0001165527-11-000870.txt : 20110914 0001165527-11-000870.hdr.sgml : 20110914 20110914130444 ACCESSION NUMBER: 0001165527-11-000870 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110731 FILED AS OF DATE: 20110914 DATE AS OF CHANGE: 20110914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERVE VENTURES INC CENTRAL INDEX KEY: 0001507605 STANDARD INDUSTRIAL CLASSIFICATION: SANITARY SERVICES [4950] IRS NUMBER: 010949984 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-171214 FILM NUMBER: 111089949 BUSINESS ADDRESS: STREET 1: 32 TURNBERRY DRIVE CITY: WILMSLOW, CHESHIRE STATE: X0 ZIP: SK9QW BUSINESS PHONE: 44-161-884-0149 MAIL ADDRESS: STREET 1: 32 TURNBERRY DRIVE CITY: WILMSLOW, CHESHIRE STATE: X0 ZIP: SK9QW 10-Q 1 g5412.txt QTRLY REPORT FOR THE QTR ENDED 7-31-11 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 July 31, 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. 333-171214 VERVE VENTURES INC. (Name of small business issuer in its charter) Nevada (State or other jurisdiction of incorporation or organization) 33 Turnberry Drive, Wilmslow, Cheshire K92QW (Address of principal executive offices) 44-161-884-0149 (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, $0.001 (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 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 [ x ] No [] 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 July 31, 2011 ----- ------------------------------- Common Stock, $0.001 9,050,000 VERVE VENTURES INC. FORM 10-Q Part 1. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) 3 Balance Sheets 3 Statements of Operations 4 Statement of Stockholders' Equity (Deficient) 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 14 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 15 Item 6. Exhibits 15 2 VERVE VENTURES INC. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEETS
July 31, October 31, 2011 2010 -------- -------- (unaudited) (audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,572 $ 24,653 Prepaid Expenses 4,435 -- -------- -------- TOTAL ASSETS $ 8,007 $ 24,653 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities Accounts Payable $ 2,110 $ -- Note payable - related party 10,375 1,375 -------- -------- TOTAL LIABILITIES 12,485 1,375 -------- -------- STOCKHOLDERS' EQUITY (DEFICIT) Common stock, par $0.001, 75,000,000 shares authorized, 9,050,000 shares issued and outstanding 9,050 9,050 Paid in capital 16,200 16,200 Deficit accumulated during the development stage (29,728) (1,972) -------- -------- TOTAL STOCKHOLDERS' EQUITY(DEFICIT) (4,478) 23,278 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 8,007 $ 24,653 ======== ========
The accompanying notes are an integral part of the financial statements. 3 VERVE VENTURES INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF OPERATIONS (UNAUDITED)
Period from Period from February 23, 2010 February 23, 2010 Three months Nine Months Three months (Date of (Date of ended ended ended Inception to Inception) to July 31, July 31, July 31, July 31, July 31, 2011 2011 2010 2010 2011 ---------- ---------- ---------- ---------- ---------- GROSS REVENUES $ -- $ -- $ -- $ -- $ -- OPERATING EXPENSES Professioanl Expenses 2,500 14,100 -- -- 14,100 Administrative Expenses 1,088 13,656 10 1,285 15,628 ---------- ---------- ---------- ---------- ---------- TOTAL OPERATING EXPENSES 3,588 27,756 10 1,285 29,728 ---------- ---------- ---------- ---------- ---------- LOSS FROM OPERATIONS (3,588) (27,756) (10) (1,285) (29,728) OTHER EXPENSES -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- NET LOSS BEFORE INCOME TAXES (3,588) (27,756) (10) (1,285) (29,728) PROVISION FOR INCOME TAXES -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- NET LOSS $ (3,588) $ (27,756) $ (10) $ (1,285) $ (29,728) ========== ========== ========== ========== ========== NET LOSS PER SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.00) ========== ========== ========== ========== ========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 9,050,000 9,050,000 4,347,826 2,772,152 ========== ========== ========== ==========
The accompanying notes are an integral part of the financial statements. 4 VERVE VENTURES INC. (A DEVELOPMENT STAGE COMPANY) STATEMENT OF STOCKHOLDERS' EQUITY (DFICIENT) PERIOD FROM FEBRUARY 23, 2010 (INCEPTION) TO JULY 31, 2011
Common Stock Additional ---------------------- Paid in Accumulated Shares Amount Capital Deficit Total ------ ------ ------- ------- ----- Inception, February 23, 2010 0 $ 0 $ 0 $ 0 $ 0 --------- --------- --------- --------- --------- Common stock issued for cash at $0.001 April 21, 2010 3,500,000 $ 3,500 -- -- $ 3,500 Common stock issued for cash at $0.003 per share July 5, 2010 3,000,000 3,000 6,000 -- 9,000 Common stock issued for cash at $0.005 per share 2,550,000 2,550 10,200 -- 12,750 Net loss for the period ended October 31, 2010 -- -- -- (1,972) (1,972) --------- --------- --------- --------- --------- Balance, October 31, 2010 9,050,000 6,050 16,200 (1,972) 23,278 Net loss for the nine months ended July 31, 2011 -- -- -- (27,756) (27,756) --------- --------- --------- --------- --------- Balance, July 31, 2011 (Unaudited) 9,050,000 $ 6,050 $ 16,200 $ (29,728) $ (4,478) ========= ========= ========= ========= =========
The accompanying notes are an integral part of the financial statements. 5 VERVE VENTURES INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF CASH FLOWS (UNAUDITED)
Period from Period from February 23, 2010 Nine months February 23, (Date of ended 2010 to Inception) to July 31, July July 2011 2010 2011 -------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss for the period $(27,756) $ (1,285) $(29,728) Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: Changes in Assets and Liabilities Increase in Prepaid Expense (4,435) -- (4,435) Increase (decrease) in Accounts Payable 2,110 -- 2,110 -------- -------- -------- NET CASH USED IN OPERATING ACTIVITIES $(30,081) $ (1,285) $(32,053) -------- -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: -- -- -- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from note payable - related party 9,000 1,375 10,375 Proceeds from the sale of common stock -- 10,700 25,250 -------- -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 9,000 12,075 35,625 -------- -------- -------- Net Increase (Decrease) in Cash and Cash Equivalents (21,081) 10,790 3,572 Cash and Cash Equivalents - Beginning 24,653 -- -- -------- -------- -------- Cash and Cash Equivalents - Ending $ 3,572 $ 10,790 $ 3,647 ======== ======== ======== Supplemental Cash Flow Information: Cash paid for interest $ -- $ -- $ -- ======== ======== ======== Cash paid for income taxes $ -- $ -- $ -- ======== ======== ========
