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0001165527-12-000732.txt : 20120713 0001165527-12-000732.hdr.sgml : 20120713 20120713142444 ACCESSION NUMBER: 0001165527-12-000732 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120531 FILED AS OF DATE: 20120713 DATE AS OF CHANGE: 20120713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Earn-A-Car Inc. CENTRAL INDEX KEY: 0001486297 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510] IRS NUMBER: 271320213 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-165391 FILM NUMBER: 12961566 BUSINESS ADDRESS: STREET 1: OFFICE 1 THE FALLS CENTRE STREET 2: CORNER GREAT NORTH AND WEBB CITY: NORTHMEAD, BENONI 1522 STATE: T3 ZIP: 00000 BUSINESS PHONE: 27-11-425-1666 MAIL ADDRESS: STREET 1: OFFICE 1 THE FALLS CENTRE STREET 2: CORNER GREAT NORTH AND WEBB CITY: NORTHMEAD, BENONI 1522 STATE: T3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: VICTORIA INTERNET SERVICES INC DATE OF NAME CHANGE: 20100304 10-Q 1 g6102.txt U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Mark One [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2012 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File No. 333 - 165391 EARN-A-CAR, INC. (Name of small business issuer in its charter) Nevada (State or other jurisdiction of incorporation or organization) Office 1 The Falls Centre, Corner Great North and Webb, Northmead, Benoni 1522, South Africa (Address of principal executive offices) +27 011-425-1666 (Issuer's telephone number) Securities registered pursuant to Name of each exchange on Section 12(b) of the Act: which registered: ------------------------- ----------------- None Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.0000001 Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No[ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Applicable Only to Issuers 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 The number of shares outstanding of each of the issuer's common stock, as of June 27, 2012 was 112,250,000 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) BALANCE SHEETS (unaudited) MAY 31, 2012 AND FEBRUARY 29, 2012

See accompanying notes to financial statements. 2 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) STATEMENTS OF OPERATIONS (unaudited) FOR THE THREE MONTHS ENDED MAY 31, 2012 AND MAY 31, 2011

See accompanying notes to financial statements. 3 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited) FOR THE THREE MONTHS ENDED MAY 31, 2012 AND MAY 31, 2011

See accompanying notes to financial statements. 4 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) AS OF MAY 31, 2012

See accompanying notes to financial statements. 5 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MAY 31, 2012 AND MAY 31, 2011

See accompanying notes to financial statements. 6 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS - Earn-A-Car, Inc. (formerly Victoria Internet Services, Inc.) was incorporated in the State of Nevada on October 9, 2009. The company was organized to operate as an online tax preparation service in the North American market. On December 7, 2011, prior to commencing those operations, the company has opted to change its business focus to the daily rental of vehicles in the South African market. On December 7, 2011, a simultaneous execution and closing was held under an Agreement and Plan of Reorganization (the Plan"), by and among Victoria Internet Services, Inc. (the "Company" "us" "we" ), Leon Golden (our then principal shareholder) ("Golden") and Earn-A-Car (PTY), LTD., a corporation organized under the laws of the Republic of South Africa ("EAC") and Depassez Investments Ltd, a Seychelles corporation ("DPL"), owned by Graeme Hardie (our new principal shareholder) ("Hardie"). Under the Plan DPL acquired 78,500,000 shares of our common stock from Golden for $150,000 and the balance of Golden's 205,000,000 shares were submitted to the transfer agent for cancellation and DPI contributed all of the shares of EAC to the Company so that EAC became a wholly owned subsidiary of the Company and the business of the Company is now the business of EAC. Mr. Golden also resigned as an officer and director of the Company and John Storey ("Storey") and Hardie were elected as directors and Storey was appointed CEO and President with Hardie being appointed Chairman of the board. On February 10, 2012 the Company filed an amendment with the Secretary of State for Nevada to gain permission to change its name from Victoria Internet Services, Inc. to Earn-A-Car, Inc. In conjunction with the name change the Company also filed to have a new symbol on the Over The Counter Bulletin Board (OTCBB). As of March 8, 2012 the Company no longer is listed with the symbol VRIS, and is now listed on the OTCBB as EACR. EARN-A-CAR (PTY) LTD - The wholly owned subsidiary was incorporated in South Africa on July 2, 2005, and is primarily engaged in the business of the daily rental of vehicles to business and leisure customers through company-owned stores in the country of South Africa. On July 18, 2011, its name was changed from "EasyCars Rental and Sales (PTY) Ltd." to "Earn-A-Car (PTY) Ltd.". BASIS OF PRESENTATION- The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and are presented in U.S. Dollars. In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has selected a February 28 year end. ESTIMATES - The preparation of the Company's consolidated 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 and disclosures in the consolidated financial statements. Actual results could differ materially from those