U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2011
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 333-166884
_____________________________________
VR HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) | 52-2130901 (I.R.S. Employer Identification Number) |
1615 Chester Road, Chester, Maryland (Address of principal executive offices) | 21619 (Zip Code) |
(443) 519-0129 (registrant’s telephone number, including area code) | |
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 requirement 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 (§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 [ ] No [X]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check One):
Large accelerated filer [ ] | Accelerated filer [ ] |
Non-accelerated filer [ ] | Smaller reporting company [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12(b)-2 of the Exchange Act). Yes [ X ] No [ ]
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. At August 15, 2011, the registrant had outstanding 440,708,343 shares of common stock.
.
Table of Contents
Item 1.
Financial Statements.
3
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
10
Item 3.
Quantitative and Qualitative Disclosures about Market Risk.
12
Item 4.
Controls and Procedures.
12
Item 4(T).
Controls and Procedures.
12
Item 1.
Legal Proceedings.
13
Item 1A.
Risk Factors.
13
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
13
Item 3.
Defaults Upon Senior Securities.
13
Item 4.
(Removed and Reserved).
13
Item 5.
Other Information.
13
Item 6.
Exhibits.
14
i
PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements.
VR Holdings, Inc.
(A Development Stage Company)
Consolidated Balance Sheets
(Unaudited)
June 30, | September 30, | ||
2011 | 2010 | ||
ASSETS | |||
Total assets | $ – | $ – | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||
Current liabilities: | |||
Accounts payable | $ 218,094 | $ 204,994 | |
Total current liabilities | 218,094 | 204,994 | |
Shareholders’ deficit: | |||
Common stock, $0.000001 par value; 550,000,000 shares authorized, 440,708,343 and 394,508,343 shares issued and outstanding, respectively | 441 | 394 | |
Additional paid-in capital | 8,638,963 | 8,595,312 | |
Accumulated deficit | (15,492,955) | (15,492,955) | |
Retained earnings during development stage | 6,635,457 | 6,692,255 | |
Total shareholders’ deficit | (218,094) | (204,994) | |
Total liabilities and shareholders’ deficit | $ – | $ – |
See notes to consolidated financial statements.
3
VR Holdings, Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(Unaudited)
For the Three Months Ended June 30, | |||
2011 | 2010 | ||
Revenue | $ – | $ – | |
Expenses - General and administrative | 4,705 | 101,435 | |
Loss from operations | (4,705) | (101,435) | |
Other income (expense) | |||
Gain on forgiveness of debt | – | – | |
Interest expense | – | – | |
Net loss | $ (4,705) | $ (101,435) | |
Net loss per common share – basic and diluted | $ (0.00) | $ (0.00) | |
Weighted average number of common shares – basic and diluted | 428,708,343 | 394,276,475 | |
See notes to consolidated financial statements.
4
VR Holdings, Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(Unaudited)
For the Nine Months Ended June 30, | For the Period from July 25, 2006 to June 30, | ||||
2011 | 2010 | 2011 | |||
Revenue | $ – | $ – | $ – | ||
Expenses - General and administrative | 56,798 | 258,392 | 669,820 | ||
Loss from operations | (56,798) | (258,392) | (669,820) | ||
Other income (expense) | |||||
Gain on forgiveness of debt | – | – | 7,414,017 | ||
Interest expense | – | – | (108,740) | ||
Net income (loss) | $ (56,798) | $ (258,392) | $ 6,635,457 | ||
Net loss per common share – basic and diluted | $ (0.00) | $ (0.00) | |||
Weighted average number of common shares – basic and diluted | 424,092,958 | 394,165,486 | |||
See notes to consolidated financial statements.
5
VR Holdings, Inc.
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended June 30, | For the Period from July 25, 2006 to June 30, | ||||
2011 | 2010 | 2011 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income (loss) | $ (56,798) | $ (258,392) | $ 6,635,457 | ||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||
Share-based compensation | 30,238 | 196 | 297,893 | ||
Expenses paid by shareholder | 13,460 | 106,961 | 153,833 | ||
Gain on settlement of debt | – | – | (7,414,017) | ||
Changes in operating assets and liabilities: | |||||
Accounts payable | 13,100 | 151,235 | 218,094 | ||
Accrued interest payable | – | – | 108,740 | ||
Net cash used by operating activities | – | – | – | ||
NET CHANGE IN CASH | – | – | – | ||
CASH AT BEGINNING OF PERIOD | – | – | – | ||
CASH AT END OF PERIOD | $ – | $ – | $ – | ||
SUPPLEMENTAL CASH FLOW DISCLOSURES | |||||
Cash paid for: | |||||
Interest | $ – | $ – | $ – | ||
Income taxes | – | – | – | ||
See notes to consolidated financial statements.