The accompanying notes are an integral part of the financial statements. 6 VERVE VENTURES INC. (A Development Stage Company) Notes To The Financial Statements (Unaudited) July 31, 2011 1. ORGANIZATION AND BUSINESS OPERATIONS VERVE VENTURES INC.("the Company") was incorporated under the laws of the State of Nevada, U.S. on February 23, 2010. The Company is in the development stage as defined under Statement on Financial Accounting Standards Codification FASB ASC 915-205"Development-Stage Entities." and it intends to provide waste removal and disposal services to corporate and individual clients in the United Kingdom. Our services will be focused on a client base that is willing to pay a premium to assure both social and environmental concerns are addressed in all aspects of waste collection and disposal. We intend to operate a fleet of vehicles and a sorting/storage facilities both of which will begin small and scalable. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, February 23, 2010 through July 31, 2011 the Company has accumulated losses of $29,728. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) 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 US dollars. b) 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 $29,728 as of July 31, 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. c) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. d) 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. e) Foreign Currency Translation The Company's functional currency is the British Pound and its reporting currency is the United States dollar. 7 VERVE VENTURES INC. (A Development Stage Company) Notes To The Financial Statements (Unaudited) July 31, 2011 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) f) Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. FASB ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: * Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. * Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. * Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. The recorded amounts of financial instruments, including cash equivalents accounts payable and accrued expenses, and long-term debt approximate their market values as of July 31, 2011 g) Stock-based Compensation We follow ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. The Company granted stock awards, at par value, to its officers, directors and advisors for services rendered in its formation. Accordingly, stock-based compensation has been recorded to date. h) 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. i) Basic and Diluted Net Loss per Share The basic earnings (loss) per share are calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) 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. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company 8 VERVE VENTURES INC. (A Development Stage Company) Notes To The Financial Statements (Unaudited) July 31, 2011 j) Fiscal Periods The Company's fiscal year end is October 31. k) Recent Accounting Pronouncements In June 2009, the FASB issued guidance now codified as ASC 105, Generally Accepted Accounting Principles as the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP, aside from those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is intended to simplify user access to all authoritative U.S. GAAP by providing all authoritative literature related to a particular topic in one place. The adoption of ASC 105 did not have a material impact on the Company's financial statements, but did eliminate all references to pre-codification standards. In February 2010, the FASB issued Accounting Standards Update ("ASU") No.2010-09, "Amendments to Certain Recognition and Disclosure Requirements" ("ASU2010-09"), which is included in the FASB Accounting Standards Codification (the "ASC") Topic 855 (Subsequent Events). ASU 2010-09 clarifies that an SEC filer is required to evaluate subsequent events through the date that the financial statements are issued. ASU 2010-09 is effective upon the issuance of the final update and did not have a significant impact on the Company's financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. 3. COMMON STOCK The authorized capital of the Company is 75,000,000 common shares with a par value of $ 0.001 per share. In April 2010, the Company issued 3,500,000 shares of common stock at a price of $0.001 per share for total cash proceeds of $3,500. In June and July of 2010, the Company issued 3,000,000 shares of common stock at a price of $0.003 per share for total cash proceeds of $9,000. In July, August, September of 2010, the Company issued 2,550,000 shares of common stock at a price of $0.005 per share for total cash proceeds of $12,750. During the period February 23, 2010 (inception) to October 31, 2010, the Company sold a total of 9,050,000 shares of common stock for total cash proceeds of $25,250. As of July 31, 2011, 9,050,000 shares are issued and outstanding. 4. INCOME TAXES As of July 31, 2011, the Company had net operating loss carry forwards of approximately $29,728 that may be available to reduce future years' taxable income through 2029. 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. 9 VERVE VENTURES INC. (A Development Stage Company) Notes To The Financial Statements (Unaudited) July 31, 2011 5. RELATED PARTY TRANSACTONS February 23, 2010, an officer and director Christopher Clitheroe had loaned the Company $1,275. On March 3, 2010 an officer and director Christopher Clitheroe had loaned the company $100. On April 27, 2011 an officer and director Christopher Clitheroe had loaned the Company $5,000. On June 17, 2011 an officer and director Christopher Clitheroe had loaned the Company $4,000.The loans are non-interest bearing, due upon demand and unsecured. As of July 31, 2011, total amount of notes payable-related party is $10,375. 6. AGREEMENTS On January 1, 2011 Verve Ventures entered into an agreement with Zyon Technology for services related to Search Engine Optimization and we marketing. The details of this agreement can be found on EDGAR 10 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. 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION GENERAL VERVE VENTURES INC. was incorporated under the laws of the State of Nevada on February 23, 2010. Our registration statement was filed as Effective with the Securities and Exchange Commission on March 9, 2011. Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," refers to VERVE VENTURES 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 July 31, 2011 we have no revenues, have minimal assets and have incurred losses since inception. The Company intends to provide waste removal and disposal services to corporate and individual clients in the United Kingdom. Our services will be focused on a client base that is willing to pay a premium to assure both social and environmental concerns are addressed in all aspects of waste collection and disposal. We intend to operate a fleet of vehicles and a sorting/storage facilities both of which will begin small and scalable. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, February 23, 2010 through July 31, 2011 the Company has accumulated losses of $29,728. At present we are seeking sources of financing to carry out our business plan. 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. THE NINE MONTH PERIOD ENDED JULY 31, 2011 AND THE PERIOD FROM INCEPTION (FEBRUARY 23, 2010) TO JULY 31, 2011 Our net loss for the nine-months ended July 31, 2011 was approximately $27,756. During the nine-months ended July 31, 2011, we did not generate any revenue. Net loss during the period from inception (February 23, 2010) to July 31, 2011 was $29,728). During the nine-months ended July 31, 2011, we incurred general and administrative, consulting, and professional expenses of approximately $27,756. General and administrative expenses incurred during the nine-month period ended July 31, 2011 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs. During the period from inception (February 23, 2010) to July 31, 2011, we incurred general and administrative, consulting, and professional expenses of approximately $29,728. Our net loss during the nine-months ended July 31, 2011 was $27,756 or ($0.00) per share. The weighted average number of shares outstanding was 9,050,000 for the nine-month period ended July 31, 2011. 