estimates. CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash on hand and on deposit, including highly liquid investments with initial maturities of three months or less. At May 31, 2012 and February 29, 2012 the Company had $103,005 and $171,354 in cash and cash equivalents, respectively. ALLOWANCE FOR DOUBTFUL ACCOUNTS - An allowance for doubtful accounts is generally established during the period in which receivables are recorded. The allowance is maintained at a level deemed appropriate based on loss experience and other factors affecting collectability. As of May 31, 2012 and February 29, 2012 the Company had $0 and $264,189 in impaired receivables, respectively. The allowance for these impaired receivables was $164,295 for fiscal year ended February 29, 2012. FINANCING ISSUE COSTS - Financing issue costs related to vehicle debt are deferred and amortized to interest expense over the term of the related debt using the effective interest method. 7 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECEIVABLES AND PAYABLES- Trade receivables and payables are measured at initial recognition at fair value, and are subsequently measured using the effective interest rate method of valuation. Appropriate allowances for estimated uncollectible receivable balances are recognized in profit or loss when there is evidence of impairment. REVENUE-EARNING VEHICLES AND RELATED VEHICLE DEPRECIATION EXPENSE - Revenue-earning vehicles are stated at cost, net of related discounts. The Company must estimate what the residual values of these vehicles will be at the expected time of disposal to determine monthly depreciation rates. The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as the general used vehicle auction market. The Company evaluates estimated residual values periodically, and adjusts depreciation rates accordingly, on a prospective basis. Differences between actual residual values and those estimated by the Company result in a gain or loss on disposal and are recorded as an adjustment to depreciation expense. Actual timing of disposal either shorter or longer than the life used for depreciation purposes could result in a loss or gain on sale. Generally, the average holding term for vehicles is approximately 7 years. PROPERTY AND EQUIPMENT - Property and equipment are recorded at cost and are depreciated using principally the straight-line method over the estimated useful lives of the related assets. Estimated useful lives generally range from ten to thirty years for buildings and improvements and two to seven years for furniture and equipment. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter. The average useful lives of fixed assets are as follows: Motor vehicles 6 years Computer equipment 3 years Computer software 2 years Leased assets - motor vehicles 6 years LONG-LIVED ASSETS - The Company reviews the value of long-lived assets, including software, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based upon estimated future cash flows and records an impairment charge, equaling the excess of the carrying value over the estimated fair value, if the carrying value exceeds estimated future cash flows. FOREIGN CURRENCY TRANSLATION - The Company's functional currency is the South African Rand, the translation into US dollars is the presentation bases of these financial statements. Foreign assets and liabilities are translated using the exchange rate in effect at the balance sheet date, and results of operations are translated using an average rate for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income or loss. REVENUE RECOGNITION - Revenues from vehicle rentals are recognized as earned on a daily basis under the related rental contracts with customers. ADVERTISING COSTS - Advertising costs are primarily expensed as incurred. During the three months ended May 31, 2012 and May 31, 2011, the Company incurred advertising expense of $4,822 and $2,755, respectively. INCOME TAXES - The Company has provided for income taxes on its separate taxable income or loss and other tax attributes. Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. The Company has no tax liability in the United States. 8 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) EARNINGS PER SHARE - Basic earnings per share ("EPS") is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares and common share equivalents outstanding which include, where appropriate, the assumed exercise of options. There were no such common stock equivalents outstanding at May 31, 2012. Earnings per share and weighted average shares outstanding as of May 31, 2011 have been adjusted in these financial statements to reflect the November 14, 2011 stock split. OTHER COMPREHENSIVE INCOME (LOSS) - Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholder's equity that, under GAAP, are excluded from net income (loss), including foreign currency translation adjustments, gains and losses related to certain derivative contracts, and gains or losses, prior service costs or credits, and transition assets or obligations associated with pension or other postretirement benefits that have not been recognized as components of net periodic benefit cost. STOCK-BASED COMPENSATION- Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. NEW ACCOUNTING STANDARDS - The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position or cash flow. 2. REVENUE-EARNING VEHICLES Revenue-earning vehicles consist of the following: May 31, 2012 February 29, 2012 ------------ ----------------- Revenue-earning vehicles $ 3,879,794 $ 4,028,709 Less accumulated depreciation (1,206,028) (1,046,649) ----------- ----------- $ 2,673,766 $ 2,982,060 =========== =========== Rent expense for vehicles leased under operating leases was $0 and $0 for the three months ending May 31, 2012 and May 31, 2011, respectively, and is included in vehicle depreciation and lease charges, net. 3. PROPERTY AND EQUIPMENT Major classes of property and equipment consist of the following: May 31, 2012 February 29, 2012 ------------ ----------------- Computer equipment $ 18,853 $ 17,757 Computer software 5,061 5,649 ----------- ----------- 23,914 23,406 Less accumulated depreciation (8,210) (9,164) ----------- ----------- $ 15,704 $ 14,242 =========== =========== During the three months ended May 31, 2012 and 2011, the Company recorded no provisions for the impairment of assets. 