6
VR Holdings, Inc.
(A Development Stage Company)
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1 – BASIS OF PRESENTATION
The accompanying unaudited interim consolidated financial statements have been prepared by VR Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with the Company’s most recent audited consolidated financial statements and notes thereto included in the Company’s registration statement on Form S-1. Operating results for the three and nine months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the year ending September 30, 2011.
Development Stage
The Company re-entered the development stage on July 25, 2006.
Estimates and Assumptions
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples include valuation of stock-based compensation. Actual results and outcomes may differ from management’s estimates and assumptions.
Subsequent Events
VR Holdings, Inc. evaluated subsequent events through the date the financial statements were issued.
NOTE 2 – GOING CONCERN
At June 30, 2011, we had no assets and a working capital deficit of $218,094. Through June 30, 2011, we have been primarily engaged in preparation and filing of lawsuits. In the course of our development activities, we have sustained losses and expect such losses to continue through at least 2011. We expect to finance our operations primarily through future financing, including the sale of stock in the Company. We will be required to obtain additional capital in the future to continue operations.
Although we were incorporated in 1998, we have no recent operating history, and have no recent revenue to date. We cannot forecast with any degree of certainty whether any of our proposed litigation services will ever generate revenue or the amount of revenue to be generated. In addition, we cannot predict the consistency of our operating results. We are currently involved in a lawsuit. If we are successful in the litigation, we plan on utilizing the proceeds to be received to fund our operations. If we are not successful in the litigation, or if we receive only a minimal amount, we will not have sufficient money to fund our proposed operations. In such event, we will have to raise capital either through equity or debt offerings.
There is no assurance that we will be able to obtain such additional capital through equity or debt financing, or any combination thereof, or on satisfactory terms or at all. Additionally, no assurance can be given that any such financing, if obtained, will be adequate to meet our ultimate capital needs and to support our growth. If adequate capital cannot be obtained on a timely basis and on satisfactory terms, our operations would be materially negatively impacted. Further, if we do not obtain additional funding during the year 2011, we may enter into bankruptcy and possibly cease operations thereafter.
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As a result of the above discussed conditions, there exists substantial doubt about our ability to continue as a going concern. Our financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should it be determined that we are unable to continue as a going concern.
NOTE 3 – EQUITY
On November 30, 2010, the Company issued 25,200,000 shares of common stock valued at $16,493 ($0.0006545 per share) for services to the Company. The value of these shares was determined based on the value of shares previously issued by the Company.
In February 2011, the Company issued 21,000,000 shares of common stock to three individuals for services. The fair value of these shares at the date of grant was $13,745 based on the value of shares previously issued by the Company.
NOTE 4 – RELATED PARTY TRANSACTIONS
The Cancer Foundation, Inc., a shareholder of the Company, has paid for certain expenses on behalf of the Company. During the nine months ended June 30, 2011 and 2010, The Cancer Foundation, Inc. paid $13,460 and $106,961 respectively. These payments have been recorded as contributed capital for the Company.
NOTE 5 – LITIGATION
On March 11, 2011, the Company filed a suit in Queen Anne’s County, Maryland against Marshall & Ilsley Trust Company and Venable L.L.P. for alleged civil conspiracy beginning in 1998 and continuing through November 2010, at which time the alleged conspirators abandoned their efforts. Marshall & Ilsley allegedly participated with the two lenders to Winterland Concessions Company, a previous subsidiary. The civil conspiracy expanded to damages through additional causes being tortious aiding and abetting, breach of fiduciary duty, negligence, intentional misrepresentation, and negligent misrepresentation, resulting in damages to VR Holding’s subsidiaries and approximately 2,500 parties in the amount of $1.6 billion plus punitive damages and legal fees.
On May 25, 2011, the Illinois State Appellate Court ruled in VR Holdings' favor in regards to the The Cancer Foundation, Inc. v. Cerberus Capital Management, LP litigation stating that there were no res judicata or statute of limitations problems, and in addition, stated that "…the bankruptcy court in Maryland lacked jurisdiction to decide the contract claim at issue here." VR Holdings was advised that the defenses in the Maryland case were almost identical to the two items eliminated in the Illinois case. The same damages could not be collected twice. For that reason, and since Marshall & Ilsley is believed to be in financial difficulty, there was no reason to burden the court with this suit when a decision on the major defense issues were already ruled on in another suit and the Illinois decision questioned a Maryland court's authority. On advice of counsel, the case was withdrawn.
8
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion reflects our plan of operation. This discussion should be read in conjunction with the financial statements which are attached to this report. This discussion contains forward-looking statements, including statements regarding our expected financial position, business and financing plans. These statements involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report.
