBER: 0001165527-11-001046 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111110 DATE AS OF CHANGE: 20111110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICTORIA INTERNET SERVICES INC CENTRAL INDEX KEY: 0001486297 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 271320213 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-165391 FILM NUMBER: 111193305 BUSINESS ADDRESS: STREET 1: 2470 EAST 16TH STREET CITY: BROOKLYN STATE: NY ZIP: 11235 BUSINESS PHONE: 7183440866 MAIL ADDRESS: STREET 1: 2470 EAST 16TH STREET CITY: BROOKLYN STATE: NY ZIP: 11235 10-Q 1 g5561.txt U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Mark One [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2011 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File No. 333 - 165391 VICTORIA INTERNET SERVICES, INC. (Name of small business issuer in its charter) Nevada (State or other jurisdiction of incorporation or organization) 2470 East 16th Street, Brooklyn, NY 11235 (Address of principal executive offices) (718) 344-0866 (Issuer's telephone number) Securities registered pursuant to Section Name of each exchange on which 12(b) of the Act: registered: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.0000001 (Title of Class) Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 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 whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ] Applicable Only to Corporate Registrants Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the most practicable date: Class Outstanding as of September 30, 2011 ----- ------------------------------------ Common Stock, $0.001 4,675,000 VICTORIA INTERNET SERVICES, INC. FORM 10-Q Part 1. FINANCIAL INFORMATION Item 1. Financial Statements 3 Balance Sheets 3 Statements of Operations 4 Statement of Stockholders' Equity (Deficit) 5 Statements of Cash Flows 6 Notes to Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3. Quantitative and Qualitative Disclosures About Market Risk 14 Item 4. Controls and Procedures 15 Part II. OTHER INFORMATION Item 1. Legal Proceedings 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Submission of Matters to a Vote of Security Holders 15 Item 5. Other Information 16 Item 6. Exhibits 16 2 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEETS AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010
ASSETS September 30, December 31, 2011 2010 -------- -------- (unaudited) CURRENT ASSETS Cash and cash equivalents $ 2,464 $ 68 -------- -------- TOTAL ASSETS $ 2,464 $ 68 ======== ======== LIABILITIES AND STOCKHOLDER'S EQUITY LIABILITIES Current Liabilities Accounts Payable $ 0 $ 0 Accrued expenses 0 6,590 Loan from shareholder 28,879 9,163 -------- -------- TOTAL LIABILITIES 28,879 15,753 -------- -------- STOCKHOLDER'S EQUITY Common stock, par value $0.0000001; 100,000,000 shares authorized, 4,675,000 shares issued and outstanding 1 1 Additional paid in capital 19,999 19,999 Deficit accumulated during the development stage (53,165) (42,435) -------- -------- TOTAL STOCKHOLDER'S EQUITY (26,415) (15,685) -------- -------- TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 2,464 $ 68 ======== ========
See accompanying notes to financial statements. 3 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF OPERATIONS (unaudited) THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 AND FOR THE PERIOD FROM OCTOBER 9, 2009 (INCEPTION) TO SEPTEMBER 30, 2011
For the period from Three Months Three Months Nine Months Nine Months October 9, 2009 ended ended ended ended (Inception) to September 30, September 30, September 30, September 30, September 30, 2011 2010 2011 2010 2011 ---------- ---------- ---------- ---------- ---------- REVENUES $ 0 $ 0 $ 0 $ 0 $ 400 OPERATING EXPENSES 5,247 2,583 10,730 14,832 53,565 ---------- ---------- ---------- ---------- ---------- NET LOSS FROM OPERATIONS (5,247) (2,583) (10,730) (14,832) (53,165) PROVISION FOR INCOME TAXES 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- NET LOSS $ (5,247) $ (2,583) $ (10,730) $ (14,832) $ (53,165) ========== ========== ========== ========== ========== NET LOSS PER SHARE: BASIC AND DILUTED $ (0.00) $ (0.00) $ (0.00) $ (0.00) ---------- ---------- ---------- ---------- WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 4,675,000 4,183,333 4,675,000 4,061,111 ---------- ---------- ---------- ----------
See accompanying notes to financial statements. 4 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) (unaudited) FOR THE PERIOD FROM OCTOBER 9, 2009 (INCEPTION) TO SEPTEMBER 30, 2011
Deficit Accumulated Common Stock Additional During the ---------------------- Paid-in Development Shares Amount Capital Stage Total ------ ------ ------- ----- ----- Inception, October 9, 2009 -- $ -- $ -- $ -- $ -- Shares issued for cash at $0.005 per share 4,000,000 1 19,999 -- 20,000 Net loss for the period ended December 31, 2009 -- -- -- (12,513) (12,513) --------- --------- --------- --------- --------- Balance, December 31, 2009 4,000,000 1 19,999 (12,513) 7,487 Shares issued for cash at $0.01 per share 675,000 0 6,750 -- 6,750 Net loss for the year ended December 31, 2010 -- -- -- (29,922) (29,922) --------- --------- --------- --------- --------- Balance, December 31, 2010 4,675,000 1 26,749 (42,435) (15,685) Net loss for the nine months ended September 30, 2011 -- -- -- (10,730) (10,730) --------- --------- --------- --------- --------- Balance, September 30, 2011 4,675,000 $ 1 $ 26,749 $ (53,165) $ (26,415) ========= ========= ========= ========= =========
See accompanying notes to financial statements. 5 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF CASH FLOWS (unaudited) THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010 AND FOR THE PERIOD FROM OCTOBER 9, 2009 (INCEPTION) TO SEPTEMBER 30, 2011
Period from Nine months Nine months October 9, 2009 ended ended (Inception) to September 30, September 30, September 30, 2011 2010 2011 -------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss for the period $(10,730) $(14,832) $(53,165) Changes in assets and liabilities: Increase (decrease) in accrued expenses (6,590) (5,397) 0 Increase (decrease) in accounts Payable 0 3,395 0 -------- -------- -------- CASH FLOWS USED IN OPERATING ACTIVITIES (17,320) (16,835) (53,165) -------- -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock 0 4,000 26,750 Loan from shareholder 19,716 0 28,879 -------- -------- -------- CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 19,716 4,000 55,629 -------- -------- -------- NET INCREASE (DECREASE) IN CASH 2,396 (12,835) 2,464 Cash, beginning of period 68 15,400 0 -------- -------- -------- CASH, END OF PERIOD $ 2,464 $ 2,565 $ 2,464 ======== ======== ======== SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid $ 0 $ 0 ======== ======== Income taxes paid $ 0 $ 0 ======== ========