12 LIQUIDITY AND CAPITAL RESOURCES AS OF JULY 31, 2011 As of July 31, 2011, our current assets were $8,007 and our total liabilities were $12,485, which resulted in a working (deficit) of ($4,478), As of July 31, 2011, current assets were comprised of $3,572 in cash and $4,435 prepaid expense compared to $24,653 in cash at October 31, 2010. As of July 31, 2011, current liabilities were comprised of $10,375 advances from director and $2,110 in accounts payable compared to $1,375 in advances from director at October 31, 2010. Stockholders' equity (deficit) decreased from $23,278 as of October 31, 2010 to ($4,478) as of July 31, 2011. CASH FLOWS FROM OPERATING ACTIVITIES We have not generated positive cash flows from operating activities. For the nine-month period ended July 31, 2011, net cash flows used in operating activities was $30,081 consisting primarily of a net loss of $27,756. Net cash flows used in operating activities was $32,053 for the period from inception (February 23, 2010) to July 31, 2011. CASH FLOWS FROM FINANCING ACTIVITIES We have financed our operations primarily from either advances from directors or the issuance of equity and debt instruments. For the nine-months ended July 31, 2011, we generated $9,000 net cash from financing activities. For the period from inception (February 23, 2010) to July 31, 2011, net cash provided by financing activities was $35,625 received from sale of common stock and advances 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, equity and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three 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. During the period from inception (February 23, 2010) to July 31, 2011, Leslie Clitheroe, our Chief Executive Officer and a director, advanced us $10,375. The advances are non-interest bearing and payable upon demand. 13 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 October 31, 2010 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. 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 July 31, 2011. Based on that 14 evaluation, our management concluded that our disclosure controls and procedures were not 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-months ended July 31, 2011 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. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS On March 9, 2011, we filed a registration statement on Form S-1 with the Securities and Exchange Commission pursuant to which we registered 3,500,000 shares of our restricted common stock to be issued to certain shareholders and 5,550,000 shares were registered for resale. ITEM 3. DEFAULTS UPON SENIOR SECURITIES No report required. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No report required. 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. 15 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. VERVE VENTURES INC. Dated: September 14, 2011 By: /s/ Leslie Clitheroe ----------------------------------- Leslie Clitheroe, President and Chief Executive Officer Dated: September 14, 2011 By: /s/ Leslie Clitheroe ----------------------------------- Leslie Clitheroe, Chief Financial Officer 16 EX-31.1 2 ex31-1.txt CEO SECTION 302 CERTIFICATION EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER Section 302 Certification I, Leslie Clitheroe, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Verve Ventures 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 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 presented 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 13a-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 principles; 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 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: September 14, 2011 By: /s/ Leslie Clitheroe ------------------------------------------ Leslie Clitheroe, President and Chief Executive Officer EX-31.2 3 ex31-2.txt CFO SECTION 302 CERTIFICATION EXHIBIT 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER Section 302 Certification I, Leslie Clitheroe, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Verve Ventures 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 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 presented 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 13a-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 principles; 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 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: September 14, 2011 By: /s/ Leslie Clitheroe ------------------------------------------ Leslie Clitheroe, Chief Financial Officer EX-32.1 4 ex32-1.txt SECTION 906 CERTIFICATION EXHIBIT 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Verve Ventures Inc. ("Company") on Form 10-Q for the period ended July 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Leslie Clitheroe, President and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 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 the Company. Dated: September 14, 2011 By: /s/ Leslie Clitheroe -------------------------------------------- Leslie Clitheroe, President, Chief Executive Officer and Chief Financial Officer EX-101.INS 5 vnts-20110731.xml XBRL INSTANCE DOCUMENT 10-Q 2011-07-31 false VERVE VENTURES INC 0001507605 --10-31 9050000 Smaller Reporting Company Yes No No 2011 Q3 3572 24653 4435 0 8007 24653 2110 0 10375 1375 12485 1375 9050 9050 16200 16200 -29728 -1972 -4478 23278 8007 24653 0.001 0.001 75000000 75000000 9050000 9050000 9050000 9050000 0 0 0 0 0 2500 14100 0 0 14100 1088 13656 10 1285 15628 3588 27756 10 1285 29728 -3588 -27756 -10 -1285 -29728 0 0 0 0 0 -3588 -27756 -10 -1285 -29728 0 0 0 0 0 -3588 -27756 -10 -1285 -29728 0.00 0.00 0.00 0.00 0.00 -4435 0 -4435 2110 0 2110 -30081 -1285 -32053 0 0 0 9000 1375 10375 0 10700 25250 9000 12075 35625 -21081 10790 3572 0 10790 0 0 0 0 0 0 0 0 0 0 0 3500000 3500 0 0 3500 3000000 3000 6000 0 9000 2550000 2550 10200 0 12750 0 0 0 -1972 -1972 9050000 6050 16200 -1972 23278 0 0 0 -27756 -27756 9050000 6050 16200 -29728 -4478 <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">1. ORGANIZATION AND BUSINESS OPERATIONS</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">VERVE VENTURES INC.("the Company") was incorporated under the laws of the State</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of Nevada, U.S. on February 23, 2010. The Company is in the development stage as</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">defined under Statement on Financial Accounting Standards Codification FASB ASC</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">915-205"Development-Stage Entities." and it intends to provide waste removal and</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">disposal services to corporate and individual clients in the United Kingdom. Our</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">services will be focused on a client base that is willing to pay a premium to</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">assure both social and environmental concerns are addressed in all aspects of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">waste collection and disposal. We intend to operate a fleet of vehicles and a</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">sorting/storage facilities both of which will begin small and scalable.