Results of Operations
Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010.
Revenues. We had no revenues for the three months ended June 30, 2011 and 2010.
General and Administrative Expenses. Our general and administrative expenses decreased from $101,435 in 2010 to $4,705 in 2011. This decrease was primarily the result of professional fees incurred in connection with the litigation and the registration of our common shares during 2010.
Net Loss. Our net loss decreased to $4,705 for 2011 from $101,435 for 2010.
Nine Months Ended June 30, 2011 Compared to Nine Months Ended June 30, 2010.
Revenues. We had no revenues for the nine months ended June 30, 2011 and 2010.
General and Administrative Expenses. Our general and administrative expenses decreased from $258,392 in 2010 to $56,798 in 2011. This decrease was primarily the result of professional fees incurred in connection with the litigation and the registration of our common shares during 2010.
Net Loss. Our net loss decreased to $56,798 for 2011 from $258,392 for 2010.
Liquidity and Capital Resources
The directors of The Cancer Foundation have agreed that The Cancer Foundation would advance money to VR Holdings to be used to pay legal and audit expenses associated with the legal action taken by VR Holdings against our lender group. As a charitable foundation, The Cancer Foundation determined that it was in the best interests of the foundation to attempt to recover gifts that were made to it but not received. The Cancer Foundation believes that this is the best way for it to recover the $80,000,000 donation that it would have received from VR Holdings had the lender group of VR Holdings not taken actions that caused VR Holdings to lose its value. However, it should be understood that even though VR Holdings desired to make the proposed $80,000,000 gift to The Cancer Foundation, the foundation had no legal claim to the money and we were not contractually obligated to make the gift. In addition, The Cancer Foundation determined that it was in the best interests of the foundation to exchange its claim against the lender group for shares of VR Holdings and to pay legal bills and audit expenses of VR Holdings. There is no formal agreement between VR Holdings and The Cancer Foundation concerning the payment of legal and audit expenses of VR Holdings, Inc. by The Cancer Foundation. However, The Cancer Foundation may continue to pay bills associated with the current litigation, as funds become available to The Cancer Foundation, but there is no obligation to do so.
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The Cancer Foundation has paid our expenses for the periods indicated as follows:
Period | Amount |
Year ended September 30, 2008 | $ 15,000 |
Year ended September 30, 2009 | 19,567 |
Year ended September 30, 2010 | 116,961 |
Nine months ended June 30, 2011 | 13,460 |
Our primary source of liquidity has been expenses paid by The Cancer Foundation, which were primarily legal and accounting fees. As of June 30, 2011, we had $0 in cash and cash equivalents. We have no obligation to repay The Cancer Foundation for any funds advanced on our behalf and there are no agreements reflecting that we have any such obligation.
As of June 30, 2011, we had outstanding liabilities of $218,094, which is payable within 12 months. We are attempting to obtain funds from the successful conclusion of our lawsuit. See “Business – Legal Proceedings.” In the event that we are unsuccessful in our litigation, we would be required to raise additional equity capital. At this time, we have no plans to raise any capital through equity or debt offerings. There are no interest, penalties or fines accruing on the past due amounts.
We plan to fund our proposed operations from some or all of our litigation efforts. If we are unsuccessful in our litigation, we will have to raise capital by means of borrowings or the sale of shares of our common stock. At present, we do not have any commitments with respect to future financings. If we are unable to raise the capital we need to finance our business, and our litigation is unsuccessful, our proposed business will likely fail.
At present, we do not have sufficient capital on hand to fund our proposed operations for the next 12 months. We estimate that we will need at least $100,000 to fund our operations over the next 12 months. These funds will be spent to fund the current ligation that has been filed. Recently, The Cancer Foundation, Inc., a charitable foundation established in 1968 by the uncles and father of Mr. Morton M. Lapides, Sr., who along with his wife are the controlling stockholders of Deohge Corp., our majority stockholder, has made capital contributions of money to pay most of our current operating expenses. However, we cannot continue to rely upon any future funding from The Cancer Foundation, Inc.
Special Note Regarding Forward-Looking Statements
In this report, we make a number of statements, referred to as “forward-looking statements” which are intended to convey our expectations or predictions regarding the occurrence of possible future events or the existence of trends and factors that may impact our future plans and operating results. We note, however, that these forward-looking statements are derived, in part, from various assumptions and analyses we have made in the context of our current business plan and information currently available to VR Holdings and in light of our experience and perceptions of historical trends, current conditions and expected future developments and other factors we believe to be appropriate under the circumstances.
