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ORGANIZATION AND BUSINESS
9 Months Ended
Sep. 30, 2011
ORGANIZATION AND BUSINESS 
ORGANIZATION AND BUSINESS

NOTE A – ORGANIZATION AND BUSINESS

 

Organization and Business

 

The Company was incorporated under the laws of Colorado on August 9, 2002. The Company was formed to develop a software program to centralize the booking of recreational and vacation activities. The Company’s initial capital proved insufficient to complete its planned business and the project was abandoned in 2003 when the Company ceased such business operations.

 

Subsequently, the Company undertook to operate as a business that would provide unclaimed property location services to the public and businesses by obtaining information regarding lost or forgotten estates, unclaimed assets and/or financial belongings. However, the Company has since abandoned such operations. Management is currently evaluating possible business plans for operation of the Company in the future.

 

On November 29, 2010, the Company entered into a Stock Purchase Agreement (the “November 2010 SPA”)  with a former officer, Director and its largest shareholder, Ms. Hasmik Yaghobyan (875,000 shares), another former officer and Director, Mr. Osheen Haghnzarian (380,000 shares), and Halter Capital Corporation, a Texas corporation (“Halter Capital”), pursuant to which Halter Capital acquired all shares of Company common stock held by Ms. Yaghobyan and Mr. Haghnzarian (1,255,000 shares), representing approximately 83.7% of all shares outstanding at the time, and as a result of the sale the Company experienced a change in control.  The purchase price of the shares was $331,250, paid in cash from the purchaser's existing funds.

 

The November 2010 SPA provided for the resignation of Ms. Yaghobyan and Mr. Haghnzarian, as directors and officers of the Company.  The board of directors appointed Mr. Kevin B. Halter, Jr. as the Company’s new President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer and sole Director, effective December 9, 2010.

 

On December 30, 2010, the Company entered into a Stock Purchase Agreement (the “December 2010 SPA”) with Halter Capital and  Bon Amour International, LLC, a Texas limited liability corporation (“Bon Amour”), pursuant to which Bon Amour acquired 1,255,000 shares of the Company’s common stock (representing approximately 83.7% of its then issued and outstanding common stock) from Halter Capital for cash consideration of $370,000.  The December 2010 SPA transaction closed on January 6, 2011, and resulted in a change of control of the Company.

 

Under the terms of the December 2010 SPA, Mr. Halter, the sole director of the Company in office immediately prior to the closing, resigned as the sole director of and from all officer positions held with the Company, effective January 10, 2011.  Mr. Nathan Halsey was appointed to serve on the Company’s Board of Directors effective January 10, 2011.  Mr. Halsey appointed himself President, Chief Executive Officer, Secretary and Treasurer of the Company subsequent to the effectiveness of his appointment as sole director.

 

With the approval of the Company's Board of Directors and a majority of its shareholders, the Company filed Articles of Amendment to its Articles of Incorporation effective March 9, 2011 (the "Amendment").  The Amendment effected a change in the Company’s capital structure and authorized shareholder action by less than unanimous consent without a meeting. Prior to the Amendment, the Company was authorized to issue 100,000,000 shares of common stock, without par value ("Common Stock").  The Amendment authorized the Company to issue 500,000,000 shares of Common Stock.

 

On March 10, 2011 the Company executed a 133 for 1 forward split of its issued and outstanding Common Stock affected in the form of a stock dividend.  As a result of the forward split, the Company issued 198,000,000 additional shares to its shareholders of record on March 10, 2011.  All references herein to share information have been retroactively applied unless otherwise stated.  See Note D - Capital Stock.

 

The Company's Common Stock is quoted on the OTC Market Groups, Inc. OTCQB under the symbol "VTUR."

 

Development Stage Activities

 

The Company is presently in the development stage with no significant revenues from operations.  Accordingly, all of the Company’s operating results and cash flows reported in the accompanying financial statements are considered to be those related to development stage activities and represent the cumulative from inception amounts from its development stage activities reported pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-10-05, Development Stage Entities.

 

Basis of presentation and going concern uncertainty

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplates continuation of the Company as a going concern, dependent upon the Company's ability, among other matters,  to establish itself as a profitable business.  At September 30, 2011, the Company had an accumulated deficit of $207,726 and for the nine months ended September 30, 2011, the Company incurred losses of $159,970.

 

The Company’s ability to continue in business is dependent upon obtaining sufficient financing or attaining profitable operations.  However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations, and therefore, these matters raise substantial doubt about the Company's ability to continue as a going concern.  These financial statements do not include any adjustments that might result from the outcome of these uncertainties, nor do they include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.