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company has not generated any revenue to date and consequently its</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">operations are subject to all risks inherent in the establishment of a new</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">business enterprise. For the period from inception, February 23, 2010 through</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">July 31, 2011 the Company has accumulated losses of $29,728.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">a) Basis of Presentation</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The financial statements of the Company have been prepared in accordance with</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">generally accepted accounting principles in the United States of America and are</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">presented in US dollars.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">b) Going Concern</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The financial statements have been prepared on a going concern basis which</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">assumes the Company will be able to realize its assets and discharge its</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">liabilities in the normal course of business for the foreseeable future. The</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Company has incurred losses since inception resulting in an accumulated deficit</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of $29,728 as of July 31, 2011, and further losses are anticipated in the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">development of its business raising substantial doubt about the Company's</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">ability to continue as a going concern. The ability to continue as a going</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">concern is dependent upon the Company generating profitable operations in the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">future and/or to obtain the necessary financing to meet its obligations and</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">repay its liabilities arising from normal business operations when they come</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">due. Management intends to finance operating costs over the next twelve months</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">with existing cash on hand and loans from directors and or private placement of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">common stock.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">c) Cash and Cash Equivalents</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company considers all highly liquid instruments with a maturity of three</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">months or less at the time of issuance to be cash equivalents.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">d) Use of Estimates and Assumptions</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The preparation of financial statements in conformity with accounting principles</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">generally accepted in the United States requires management to make estimates</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">and assumptions that affect the reported amounts of assets and liabilities and</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">disclosure of contingent assets and liabilities at the date of the financial</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">statements and the reported amounts of revenues and expenses during the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">reporting period. Actual results could differ from those estimates.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">e) Foreign Currency Translation</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company's functional currency is the British Pound and its reporting</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">currency is the United States dollar.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">f) Financial Instruments</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Fair value measurements are determined based on the assumptions that market</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">participants would use in pricing an asset or liability. ASC 820-10 establishes</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">a hierarchy for inputs used in measuring fair value that maximizes the use of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">observable inputs and minimizes the use of unobservable inputs by requiring that</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">the most observable inputs be used when available. FASB ASC 820 establishes a</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">fair value hierarchy that prioritizes the use of inputs used in valuation</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">methodologies into the following three levels:</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp; Level 1: Quoted prices (unadjusted) for identical assets or</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liabilities in active markets. A quoted price in an active market</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides the most reliable evidence of fair value and must be used to</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;measure fair value whenever available.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp; Level 2: Significant other observable inputs other than Level 1 prices</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; such as quoted prices for similar assets or liabilities; quoted prices</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in markets that are not active; or other inputs that are observable or</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; can be corroborated by observable market data.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp; Level 3: Significant unobservable inputs that reflect a reporting</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; entity's own assumptions about the assumptions that market</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; participants would use in pricing an asset or liability. For example,</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; level 3 inputs would relate to forecasts of future earnings and cash</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; flows used in a discounted future cash flows method.