You can generally identify forward-looking statements through words and phrases such as “seek,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “budget,” “project,” “may be,” “may continue,” “may likely result,” and similar expressions. When reading any forward-looking statement you should remain mindful that all forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of VR Holdings, and that actual results or developments may vary substantially from those expected as expressed in or implied by that statement for a number of reasons or factors, including those relating to:
·
Whether or not markets for our proposed products develop and, if they do develop, the pace at which they develop;
·
Our ability to attract and retain qualified personnel to implement our growth strategies;
10
·
Our ability to fund our financing needs;
·
Competitive factors;
·
General economic conditions; and
·
Changes in our business plan and corporate strategies.
Each forward-looking statement should be read in context with, and with an understanding of, the various other disclosures concerning VR Holdings and our business made elsewhere in this report. You should not place undue reliance on any forward-looking statement as a prediction of actual results or developments. We are not obligated to update or revise any forward-looking statement contained in this report to reflect new events or circumstances unless and to the extent required by applicable law.
Item 3.
Quantitative and Qualitative Disclosures about Market Risk.
There has been no material change in our market risks since the end of the fiscal year 2010.
Item 4.
Controls and Procedures.
See Item 4(T) below.
Item 4(T).
Controls and Procedures.
The term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act (15 U.S.C. 78a, et seq.) 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 and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
The term internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuer’s principal executive and principal financial officers, or persons performing similar functions, and effected by the issuer’s board of directors, management and other personnel, 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 and includes those policies and procedures that:
·
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;
·
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and
·
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.
Our management, including our chief executive officer and chief financial officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, internal control over financial reporting may not prevent or detect misstatements, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the registrant have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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Evaluation of Disclosure and Controls and Procedures. Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. The evaluation was undertaken in consultation with our accounting personnel. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were not effective at June 30, 2011 due to the lack of accounting personnel. We intend to hire additional employees when we obtain sufficient capital.
Changes in Internal Controls over Financial Reporting. There were no changes in the internal controls over our financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1.
Legal Proceedings.
The Cancer Foundation, Inc. v. Cerberus Capital Management, LP The defendants did not move for reconsideration or appeal the appeal court's decision reversing the trial court dismissal of the action. The matter will be sent back to the trial court at which time the trial court is expected to set a case schedule permitting the case to move forward.
Item 1A.
Risk Factors.
Not applicable.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
None that have not already been reported.
Item 3.
Defaults Upon Senior Securities.
Not applicable.
Item 4.
(Removed and Reserved).
Item 5.
Other Information.
Not applicable.
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Item 6.
Exhibits.
Exhibit No. | Identification of Exhibit | |
31.1* | Certification of John E. Baker, Chief Executive Officer of VR Holdings, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certification of John E. Baker, Chief Financial Officer and Principal Accounting Officer of VR Holdings, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of John E. Baker, Chief Executive Officer of VR Holdings, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | Certification of John E. Baker, Chief Financial Officer and Principal Accounting Officer of VR Holdings, Inc., pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document (1) | |
101.SCH | XBRL Taxonomy Extension Schema Document (1) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (1) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) | |
(1)
Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
*
Filed herewith.
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VR HOLDINGS, INC.
Date: August 22, 2011.
By /s/ John E. Baker
John E. Baker, Chief Executive Officer
Chief Financial Officer and
Principal Accounting Officer
13
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John E. Baker, certify that:
1.
I have reviewed this Form 10-Q of VR Holdings, 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 registrant as of, and for, the periods present in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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 principals;
(c)
Evaluated the effectiveness of the registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 22, 2011.
/s/ John E. Baker
John E. Baker
Chief Executive Officer
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John E. Baker, certify that:
1.
I have reviewed this Form 10-Q of VR Holdings, 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 registrant as of, and for, the periods present in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant 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 registrant, 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 principals;
(c)
Evaluated the effectiveness of the registrant’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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 22, 2011
/s/ John E. Baker
John E. Baker
Chief Financial Officer and Principal Accounting Officer
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the accompanying Quarterly Report on Form 10-Q of VR Holdings, Inc. for the fiscal quarter ending June 30, 2011, I, John E. Baker, Chief Executive Officer of VR Holdings, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of VR Holdings, Inc.
Dated: August 22, 2011
/s/ John E. Baker
John E. Baker
Chief Executive Officer of VR Holdings, Inc.
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the accompanying Quarterly Report on Form 10-Q of VR Holdings, Inc. for the fiscal quarter ending June 30, 2011, I, John E. Baker, Chief Financial Officer of VR Holdings, Inc., hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:
1.
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of VR Holdings, Inc.
Dated: August 22, 2011
/s/ John E. Baker
John E. Baker
Chief Financial Officer and Principal Accounting Officer of VR Holdings, Inc.