See accompanying notes to financial statements. 6 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Victoria Internet Services, Inc. was incorporated in the State of Nevada on October 9, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises ("SFAS No.7") (ASC 915-10). As of September 30, 2011 we had $400 in revenues, have minimal assets and have incurred losses since inception. We have yet to implement our business model and are currently seeking financial alternatives to finance operations. We intend to commence operations in the business of online tax preparation in the North American market. To date, the only operations we have engaged in are the development of a business plan and the registration of the domain name (www.victoriainternetservices.com) for our new website and provided services for one client. NOTE 2 - GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $47,918 as of September 30, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES BASIS OF PRESENTATION The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in U.S. dollars. USE OF ESTIMATES AND ASSUMPTIONS The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. FINANCIAL INSTRUMENTS The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments. STOCK-BASED COMPENSATION Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. 7 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTINUED) INCOME TAXES Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. BASIC INCOME (LOSS) PER SHARE Basic income (loss) per share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2011. ACCOUNTING BASIS The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end. DIVIDENDS The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. IMPAIRMENT OF LONG-LIVED ASSETS The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. ADVERTISING COSTS The Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the periods ended September 30, 2011. REVENUE RECOGNITION The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. 8 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTINUED) RECENT ACCOUNTING PRONOUNCEMENTS In May 2009, the FASB issued SFAS 165 (ASC 855-10) entitled "Subsequent Events". Companies are now required to disclose the date through which subsequent events have been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements are issued, and provide disclosure that such date was used for this evaluation. SFAS 165 (ASC 855-10) provides that financial statements are considered "issued" when they are widely distributed for general use and reliance in a form and format that complies with GAAP. SFAS 165 (ASC 855-10) is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively. In June 2009, the FASB issued SFAS 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. ("SFAS 168" or ASC 105-10) SFAS 168 (ASC 105-10) establishes the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental entities in the preparation of financial statements in conformity with GAAP. SFAS 168 (ASC 105-10) was prospectively effective for financial statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The adoption of SFAS 168 (ASC 105-10) on July 1, 2009 did not impact the Company's results of operations or financial condition. The Codification did not change GAAP, however, it did change the way GAAP is organized and presented. As a result, these changes impact how companies reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification in this Report by providing references to the Codification topics alongside references to the corresponding standards. With the exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected to have a material impact on the Company's financial position, operations or cash flows. STOCK-BASED COMPENSATION As of September 30, 2011, the Company has not issued any stock-based payments to its employees. The Company uses the modified prospective method of accounting for stock-based compensation. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the estimated grant-date fair value. NOTE 4 - ACCRUED EXPENSES Accrued expenses at December 31, 2010 consisted of amounts owed to the Company's outside independent consultants and lawyers for services rendered for periods reported on in these financial statements. 9 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 5 - COMMON STOCK The authorized capital of the Company is 100,000,000 common shares with a par value of $ 0.0000001 per share. In November 2009, the Company issued 4,000,000 shares of common stock at a price of $0.005 per share for total cash proceeds of $20,000. During the year ended December 31, 2010, the Company issued 675,000 shares of common stock for cash at $0.01 per share for total cash proceeds of $6,750. There were 4,675,000 shares of common stock issued and outstanding as of September 30, 2011. NOTE 6 - INCOME TAXES As of September 30, 2011 the Company had net operating loss carry forwards of approximately $47,900 which may be available to reduce future years' taxable income through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following: September 30, 2011 ------------------ Federal income tax benefit attributable to: Current Operations $ 18,076 Less: valuation allowance (18,076) -------- Net provision for Federal income taxes $ 0 ======== The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: September 30, 2011 ------------------ Deferred tax asset attributable to: Net operating loss carryover $ 18,076 Less: valuation allowance (18,076) -------- Net deferred tax asset $ 0 ======== Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $47,900 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. NOTE 7 - LOAN FROM SHAREHOLDER On October 9, 2009, the sole Director and President Leon Golden loaned the Company $413. The loan is unsecured, non-interest bearing, and due on demand. The director loaned an additional $21,500 as of September 30, 2011. The new loans are also unsecured, non-interest bearing and due on demand. The balance due to the shareholder was $28,879 as of September 30, 2011. 10 VICTORIA INTERNET SERVICES, INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO THE FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 8 - COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. NOTE 9 - SUBSEQUENT EVENTS On October 12, 2011, the Company and its CEO Leon Golden executed a letter of intent (the "LOI") with Earn-a-Car (PTY) LTD, a South African corporation ("EARN-A-CAR"). The LOI contemplates, among other things, the Company acquiring all of the issued and outstanding shares of Earn-a-Car from its shareholders, in exchange for 1,575,000 shares held by Mr. Golden, the payment to Mr. Golden of $150,000 and the cancellation of the balance of Mr. Golden's shares. The LOI is subject to the parties' due diligence and the execution and delivery of a formal agreement. These events have not yet occurred. On October 26, 2011, the Company agreed to sell a $32,500 90-day note payable for $25,000 which becomes effective on the occurrence of certain events. In addition, the Company agreed to issue 1,000 pre-split free-trading common shares (or 50,000 post-split free trading common shares) no later than 10 days of the Effective Date. In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to September 30, 2011 through October 30, 2011, the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements. 11 FORWARD LOOKING STATEMENTS Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION GENERAL VICTORIA INTERNET SERVICES, INC. was incorporated under the laws of the State of Nevada on October 9, 2009. Our registration statement has been filed with the Securities and Exchange Commission on June 18, 2010. Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," refers to VICTORIA INTERNET SERVICES, INC. CURRENT BUSINESS OPERATIONS As of the date of this Quarterly Report, we have not started operations. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises ("SFAS No.7") (ASC 915-10). As of September 30, 2011 we had $400 in revenues, have minimal assets and have incurred losses since inception. We have yet to implement our business model and our current focus is to obtain effectiveness of our registration statement from the Securities and Exchange Commission and apply to FINRA for quotation on the OTC Bulletin Board. We intend to commence operations in the business of online tax preparation in the North American market. To date, the only operations we have engaged in are the development of a business plan and the registration of the domain name (www.victoriainternetservices.com) for our new website and provided services for one client. We have not begun operations and will not begin operations until we have completed this offering. Our plan of operation is forward-looking and there is no assurance that we will ever begin operations. We are a development stage company and have not earned any revenue. It is likely that we will not be able to achieve profitability and will have to cease operations due to the lack of funding. RESULTS OF OPERATION Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities. 12 NINE MONTH PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 COMPARED TO THE PERIOD FROM INCEPTION (OCTOBER 9, 2009) TO SEPTEMBER 30, 2011 Our net loss for the nine-month period ended September 30, 2011 was approximately ($5,247) compared to a net loss of ($14,832) for the nine-month period ended September 30, 2011 and ($53,165) during the period from inception (October 9, 2009) to September 30, 2011. During the nine-month period ended September 30, 2011, we did not generate any revenue. During the nine-month period ended September 30, 2011, we incurred general and administrative, consulting, and professional expenses of approximately $5,247 compared to $14,832 from the nine-month period ended September 30, 2010 and $53,165 incurred during the period from inception (October 9, 2009) to September 30, 2011. General and administrative expenses incurred during the nine-month period ended September 30, 2011 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs. Our net loss during the nine-month period ended September 30, 2011 was ($5,247) or ($0.00) per share compared to a net loss of ($14,832) or ($0.00) per share during the nine-month period ending September 2010 and ($53,165) or ($0.01) per share during the period from inception (October 9, 2009) to September 30, 2011. The weighted average number of shares outstanding was 4,675,000 for the nine-month period ended September 30, 2011. THREE MONTH PERIODS ENDED SEPTEMBER 30, 2011 COMPARED THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2010 Our net loss for the three-month period ended September 30, 2011 was approximately ($5,247) compared to a net loss of ($2,583) for the three-month period ended September 30. During the three-month period ended September 30, 2011, we did not generate any revenue. During the three-month period ended September 30, 2011, we incurred general and administrative, consulting, and professional expenses of approximately $5,247 compared to $2,583 from the three-month period ended September 30, 2010. General and administrative expenses incurred during the three-month period ended September 30, 2011 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs. Our net loss during the three-month period ended September 30, 2011 was ($5,247) or ($0.00) per share compared to a net loss of ($2,583) or ($0.00) per share during the nine-month period ending September 30, 2010. The weighted average number of shares outstanding was 4,675,000 for the nine-month period ended September 30, 2011. LIQUIDITY AND CAPITAL RESOURCES NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011 At September 30, 2011, our current assets were $2,464 and our current liabilities were $28,879, which resulted in a working capital of ($26,415). At September 30, 2011, current assets were comprised of $2,464 in cash compared to $68 in current assets at fiscal year ended December 31, 2010. As at the nine-month period ended September 30, 2011, current liabilities were comprised of $28,879 in loan from director. Stockholders' equity decreased from ($15,685) for fiscal year ended December 31, 2010 to ($26,415) for the nine-month period ended September 30, 2011. CASH FLOWS FROM OPERATING ACTIVITIES We have not generated positive cash flows from operating activities. For the nine-month period ended September 30, 2011, net cash flows used in operating activities was ($17,320) consisting primarily of a net loss of ($10,730) and reduction in accrued expenses. Net cash flows used in operating activities was ($47,918) for the period from inception (October 9, 2009) to September 30, 2011. 13 CASH FLOWS FROM FINANCING ACTIVITIES We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the nine-month period ended September 30, 2011, we did not generate net cash from financing activities. For the period from inception (October 9, 2009) to September 30, 2011, net cash provided by financing activities was $55,629 received from sale of common stock and loans from Director. PLAN OF OPERATION AND FUNDING We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business. Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. MATERIAL COMMITMENTS As of the date of this Quarterly Report, we have a material commitment for fiscal year 2010/2011. During the period from inception (October 9, 2009) to September 30, 2011, Leon Golden, our Chief Executive Officer and a director, loaned us $28,879. The loans are non-interest bearing and payable upon demand. PURCHASE OF SIGNIFICANT EQUIPMENT We do not intend to purchase any significant equipment during the next twelve months. OFF-BALANCE SHEET ARRANGEMENTS As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. GOING CONCERN The independent auditors' report accompanying our September 30, 2011 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Market risk represents the risk of loss that may impact our financial position, results of operations or cash flows due to adverse change in foreign currency and interest rates. 14 EXCHANGE RATE Our reporting currency is United States Dollars ("USD"). INTEREST RATE Any future loans will relate mainly to trade payables and will be mainly short-term. However our debt may be likely to rise in connection with expansion and if interest rates were to rise at the same time, this could become a significant impact on our operating and financing activities. We have not entered into derivative contracts either to hedge existing risks of for speculative purposes. ITEM 4. CONTROLS AND PROCEDURES Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2010. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the nine-month period ended September 30, 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS On June 18, 2010, we filed a registration statement on Form S-1 with the Securities and Exchange Commission pursuant to which we registered 4,000,000 shares of our restricted common stock to be issued to certain shareholders and 5,000,000 shares were registered in the initial offering. ITEM 3. DEFAULTS UPON SENIOR SECURITIES No report required. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No report required. 15 ITEM 5. OTHER INFORMATION No report required. ITEM 6. EXHIBITS Exhibits: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d- 14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. 