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The recorded amounts of financial instruments, including cash equivalents</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">accounts payable and accrued expenses, and long-term debt approximate their</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">market values as of July 31, 2011</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">g) Stock-based Compensation</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">We follow ASC 718-10, "Stock Compensation", which addresses the accounting for</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">transactions in which an entity exchanges its equity instruments for goods or</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">services, with a primary focus on transactions in which an entity obtains</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">employee services in share-based payment transactions. ASC 718-10 is a revision</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">to Employees," and its related implementation guidance. ASC 718-10 requires</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">measurement of the cost of employee services received in exchange for an award</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of equity instruments based on the grant-date fair value of the award (with</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">limited exceptions). Incremental compensation costs arising from subsequent</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">modifications of awards after the grant date must be recognized. The Company has</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">not adopted a stock option plan and has not granted any stock options. The</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Company granted stock awards, at par value, to its officers, directors and</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">advisors for services rendered in its formation. Accordingly, stock-based</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">compensation has been recorded to date.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">h) Income Taxes</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Income taxes are accounted for under the assets and liability method. Deferred</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">tax assets and liabilities are recognized for the estimated future tax</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">consequences attributable to differences between the financial statement</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">carrying amounts of existing assets and liabilities and their respective tax</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">bases and operating loss and tax credit carry forwards. Deferred tax assets and</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">liabilities are measured using enacted tax rates in effect for the year in which</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">those temporary differences are expected to be recovered or settled.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">i) Basic and Diluted Net Loss per Share</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The basic earnings (loss) per share are calculated by dividing the Company's net</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">income available to common shareholders by the weighted average number of common</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">shares during the year. The diluted earnings (loss) per share is calculated by</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">dividing the Company's net income (loss) available to common shareholders by the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">diluted weighted average number of shares outstanding during the year. The</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">diluted weighted average number of shares outstanding is the basic weighted</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">number of shares adjusted for any potentially dilutive debt or equity.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Because the Company does not have any potentially dilutive securities, the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">accompanying presentation is only of basic loss per share. Diluted earnings</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">(loss) per share are the same as basic earnings (loss) per share due to the lack</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of dilutive items in the Company</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">j) Fiscal Periods</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company's fiscal year end is October 31.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">k) Recent Accounting Pronouncements</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In June 2009, the FASB issued guidance now codified as ASC 105, Generally</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Accepted Accounting Principles as the single source of authoritative accounting</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">principles recognized by the FASB to be applied by nongovernmental entities in</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">the preparation of financial statements in conformity with U.S. GAAP, aside from</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">intended to simplify user access to all authoritative U.S. GAAP by providing all</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">authoritative literature related to a particular topic in one place. The</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">adoption of ASC 105 did not have a material impact on the Company's financial</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">statements, but did eliminate all references to pre-codification standards.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In February 2010, the FASB issued Accounting Standards Update ("ASU")</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">No.2010-09, "Amendments to Certain Recognition and Disclosure Requirements"</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">("ASU2010-09"), which is included in the FASB Accounting Standards Codification</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">(the "ASC") Topic 855 (Subsequent Events). ASU 2010-09 clarifies that an SEC</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">filer is required to evaluate subsequent events through the date that the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">financial statements are issued. ASU 2010-09 is effective upon the issuance of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">the final update and did not have a significant impact on the Company's</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">financial statements.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The Company has implemented all new accounting pronouncements that are in effect</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">and that may impact its financial statements and does not believe that there are</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">any other new accounting pronouncements that have been issued that might have a</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">material impact on its financial position or results of operations.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">3. COMMON STOCK</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">The authorized capital of the Company is 75,000,000 common shares with a par</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">value of $ 0.001 per share.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;In April 2010, the Company issued 3,500,000 shares of common stock at a price</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of $0.001 per share for total cash proceeds of $3,500.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In June and July of 2010, the Company issued 3,000,000 shares of common stock at</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">a price of $0.003 per share for total cash proceeds of $9,000.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">In July, August, September of 2010, the Company issued 2,550,000 shares of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">common stock at a price of $0.005 per share for total cash proceeds of $12,750.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">During the period February 23, 2010 (inception) to October 31, 2010, the Company</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">sold a total of 9,050,000 shares of common stock for total cash proceeds of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">$25,250.</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">As of July 31, 2011, 9,050,000 shares are issued and outstanding.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">4. INCOME TAXES</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">As of July 31, 2011, the Company had net operating loss carry forwards of</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">approximately $29,728 that may be available to reduce future years' taxable</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">income through 2029. Future tax benefits which may arise as a result of these</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">losses have not been recognized in these financial statements, as their</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">realization is determined not likely to occur and accordingly, the Company has</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">recorded a valuation allowance for the deferred tax asset relating to these tax</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">loss carry-forwards.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">5. RELATED PARTY TRANSACTONS</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">February 23, 2010, an officer and director Christopher Clitheroe had loaned the</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Company $1,275. On March 3, 2010 an officer and director Christopher Clitheroe</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">had loaned the company $100. On April 27, 2011 an officer and director</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">Christopher Clitheroe had loaned the Company $5,000. On June 17, 2011 an officer</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">and director Christopher Clitheroe had loaned the Company $4,000.The loans are</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">non-interest bearing, due upon demand and unsecured. As of July 31, 2011, total</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">amount of notes payable-related party is $10,375.</font></p> <!--egx--><p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">6. AGREEMENTS</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">&nbsp;</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">On January 1, 2011 Verve Ventures entered into an agreement with Zyon Technology</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">for services related to Search Engine Optimization and we marketing. The details</font></p> <p style="MARGIN:0in 0in 0pt"><font lang="EN-IN">of this agreement can be found on EDGAR</font></p> 9050000 9050000 4347826 2772152 0 -27756 -1285 -29728 3572 10790 3647 0001507605 2011-05-01 2011-07-31 0001507605 2011-07-31 0001507605 2010-10-31 0001507605 2010-05-01 2010-07-31 0001507605 2010-01-23 2010-07-31 0001507605 2010-02-24 2011-07-31 0001507605 2010-11-01 2011-07-31 0001507605 2010-07-31 0001507605 2010-02-22 0001507605 us-gaap:CapitalUnitsMember 2010-02-23 0001507605 us-gaap:CommonStockMember 2010-02-23 0001507605 us-gaap:AdditionalPaidInCapitalMember 2010-02-23 0001507605 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-02-23 0001507605 us-gaap:ParentMember 2010-02-23 0001507605 us-gaap:CapitalUnitsMember 2010-02-24 2010-10-31 0001507605 us-gaap:CommonStockMember 2010-02-24 2010-10-31 0001507605 us-gaap:AdditionalPaidInCapitalMember 2010-02-24 2010-10-31 0001507605 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-02-24 2010-10-31 0001507605 us-gaap:ParentMember 2010-02-24 2010-10-31 0001507605 us-gaap:CapitalUnitsMember 2010-10-31 0001507605 us-gaap:CommonStockMember 2010-10-31 0001507605 us-gaap:AdditionalPaidInCapitalMember 2010-10-31 0001507605 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-10-31 0001507605 us-gaap:ParentMember 2010-10-31 0001507605 us-gaap:CapitalUnitsMember 2010-11-01 2011-07-31 0001507605 us-gaap:CommonStockMember 2010-11-01 2011-07-31 0001507605 us-gaap:AdditionalPaidInCapitalMember 2010-11-01 2011-07-31 0001507605 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-11-01 2011-07-31 0001507605 us-gaap:ParentMember 2010-11-01 2011-07-31 0001507605 us-gaap:CapitalUnitsMember 2011-07-31 0001507605 us-gaap:CommonStockMember 2011-07-31 0001507605 us-gaap:AdditionalPaidInCapitalMember 2011-07-31 0001507605 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-07-31 0001507605 us-gaap:ParentMember 2011-07-31 iso4217:USD shares iso4217:USD shares EX-101.SCH 6 vnts-20110731.xsd XBRL TAXONOMY EXTENSION SCHEMA 200000 - Disclosure - ORGANIZATION AND BUSINESS OPERATIONS link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:definitionLink link:calculationLink 230000 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 210000 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 250000 - Disclosure - AGREEMENTS link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:definitionLink link:calculationLink 220000 - Disclosure - COMMON STOCK link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - BALANCE SHEETS PARENTHETICALS link:presentationLink link:definitionLink link:calculationLink 240000 - Disclosure - RELATED PARTY TRANSACTONS link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - STATEMENT OF STOCKHOLDERS' EQUITY (DFICIENT) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 vnts-20110731_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 vnts-20110731_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 vnts-20110731_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE ORGANIZATION AND BUSINESS OPERATIONS {1} ORGANIZATION AND BUSINESS OPERATIONS Inception, Inception, Inception, The amount paid towards management fees for hte reporting period. 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Common Stock, par or stated value $ 0.001 $ 0.001
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STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
 3 Months Ended 6 Months Ended 9 Months Ended 18 Months Ended
Jul. 31, 2011
Jul. 31, 2010
Jul. 31, 2010
Jul. 31, 2011
Jul. 31, 2011
GROSS REVENUES $ 0 $ 0 $ 0 $ 0 $ 0
Professional Expenses 2,500 0 0 14,100 14,100
Administrative Expenses 1,088 10 1,285 13,656 15,628
TOTAL OPERATING EXPENSES 3,588 10 1,285 27,756 29,728
LOSS FROM OPERATIONS (3,588) (10) (1,285) (27,756) (29,728)
OTHER EXPENSES 0 0 0 0 0
NET LOSS BEFORE INCOME TAXES (3,588) (10) (1,285) (27,756) (29,728)
PROVISION FOR INCOME TAXES 0 0 0 0 0
NET LOSS $ (3,588) $ (10) $ (1,285) $ (27,756) $ (29,728)
NET LOSS PER SHARE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
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Document Type 10-Q
Document Period End Date Jul. 31, 2011
Amendment Flag false
Entity Central Index Key 0001507605
Current Fiscal Year End Date --10-31
Entity Common Stock, Shares Outstanding 9,050,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2011
Document Fiscal Period Focus Q3
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AGREEMENTS
 9 Months Ended
Jul. 31, 2011
AGREEMENTS  
AGREEMENTS