101 Interactive Data Files pursuant to Rule 405 of Regulation S-T. 16 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VICTORIA INTERNET SERVICES, INC. Dated: November 7, 2011 By: /s/ Leon Golden ------------------------------------- Leon Golden, President and Chief Executive Officer Dated: November 7, 2011 By: /s/ Leon Golden ------------------------------------- Leon Golden, Chief Financial Officer 17 EX-31.1 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION PURSUANT TO 18 U.S.C. SS. 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Leon Golden, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Victoria Internet Services, Inc; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and 5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. Date: November 7, 2011 /s/ Leon Golden --------------------------------------------- Leon Golden President and Chief Executive Officer EX-31.2 3 ex31-2.txt EXHIBIT 31.2 CERTIFICATION PURSUANT TO 18 U.S.C. SS. 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Leon Golden, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Victoria Internet Services, Inc; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and 5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. Date: November 7, 2011 /s/ Leon Golden --------------------------------------------- Leon Golden Chief Financial Officer EX-32.1 4 ex32-1.txt EXHIBIT 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Victoria Internet Services, Inc (the "Company") on Form 10-Q for the period ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Leon Golden, Chief Executive and Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: November 7, 2011 /s/ Leon Golden ------------------------------------------ Leon Golden President, Chief Executive Officer, and Chief Financial Officer EX-101.INS 5 vris-20110930.xml 10-Q 2011-09-30 false VICTORIA INTERNET SERVICES INC 0001486297 --12-31 4675000 Smaller Reporting Company Yes No No 2011 Q3 2464 68 2464 68 0 0 0 6590 28879 9163 28879 15753 1 1 19999 19999 -53165 -42435 -26415 -15685 2464 68 0.0000001 0.0000001 100000000 100000000 4675000 4675000 4675000 4675000 0 0 0 0 400 5247 2583 10730 14832 53565 -5247 -2583 -10730 -14832 -53165 0 0 0 0 0 -5247 -2583 -10730 -14832 -53165 0.00 0.00 0.00 0.00 4675000 4183333 4675000 4061111 0 0 0 0 0 4000000 1 19999 0 20000 0 0 0 -12513 -12513 4000000 1 19999 -12513 7487 675000 0 6750 0 6750 0 0 0 -29922 -29922 4675000 1 26749 -42435 -15685 0 0 0 -10730 -10730 4675000 1 26749 -53165 -26415 -10730 -14832 -53165 -6590 -5397 0 0 3395 0 -17320 -16835 -53165 0 4000 26750 19716 0 28879 19716 4000 2396 -12835 2464 15400 0 2565 0 0 0 0 <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 1 &#150; ORGANIZATION AND NATURE OF BUSINESS</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Victoria Internet Services, Inc. was incorporated in the State of Nevada on October 9, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (&#147;SFAS No.7&#148;) (ASC 915-10). As of September 30, 2011 we had $400 in revenues, have minimal assets and have incurred losses since inception. We have yet to implement our business model and are currently seeking financial alternatives to finance operations.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">We intend to commence operations in the business of online tax preparation in the North American market. To date, the only operations we have engaged in are the development of a business plan and the registration of the domain name (www.victoriainternetservices.com) for our new website and provided services for one client.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 2 &#150; GOING CONCERN</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.&nbsp; The Company has incurred losses since inception resulting in an accumulated deficit of $47,918 as of September 30, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Company&#146;s ability to continue as a going concern.&nbsp; The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 3 &#150; SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Basis of Presentation</u></p> <p style="MARGIN:0in 0in 0pt">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in U.S. dollars.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Use of Estimates and Assumptions</u></p> <p style="MARGIN:0in 0in 0pt">The&nbsp; preparation&nbsp; of&nbsp; financial&nbsp; statements&nbsp; in conformity with accounting principles generally&nbsp; accepted&nbsp; in&nbsp; the&nbsp; United States requires&nbsp; management&nbsp; to&nbsp; make&nbsp;&nbsp; estimates and assumptions that&nbsp; affect&nbsp; the reported amounts of&nbsp; assets and liabilities and disclosure of contingent assets and liabilities at&nbsp; the&nbsp; date&nbsp; of&nbsp; the&nbsp; financial&nbsp; statements&nbsp; and the reported amounts of&nbsp; revenues&nbsp; and&nbsp;&nbsp;&nbsp; expenses&nbsp; during&nbsp; the&nbsp; reporting&nbsp; period. Actual results could differ from those estimates.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Financial Instruments</u></p> <p style="MARGIN:0in 0in 0pt">The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Stock-based Compensation</u></p> <p style="MARGIN:0in 0in 0pt">Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R) (ASC 718).&nbsp; To date, the Company has not adopted a stock option plan and has not granted any stock options.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Income Taxes</u> </p> <p style="MARGIN:0in 0in 0pt">Income taxes are accounted for under the assets and liability method.&nbsp; Deferred&nbsp; tax&nbsp; assets&nbsp; and&nbsp; liabilities are recognized for&nbsp; the&nbsp; estimated future tax consequences attributable&nbsp; to differences between the financial statement carrying amounts of existing&nbsp; assets&nbsp; and&nbsp; liabilities and their respective&nbsp; tax&nbsp; bases and operating loss and tax credit&nbsp; carry&nbsp; forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Basic Income (Loss) Per Share</u></p> <p style="MARGIN:0in 0in 0pt">Basic income (loss) per share is calculated by dividing the Company&#146;s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company&#146;s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2011.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Accounting Basis</u></p> <p style="MARGIN:0in 0in 0pt">The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (&#147;GAAP&#148; accounting).&nbsp;&nbsp;The Company has adopted a December 31 fiscal year end.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Dividends</u></p> <p style="MARGIN:0in 0in 0pt">The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Impairment of Long-Lived Assets</u></p> <p style="MARGIN:0in 0in 0pt">The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Advertising Costs</u></p> <p style="MARGIN:0in 0in 0pt">The Company&#146;s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the periods ended September 30, 2011.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Revenue Recognition</u></p> <p style="MARGIN:0in 0in 0pt">The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Recent Accounting Pronouncements</u></p> <p style="MARGIN:0in 0in 0pt">In May 2009, the FASB issued SFAS 165 (ASC 855-10) entitled &#147;Subsequent Events&#148;.