6. AGREEMENTS

 

On January 1, 2011 Verve Ventures entered into an agreement with Zyon Technology

for services related to Search Engine Optimization and we marketing. The details

of this agreement can be found on EDGAR
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Jul. 31, 2011
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) 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 US dollars.

 

b) 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 $29,728 as of July 31, 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.

 

c) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three

months or less at the time of issuance to be cash equivalents.

 

d) 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.

 

e) Foreign Currency Translation

The Company's functional currency is the British Pound and its reporting

currency is the United States dollar.

 

f) Financial Instruments

Fair value measurements are determined based on the assumptions that market

participants would use in pricing an asset or liability. ASC 820-10 establishes

a hierarchy for inputs used in measuring fair value that maximizes the use of

observable inputs and minimizes the use of unobservable inputs by requiring that

the most observable inputs be used when available. FASB ASC 820 establishes a

fair value hierarchy that prioritizes the use of inputs used in valuation

methodologies into the following three levels:

 

     *    Level 1: Quoted prices (unadjusted) for identical assets or

          liabilities in active markets. A quoted price in an active market

          provides the most reliable evidence of fair value and must be used to

          measure fair value whenever available.

 

     *    Level 2: Significant other observable inputs other than Level 1 prices

          such as quoted prices for similar assets or liabilities; quoted prices

          in markets that are not active; or other inputs that are observable or

          can be corroborated by observable market data.

 

     *    Level 3: Significant unobservable inputs that reflect a reporting

          entity's own assumptions about the assumptions that market

          participants would use in pricing an asset or liability. For example,

          level 3 inputs would relate to forecasts of future earnings and cash

          flows used in a discounted future cash flows method.

 

The recorded amounts of financial instruments, including cash equivalents

accounts payable and accrued expenses, and long-term debt approximate their

market values as of July 31, 2011

 

g) Stock-based Compensation

We follow ASC 718-10, "Stock Compensation", which addresses the accounting for

transactions in which an entity exchanges its equity instruments for goods or

services, with a primary focus on transactions in which an entity obtains

employee services in share-based payment transactions. ASC 718-10 is a revision

to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes

Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued

to Employees," and its related implementation guidance. ASC 718-10 requires

measurement of the cost of employee services received in exchange for an award

of equity instruments based on the grant-date fair value of the award (with

limited exceptions). Incremental compensation costs arising from subsequent

modifications of awards after the grant date must be recognized. The Company has

not adopted a stock option plan and has not granted any stock options. The

Company granted stock awards, at par value, to its officers, directors and

advisors for services rendered in its formation. Accordingly, stock-based

compensation has been recorded to date.

 

h) 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.

 

i) Basic and Diluted Net Loss per Share

The basic earnings (loss) per share are calculated by dividing the Company's net

income available to common shareholders by the weighted average number of common

shares during the year. The diluted earnings (loss) per share is calculated by

dividing the Company's net income (loss) 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.

Because the Company does not have any potentially dilutive securities, the

accompanying presentation is only of basic loss per share. Diluted earnings

(loss) per share are the same as basic earnings (loss) per share due to the lack

of dilutive items in the Company

 

j) Fiscal Periods

The Company's fiscal year end is October 31.

 

k) Recent Accounting Pronouncements

In June 2009, the FASB issued guidance now codified as ASC 105, Generally

Accepted Accounting Principles as the single source of authoritative accounting

principles recognized by the FASB to be applied by nongovernmental entities in

the preparation of financial statements in conformity with U.S. GAAP, aside from

those issued by the SEC. ASC 105 does not change current U.S. GAAP, but is

intended to simplify user access to all authoritative U.S. GAAP by providing all

authoritative literature related to a particular topic in one place. The

adoption of ASC 105 did not have a material impact on the Company's financial

statements, but did eliminate all references to pre-codification standards.

 

In February 2010, the FASB issued Accounting Standards Update ("ASU")

No.2010-09, "Amendments to Certain Recognition and Disclosure Requirements"

("ASU2010-09"), which is included in the FASB Accounting Standards Codification

(the "ASC") Topic 855 (Subsequent Events). ASU 2010-09 clarifies that an SEC

filer is required to evaluate subsequent events through the date that the

financial statements are issued. ASU 2010-09 is effective upon the issuance of

the final update and did not have a significant impact on the Company's

financial statements.

 

The Company has implemented all new accounting pronouncements that are in effect

and that may impact its financial statements and does not believe that there are

any other new accounting pronouncements that have been issued that might have a

material impact on its financial position or results of operations.
XML 17 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
 6 Months Ended 9 Months Ended 18 Months Ended
Jul. 31, 2010
Jul. 31, 2011
Jul. 31, 2011
Net loss for the period $ (1,285) $ (27,756) $ (29,728)
Increase in Prepaid Expense 0 (4,435) (4,435)
Increase (decrease) in Accounts Payable 0 2,110 2,110
NET CASH USED IN OPERATING ACTIVITIES (1,285) (30,081) (32,053)
CASH FLOWS FROM INVESTING ACTIVITIES: 0 0 0
Proceeds from note payable - related party 1,375 9,000 10,375
Proceeds from the sale of common stock 10,700 0 25,250
NET CASH PROVIDED BY FINANCING ACTIVITIES 12,075 9,000 35,625
Net Increase (Decrease) in Cash and Cash Equivalents 10,790 (21,081) 3,572
Cash and Cash Equivalents - Beginning   24,653  
Cash and Cash Equivalents - Ending 10,790 3,572 3,647
Cash paid for interest 0 0 0
Cash paid for income taxes $ 0 $ 0 $ 0
XML 18 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
COMMON STOCK
 9 Months Ended
Jul. 31, 2011
COMMON STOCK  
COMMON STOCK

3. COMMON STOCK

 

The authorized capital of the Company is 75,000,000 common shares with a par

value of $ 0.001 per share.