&nbsp; Companies are now required to disclose the date through which subsequent events have been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements are issued, and provide disclosure that such date was used for this evaluation. SFAS 165 (ASC 855-10) provides that financial statements are considered &#147;issued&#148; when they are widely distributed for general use and reliance in a form and format that complies with GAAP. SFAS 165 (ASC 855-10) is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively. </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">In June 2009, the FASB issued SFAS 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. (&#147;SFAS 168&#148; or ASC 105-10) SFAS 168 (ASC 105-10) establishes the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental entities in the preparation of financial statements in conformity with GAAP. SFAS 168 (ASC 105-10) was prospectively effective for financial statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The adoption of SFAS 168 (ASC 105-10) on July 1, 2009 did not impact the Company&#146;s results of operations or financial condition. The Codification did not change GAAP, however, it did change the way GAAP is organized and presented. </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As a result, these changes impact how companies reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification in this Report by providing references to the Codification topics alongside references to the corresponding standards. </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">With the exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected to have a material impact on the Company&#146;s financial position, operations or cash flows.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt"><u>Stock-Based Compensation</u></p> <p style="MARGIN:0in 0in 0pt">As of September 30, 2011, the Company has not issued any stock-based payments to its employees.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company uses the modified prospective method of accounting for stock-based compensation. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January&nbsp;1,&nbsp;2006, based on the estimated grant-date fair value.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 4 &#150; ACCRUED EXPENSES</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Accrued expenses at December 31, 2010 consisted of amounts owed to the Company&#146;s outside independent consultants and lawyers for services rendered for periods reported on in these financial statements. </p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 5 &#150; COMMON STOCK</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The authorized capital of the Company is 100,000,000 common shares with a par value of $ 0.0000001 per share.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">In November 2009, the Company issued 4,000,000 shares of common stock at a price of $0.005 per share for total cash proceeds of $20,000.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">During the year ended December 31, 2010, the Company issued 675,000 shares of common stock for cash at $0.01 per share for total cash proceeds of $6,750.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">There were 4,675,000 shares of common stock issued and outstanding as of September 30, 2011.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 6 &#150; INCOME TAXES</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As of September 30, 2011 the Company had net operating loss carry forwards of approximately $47,900 which may be available to reduce future years&#146; taxable income through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The provision for Federal income tax consists of the following:</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <table style="MARGIN:auto auto auto 5.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="321" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:240.4pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">September 30, 2011</p></td></tr> <tr> <td width="321" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:240.4pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Federal income tax benefit attributable to:</p></td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">&nbsp;</p></td></tr> <tr> <td width="321" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:240.4pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Current Operations</p></td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;18,076</p></td></tr> <tr> <td width="321" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:240.4pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Less: valuation allowance</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">(18,076)</p></td></tr> <tr> <td width="321" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:240.4pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Net provision for Federal income taxes</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</p></td></tr></table> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <table style="MARGIN:auto auto auto 5.4pt; BORDER-COLLAPSE:collapse" cellpadding="0" cellspacing="0"> <tr> <td width="236" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:176.75pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">&nbsp;</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">September 30, 2011</p></td></tr> <tr> <td width="236" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:176.75pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Deferred tax asset attributable to:</p></td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">&nbsp;</p></td></tr> <tr> <td width="236" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:176.75pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Net operating loss carryover</p></td> <td width="152" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,076</p></td></tr> <tr> <td width="236" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:176.75pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Less: valuation allowance</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1pt solid; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">(18,076)</p></td></tr> <tr> <td width="236" style="BORDER-BOTTOM:#f0f0f0; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:176.75pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">Net deferred tax asset</p></td> <td width="152" style="BORDER-BOTTOM:windowtext 1.5pt double; BORDER-LEFT:#f0f0f0; PADDING-BOTTOM:0in; BACKGROUND-COLOR:transparent; PADDING-LEFT:5.4pt; WIDTH:113.8pt; PADDING-RIGHT:5.4pt; BORDER-TOP:#f0f0f0; BORDER-RIGHT:#f0f0f0; PADDING-TOP:0in" valign="top"> <p style="MARGIN:0in 0in 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</p></td></tr></table> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $47,900 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 7 &#150; LOAN FROM SHAREHOLDER</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">On October 9, 2009, the sole Director and President Leon Golden loaned the Company $413. The loan is unsecured, non-interest bearing, and due on demand.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The director loaned an additional $21,500 as of September 30, 2011.&nbsp; The new loans are also unsecured, non-interest bearing and due on demand. The balance due to the shareholder was $28,879 as of September 30, 2011.</p> <!--egx--><p style="MARGIN:0in 0in 0pt">NOTE 8 &#150; COMMITMENTS AND CONTINGENCIES</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company neither owns nor leases any real or personal property. An officer has provided office services without charge.&nbsp; There is no obligation for the officer to continue this arrangement.&nbsp; Such costs are immaterial to the financial statements and accordingly are not reflected herein.&nbsp; The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.</p> <!--egx--><pre>NOTE 9 - SUBSEQUENT EVENTS</pre><pre>&nbsp;</pre><pre>On October 12, 2011, the Company and its CEO Leon Golden executed a letter of</pre><pre>intent (the "LOI") with Earn-a-Car (PTY) LTD, a South African corporation</pre><pre>("EARN-A-CAR"). The LOI contemplates, among other things, the Company acquiring</pre><pre>all of the issued and outstanding shares of Earn-a-Car from its shareholders, in</pre><pre>exchange for 1,575,000 shares held by Mr. Golden, the payment to Mr. Golden of</pre><pre>$150,000 and the cancellation of the balance of Mr. Golden's shares. The LOI is</pre><pre>subject to the parties' due diligence and the execution and delivery of a formal</pre><pre>agreement. These events have not yet occurred.</pre><pre>&nbsp;</pre><pre>On October 26, 2011, the Company agreed to sell a $32,500 90-day note payable</pre><pre>for $25,000 which becomes effective on the occurrence of certain events. In</pre><pre>addition, the Company agreed to issue 1,000 pre-split free-trading common shares</pre><pre>(or 50,000 post-split free trading common shares) no later than 10 days of the</pre><pre>Effective Date.</pre><pre>&nbsp;</pre><pre>In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations</pre><pre>subsequent to September 30, 2011 through October 30, 2011, the date these</pre><pre>financial statements were issued, and has determined that it does not have any</pre><pre>other material subsequent events to disclose in these financial statements.</pre> 0001486297 2011-01-01 2011-09-30 0001486297 2011-09-30 0001486297 2010-12-31 0001486297 2011-07-01 2011-09-30 0001486297 2010-07-01 2010-09-30 0001486297 2009-10-11 2011-09-30 0001486297 2010-01-01 2010-09-30 0001486297 2009-12-31 0001486297 us-gaap:CapitalUnitsMember 2009-10-09 0001486297 us-gaap:CommonStockMember 2009-10-09 0001486297 us-gaap:AdditionalPaidInCapitalMember 2009-10-09 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-10-09 0001486297 us-gaap:ParentMember 2009-10-09 0001486297 us-gaap:CapitalUnitsMember 2009-10-10 2009-12-31 0001486297 us-gaap:CommonStockMember 2009-10-10 2009-12-31 0001486297 us-gaap:AdditionalPaidInCapitalMember 2009-10-10 2009-12-31 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-10-10 2009-12-31 0001486297 us-gaap:ParentMember 2009-10-10 2009-12-31 0001486297 us-gaap:CapitalUnitsMember 2009-12-31 0001486297 us-gaap:CommonStockMember 2009-12-31 0001486297 us-gaap:AdditionalPaidInCapitalMember 2009-12-31 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-31 0001486297 us-gaap:ParentMember 2009-12-31 0001486297 us-gaap:CapitalUnitsMember 2010-01-01 2010-12-31 0001486297 us-gaap:CommonStockMember 2010-01-01 2010-12-31 0001486297 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-12-31 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-01-01 2010-12-31 0001486297 us-gaap:ParentMember 2010-01-01 2010-12-31 0001486297 us-gaap:CapitalUnitsMember 2010-12-31 0001486297 us-gaap:CommonStockMember 2010-12-31 0001486297 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0001486297 us-gaap:ParentMember 2010-12-31 0001486297 us-gaap:CapitalUnitsMember 2011-01-01 2011-09-30 0001486297 us-gaap:CommonStockMember 2011-01-01 2011-09-30 0001486297 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-09-30 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-09-30 0001486297 us-gaap:ParentMember 2011-01-01 2011-09-30 0001486297 us-gaap:CapitalUnitsMember 2011-09-30 0001486297 us-gaap:CommonStockMember 2011-09-30 0001486297 us-gaap:AdditionalPaidInCapitalMember 2011-09-30 0001486297 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-09-30 0001486297 us-gaap:ParentMember 2011-09-30 0001486297 2009-10-08 0001486297 2010-09-30 shares iso4217:USD iso4217:USD shares EX-101.SCH 6 vris-20110930.xsd 000020 - 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LIABILITIES AND STOCKHOLDER'S EQUITY Current Fiscal Year End Date SUBSEQUENT EVENTS {1} SUBSEQUENT EVENTS COMMON STOCK SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Increase (decrease) in accrued expenses Shares issued for cash at $0.005 per share Additional paid-in capital (USD) Total Assets Statement [Line Items] Entity Current Reporting Status Document and Entity Information ORGANIZATION AND NATURE OF BUSINESS {1} ORGANIZATION AND NATURE OF BUSINESS Net loss for the year ended December 31, 2010 Balance, Balance, Balance, NET LOSS FROM OPERATIONS Entity Central Index Key INCOME TAXES {1} INCOME TAXES Loan from shareholder {1} Loan from shareholder Proceeds from sale of common stock Total (USD) Common stock, shares authorized Cash and cash equivalents Cash, beginning of period Cash, end of period Document Fiscal Year Focus LOAN FROM SHAREHOLDER {1} LOAN FROM SHAREHOLDER COMMON STOCK {1} COMMON STOCK OPERATING EXPENSES Total Stockholder's Equity Common stock, par value $0.0000001; 100,000,000 shares authorized, 4,675,000 shares issued and outstanding Accrued expenses PROVISION FOR INCOME TAXES STATEMENT OF OPERATIONS Statement [Table] Entity Filer Category SUBSEQUENT EVENTS Going Concern Note Net loss for the period ended December 31, 2009 Interest paid StockholdersEquityNumberOfSharesParValueAndOtherDisclosuresAbstract Additional paid in capital Entity Common Stock, Shares Outstanding GOING CONCERN CASH FLOWS PROVIDED BY FINANCING ACTIVITIES Common stock, shares issued Total Liabilities and Stockholder's Equity Document Fiscal Period Focus COMMITMENTS AND CONTINGENCIES Income taxes paid CASH FLOWS USED IN OPERATING ACTIVITIES Common stock Shares SSE Statement Entity Well-known Seasoned Issuer Net loss for the period EX-101.PRE 10 vris-20110930_pre.xml XML 11 R3.htm IDEA: XBRL DOCUMENT v2.3.0.15
BALANCE SHEETS Parentheticals (USD $)
Sep. 30, 2011
Dec. 31, 2010
Common stock, par or stated value$ 0.0000001$ 0.0000001
Common stock, shares authorized100,000,000100,000,000
Common stock, shares issued4,675,0004,675,000
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STATEMENT OF OPERATIONS (USD $)
3 Months Ended9 Months Ended23 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
REVENUES$ 0$ 0$ 0$ 0$ 400
OPERATING EXPENSES5,2472,58310,73014,83253,565
NET LOSS FROM OPERATIONS(5,247)(2,583)(10,730)(14,832)(53,165)
PROVISION FOR INCOME TAXES00000
NET LOSS$ (5,247)$ (2,583)$ (10,730)$ (14,832)$ (53,165)
NET LOSS PER SHARE: BASIC AND DILUTED$ 0.00$ 0.00$ 0.00$ 0.00 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED4,675,0004,183,3334,675,0004,061,111 
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Document and Entity Information
9 Months Ended
Sep. 30, 2011
Document and Entity Information 
Entity Registrant NameVICTORIA INTERNET SERVICES INC
Document Type10-Q
Document Period End DateSep. 30, 2011
Amendment Flagfalse
Entity Central Index Key0001486297
Current Fiscal Year End Date--12-31
Entity Common Stock, Shares Outstanding4,675,000
Entity Filer CategorySmaller Reporting Company
Entity Current Reporting StatusYes
Entity Voluntary FilersNo
Entity Well-known Seasoned IssuerNo
Document Fiscal Year Focus2011
Document Fiscal Period FocusQ3
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INCOME TAXES
9 Months Ended
Sep. 30, 2011
INCOME TAXES 
INCOME TAXES