 In April 2010, the Company issued 3,500,000 shares of common stock at a price

of $0.001 per share for total cash proceeds of $3,500.

 

In June and July of 2010, the Company issued 3,000,000 shares of common stock at

a price of $0.003 per share for total cash proceeds of $9,000.

 

In July, August, September of 2010, the Company issued 2,550,000 shares of

common stock at a price of $0.005 per share for total cash proceeds of $12,750.

 

During the period February 23, 2010 (inception) to October 31, 2010, the Company

sold a total of 9,050,000 shares of common stock for total cash proceeds of

$25,250.

 

As of July 31, 2011, 9,050,000 shares are issued and outstanding.
XML 19 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
INCOME TAXES
 9 Months Ended
Jul. 31, 2011
INCOME TAXES  
INCOME TAXES

4. INCOME TAXES

 

As of July 31, 2011, the Company had net operating loss carry forwards of

approximately $29,728 that may be available to reduce future years' taxable

income through 2029. 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.
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RELATED PARTY TRANSACTONS
 9 Months Ended
Jul. 31, 2011
RELATED PARTY TRANSACTONS  
RELATED PARTY TRANSACTONS

5. RELATED PARTY TRANSACTONS

 

February 23, 2010, an officer and director Christopher Clitheroe had loaned the

Company $1,275. On March 3, 2010 an officer and director Christopher Clitheroe

had loaned the company $100. On April 27, 2011 an officer and director

Christopher Clitheroe had loaned the Company $5,000. On June 17, 2011 an officer

and director Christopher Clitheroe had loaned the Company $4,000.The loans are

non-interest bearing, due upon demand and unsecured. As of July 31, 2011, total

amount of notes payable-related party is $10,375.
XML 23 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
STATEMENT OF STOCKHOLDERS' EQUITY (DFICIENT) (USD $)
Common Stock Shares
Common Stock Amount (USD)
Additional Paid in Capital
Accumulated Deficit (USD)
Total (USD)
Inception, at Feb. 23, 2010 0 0 0 0 0
Common stock issued for cash at $0.001 April 21, 2010 3,500,000 3,500 0 0 3,500
Common stock issued for cash at $0.003 per share July 5, 2010 3,000,000 3,000 6,000 0 9,000
Common stock issued for cash at $0.005 per share 2,550,000 2,550 10,200 0 12,750
Net loss for the period ended October 31, 2010 $ 0 $ 0 $ 0 $ (1,972) $ (1,972)
Balance, at Oct. 31, 2010 9,050,000 6,050 16,200 (1,972) 23,278
Net loss for the nine months ended July 31, 2011 $ 0 $ 0 $ 0 $ (27,756) $ (27,756)
Balance, at Jul. 31, 2011 9,050,000 6,050 16,200 (29,728) (4,478)
XML 24 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
ORGANIZATION AND BUSINESS OPERATIONS
 9 Months Ended
Jul. 31, 2011
ORGANIZATION AND BUSINESS OPERATIONS  
ORGANIZATION AND BUSINESS OPERATIONS

1. ORGANIZATION AND BUSINESS OPERATIONS

 

VERVE VENTURES INC.("the Company") was incorporated under the laws of the State

of Nevada, U.S. on February 23, 2010. The Company is in the development stage as

defined under Statement on Financial Accounting Standards Codification FASB ASC

915-205"Development-Stage Entities." and it intends to provide waste removal and

disposal services to corporate and individual clients in the United Kingdom. Our

services will be focused on a client base that is willing to pay a premium to

assure both social and environmental concerns are addressed in all aspects of

waste collection and disposal. We intend to operate a fleet of vehicles and a

sorting/storage facilities both of which will begin small and scalable.

 

The Company has not generated any revenue to date and consequently its

operations are subject to all risks inherent in the establishment of a new

business enterprise. For the period from inception, February 23, 2010 through

July 31, 2011 the Company has accumulated losses of $29,728.
XML 25 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
BALANCE SHEETS (USD $)
Jul. 31, 2011
Oct. 31, 2010
Cash and cash equivalents $ 3,572 $ 24,653
Prepaid Expenses 4,435 0
TOTAL ASSETS 8,007 24,653
Accounts Payable 2,110 0
Note payable - related party 10,375 1,375
TOTAL LIABILITIES 12,485 1,375
Common stock, par $0.001, 75,000,000 shares authorized,9,050,000 shares issued and outstanding 9,050 9,050
Paid in capital 16,200 16,200
Deficit accumulated during the development stage (29,728) (1,972)
TOTAL STOCKHOLDERS' EQUITY(DEFICIT) (4,478) 23,278
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 8,007 $ 24,653
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