NOTE 6 – INCOME TAXES

 

As of September 30, 2011 the Company had net operating loss carry forwards of approximately $47,900 which may be available to reduce future years’ taxable income through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

The provision for Federal income tax consists of the following:

 

 

September 30, 2011

Federal income tax benefit attributable to:

 

Current Operations

$                 18,076

Less: valuation allowance

(18,076)

Net provision for Federal income taxes

$                        0

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

 

 

September 30, 2011

Deferred tax asset attributable to:

 

Net operating loss carryover

$                 18,076

Less: valuation allowance

(18,076)

Net deferred tax asset

$                        0

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $47,900 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.

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GOING CONCERN
9 Months Ended
Sep. 30, 2011
GOING CONCERN 
Going Concern Note

NOTE 2 – GOING CONCERN

 

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $47,918 as of September 30, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.

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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2011
COMMITMENTS AND CONTINGENCIES 
COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

The Company neither owns nor leases any real or personal property. An officer has provided office services without charge.  There is no obligation for the officer to continue this arrangement.  Such costs are immaterial to the financial statements and accordingly are not reflected herein.  The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2011
SUBSEQUENT EVENTS 
SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS
 
On October 12, 2011, the Company and its CEO Leon Golden executed a letter of
intent (the "LOI") with Earn-a-Car (PTY) LTD, a South African corporation
("EARN-A-CAR"). The LOI contemplates, among other things, the Company acquiring
all of the issued and outstanding shares of Earn-a-Car from its shareholders, in
exchange for 1,575,000 shares held by Mr. Golden, the payment to Mr. Golden of
$150,000 and the cancellation of the balance of Mr. Golden's shares. The LOI is
subject to the parties' due diligence and the execution and delivery of a formal
agreement. These events have not yet occurred.
 
On October 26, 2011, the Company agreed to sell a $32,500 90-day note payable
for $25,000 which becomes effective on the occurrence of certain events. In
addition, the Company agreed to issue 1,000 pre-split free-trading common shares
(or 50,000 post-split free trading common shares) no later than 10 days of the
Effective Date.
 
In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations
subsequent to September 30, 2011 through October 30, 2011, the date these
financial statements were issued, and has determined that it does not have any
other material subsequent events to disclose in these financial statements.
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LOAN FROM SHAREHOLDER
9 Months Ended
Sep. 30, 2011
LOAN FROM SHAREHOLDER 
LOAN FROM SHAREHOLDER

NOTE 7 – LOAN FROM SHAREHOLDER

 

On October 9, 2009, the sole Director and President Leon Golden loaned the Company $413. The loan is unsecured, non-interest bearing, and due on demand.

 

The director loaned an additional $21,500 as of September 30, 2011.  The new loans are also unsecured, non-interest bearing and due on demand. The balance due to the shareholder was $28,879 as of September 30, 2011.

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STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended23 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES   
Net loss for the period$ (10,730)$ (14,832)$ (53,165)
Changes in assets and liabilities:   
Increase (decrease) in accrued expenses(6,590)(5,397)0
Increase (decrease) in accounts Payable03,3950
CASH FLOWS USED IN OPERATING ACTIVITIES(17,320)(16,835)(53,165)
CASH FLOWS FROM FINANCING ACTIVITIES   
Proceeds from sale of common stock04,00026,750
Loan from shareholder19,716028,879
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES19,7164,000 
NET INCREASE (DECREASE) IN CASH2,396(12,835)2,464
Cash, beginning of period6815,400 
Cash, end of period2,4642,5652,464
SUPPLEMENTAL CASH FLOW INFORMATION:   
Interest paid00 
Income taxes paid$ 0$ 0 
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SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2011
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES 
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

 

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in U.S. dollars. 

 

Use of Estimates and Assumptions

The  preparation  of  financial  statements  in conformity with accounting principles generally  accepted  in  the  United States requires  management  to  make   estimates and assumptions that  affect  the reported amounts of  assets and liabilities and disclosure of contingent assets and liabilities at  the  date  of  the  financial  statements  and the reported amounts of  revenues  and    expenses  during  the  reporting  period. Actual results could differ from those estimates.

 

Financial Instruments

The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments.

 

Stock-based Compensation

Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R) (ASC 718).  To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Income Taxes

Income taxes are accounted for under the assets and liability method.  Deferred  tax  assets  and  liabilities are recognized for  the  estimated future tax consequences attributable  to differences between the financial statement carrying amounts of existing  assets  and  liabilities and their respective  tax  bases and operating loss and tax credit  carry  forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

 

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2011.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted a December 31 fiscal year end.

 

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

 

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the periods ended September 30, 2011.

 

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

 

Recent Accounting Pronouncements

In May 2009, the FASB issued SFAS 165 (ASC 855-10) entitled “Subsequent Events”.  Companies are now required to disclose the date through which subsequent events have been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements are issued, and provide disclosure that such date was used for this evaluation. SFAS 165 (ASC 855-10) provides that financial statements are considered “issued” when they are widely distributed for general use and reliance in a form and format that complies with GAAP. SFAS 165 (ASC 855-10) is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively.

 

In June 2009, the FASB issued SFAS 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. (“SFAS 168” or ASC 105-10) SFAS 168 (ASC 105-10) establishes the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental entities in the preparation of financial statements in conformity with GAAP. SFAS 168 (ASC 105-10) was prospectively effective for financial statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The adoption of SFAS 168 (ASC 105-10) on July 1, 2009 did not impact the Company’s results of operations or financial condition. The Codification did not change GAAP, however, it did change the way GAAP is organized and presented.

 

As a result, these changes impact how companies reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification in this Report by providing references to the Codification topics alongside references to the corresponding standards.

 

With the exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected to have a material impact on the Company’s financial position, operations or cash flows.

 

Stock-Based Compensation

As of September 30, 2011, the Company has not issued any stock-based payments to its employees.

 

The Company uses the modified prospective method of accounting for stock-based compensation. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the estimated grant-date fair value.

 XML 23 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
ACCRUED EXPENSES
9 Months Ended
Sep. 30, 2011
ACCRUED EXPENSES 
ACCRUED EXPENSES

NOTE 4 – ACCRUED EXPENSES

 

Accrued expenses at December 31, 2010 consisted of amounts owed to the Company’s outside independent consultants and lawyers for services rendered for periods reported on in these financial statements.

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COMMON STOCK
9 Months Ended
Sep. 30, 2011
COMMON STOCK 
COMMON STOCK

NOTE 5 – COMMON STOCK

 

The authorized capital of the Company is 100,000,000 common shares with a par value of $ 0.0000001 per share.

 

In November 2009, the Company issued 4,000,000 shares of common stock at a price of $0.005 per share for total cash proceeds of $20,000.

 

During the year ended December 31, 2010, the Company issued 675,000 shares of common stock for cash at $0.01 per share for total cash proceeds of $6,750.

 

There were 4,675,000 shares of common stock issued and outstanding as of September 30, 2011.

 XML 26 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) (USD $)
Common stock Shares
Common stock Amount (USD)
Additional paid-in capital (USD)
Deficit accumulated during the development stage
Total (USD)
Inception, at Oct. 09, 200900000
Shares issued for cash at $0.005 per share4,000,000119,999020,000
Net loss for the period ended December 31, 2009$ 0$ 0$ 0$ (12,513)$ (12,513)
Balance, at Dec. 31, 20094,000,000119,999(12,513)7,487
Shares issued for cash at $0.01 per share675,00006,75006,750
Net loss for the year ended December 31, 2010000(29,922)(29,922)
Balance, at Dec. 31, 20104,675,000126,749(42,435)(15,685)
Net loss for the nine months ended September 30, 2011$ 0$ 0$ 0$ (10,730)$ (10,730)
Balance, at Sep. 30, 20114,675,000126,749(53,165)(26,415)
 XML 27 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
ORGANIZATION AND NATURE OF BUSINESS
9 Months Ended
Sep. 30, 2011
ORGANIZATION AND NATURE OF BUSINESS 
ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Victoria Internet Services, Inc. was incorporated in the State of Nevada on October 9, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (“SFAS No.7”) (ASC 915-10). As of September 30, 2011 we had $400 in revenues, have minimal assets and have incurred losses since inception. We have yet to implement our business model and are currently seeking financial alternatives to finance operations.

 

We intend to commence operations in the business of online tax preparation in the North American market. To date, the only operations we have engaged in are the development of a business plan and the registration of the domain name (www.victoriainternetservices.com) for our new website and provided services for one client.

 XML 28 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
BALANCE SHEET (USD $)
Sep. 30, 2011
Dec. 31, 2010
Current Assets  
Cash and cash equivalents$ 2,464$ 68
Total Assets2,46468
Current Liabilities  
Accounts Payable00
Accrued expenses06,590
Loan from shareholder28,8799,163
Total Liabilities28,87915,753
Stockholder's Equity  
Common stock, par value $0.0000001; 100,000,000 shares authorized, 4,675,000 shares issued and outstanding11
Additional paid in capital19,99919,999
Deficit accumulated during the development stage(53,165)(42,435)
Total Stockholder's Equity(26,415)(15,685)
Total Liabilities and Stockholder's Equity$ 2,464$ 68
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