9 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 4. LOANS RECEIVABLE At May 31, 2012 and February 29, 2012, the Company has no loans receivable from shareholders. At May 31, 2012 and February 29, 2012, the Company has a receivable due under a settlement agreement with a former employee with a balance of $14,063 and $15,312, respectively. This loan is to be repaid with interest of 10% in 48 equal installments of about $425; the payments began in March, 2011. 5. DEBT AND OTHER OBLIGATIONS Debt and other obligations consist of the following:

10 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 5. DEBT AND OTHER OBLIGATIONS (CONTINUED) Expected maturities of debt and other obligations outstanding at May 31, 2012 are as follows: Loan Amounts Lease Amounts Total ------------ ------------- ----- Year ending February 28, 2013 $ 142,639 $ 530,881 $ 673,520 Year ending February 28, 2014 -- 392,128 392,128 Year ending February 28, 2015 -- 223,743 223,743 Year ending February 28, 2016 -- 17,435 17,435 Year ending February 28, 2017 -- -- -- Thereafter 575,503 -- 575,503 ---------- ---------- ---------- Total $ 718,142 $1,164,187 $1,882,329 ========== ========== ========== Installment sales and lease contracts are secured by installment sales and finance lease agreements over revenue generating vehicles, having 2012 carrying values of $489,852 and 1,455,325 respectively. These installment sales and lease contracts are repayable in monthly installments for 2012 of $13,835 and $52,539 respectively. 6. PROVISION FOR INCOME TAXES The Company has no obligation for any federal or state income taxes in the United States. Further, no provision has been made for taxes in South Africa for 2012 nor 2011 because the taxable losses and loss carryovers exceed the income in those years. 7. EQUITY On November 14, 2011 the Company filed a certificate of amendment to the articles of incorporation which caused a 50 for 1 forward common stock split and an increase in authorized common shares to 250,000,000. On January 19, 2012 the Company cancelled 121,500,000 shares of common stock that were held by Leon Golden, the former owner of Victoria Internet Services, Inc. As of May 31, 2012 and February 29, 2012 there were 112,250,000 and 112,250,000 common shares outstanding, respectively. The Company is authorized to issue 20,000,000 preferred shares of stock. As of May 31, 2012 and February 29, 2012 there were no (0) shares outstanding. 8. COMMITMENTS AND CONTINGENCIES OPERATING LEASES The Company operates from various leased premises under operating leases with terms up to 5 years. Some of the leases contain renewal options. No contingent rent is payable. Expenses incurred under operating leases for the period were as follows: May 31, 2012 May 31, 2011 ------------ ------------ Operating leases: Premises $ 7,747 $ 6,616 Motor vehicles -- 7,103 -------- -------- $ 7,747 $ 13,719 ======== ======== 11 EARN-A-CAR, INC. (Formerly Victoria Internet Services, Inc.) NOTES TO FINANCIAL STATEMENTS MAY 31, 2012 8. COMMITMENTS AND CONTINGENCIES (CONTINUED) Future minimum rentals and fees under non-cancelable operating leases for the 12 month periods are presented in the following table: May 31, 2013 $30,988 May 31, 2014 $30,988 May 31, 2015 $30,988 May 31, 2016 $30,988 May 31, 2017 $30,988 At May 31, 2012, the Company had no outstanding vehicle purchase commitments over the next twelve months. 9. RELATED PARTY TRANSACTIONS The Company engages in activities with parties who hold ownership in the Company. The Company borrows funds from related parties and pays consulting fees to related parties. The related party transactions are as follows: May 31, 2012 February 29, 2012 ------------ ----------------- Loans payable to shareholders: G. Hardie $ 0 $ 1,000 ---------- ---------- Total loans payable to related parties $ 0 $ 1,000 ========== ========== Loans receivable from shareholders None $ 0 $ 0 Compensation paid to directors G. Hardie 3,333 0 ---------- ---------- $ 3,333 $ 0 ========== ========== 10. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to May 31, 2012 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose. 12 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION MANAGEMENTS DISCUSSION AND ANALYSIS FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the Company that is based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. When used in this report, the words "anticipate," "believe," "estimate," "expect" and "intend" and words or phrases of similar import, as they relate to the Company or Company management, are intended to identify forward-looking statements. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions and acceptance, technological change, changes in industry practices, onetime events and other factors described herein and in other filings made by the Company with the Securities and Exchange Commission. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company does not intend to update these forward-looking statements. RESULTS OF OPERATIONS OVERVIEW Our plan of operation for 2013 is to continue to expand our business to meet demand for our services. In June 2012 we completed a US$3m capital market raise which has permitted repayment of approximately US$1,2m in existing debt, freeing it up to be reused in the future and allow us to increase the number of vehicles under rental by at least 200 cars, with a further 200 from our revolving facilities. Management believes that the resulting increase in rental and other income from the increase in our fleet size should be realized over the next 2 quarters. QUARTER ENDED MAY 31, 2012 V. QUARTER ENDED MAY 31, 2011 Revenues increased from $597,031 in Q1 of FY 2012 to $656,150 in Q1 of FY 2013 an increase of $59,119 or 10 %. Our operating expenses went from $554,078 in Q1 of FY 2012 to $604,377 in Q1 of FY 2013 an increase of $50,299 or 9%. Expenses rose largely as a consequence of the reorganisation and becoming a public company and not operational costs. As a result of increases in expense exceeding increases in revenue, net income declined from $58,773 in Q1 of FY 2012 to $53,709 in Q1 of FY 2013. With the additional credit facility raised management believes that EAC will be able to grow revenue at a greater pace in the two next quarters as the new funding is utilised and the new vehicles are rented out. Our internal operating data for June 2012 confirms this belief. LIQUIDITY AND CAPITAL RESOURCES We had total current assets of $126,102 at May 31, 2012. The bulk of our assets are $2,673,766 in revenue earning vehicles. We believe that our business will grow substantially over the next two quarters as a result of the completion of the credit facility of USD$ 3m and an increase in the limit on the AVIS 13 revolving facility to USD$ 1,600,000. Management believes this should increase revenues and profits. Management does not expect to have to dilute the 112,500,000 issued shares in the near future. Instead we intend to continue to make use of asset based financing to grow our fleet of rental cars. CRITICAL ACCOUNTING POLICIES Financial Reporting Release No. 60 of the SEC encourages all companies to include a discussion of critical accounting policies or methods used in the preparation of the financial statements. There are no current revenue generating activities that give rise to significant assumptions or estimates. Our financial statements filed as part of our Current Report on Form 8-K, dated December 7, 2011, include a summary of the significant accounting policies and methods used in the preparation of our financial statements. OFF-BALANCE SHEET ARRANGEMENTS We have never entered into any off-balance sheet financing arrangements and have not formed any special purpose entities. We have not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The information called for by this item is not required as we are a smaller reporting company. ITEM 4T. CONTROLS AND PROCEDURES (a) Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As of May 31, 2012, we carried out an evaluation, under the supervision and with the participation of our management, including our Principal Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our Principal Financial Officer concluded that our disclosure controls and procedures are effective in enabling us to record, process, summarize and report information required to be included in our periodic SEC filings within the required time period. (b) Changes in Internal Controls There were no changes in our internal controls and procedures in internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially 14 affect, our internal control over financial reporting. We continue to rely on the members of the Board of Directors to provide assurance that our entity-level controls remain effective and we believe our process-level controls remain effective. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is not currently a party to any legal proceedings. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES None. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS The following documents are filed as part of this Report. Exhibit Number Exhibit Description ------ ------------------- 31.1 Certification of the Chief Executive Officer pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of the Chief Financial Officer pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certifications of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certifications of the Chief Financial Officer pursuant to 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 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: July 13, 2012 Earn-A-Car, Inc. By: /s/ John C Storey ----------------------------------------------------- John C Storey Chief Executive Officer (Principal Executive Officer) By: /s/ Bruce J Dunnington ----------------------------------------------------- Bruce J Dunnington Chief Financial Officer (Principal Financial and Accounting Officer) 16 EX-31.1 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, John C. Storey, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended May 31, 2012 of Earn-A-Car, 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 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)) for the registrant and have: a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared; b. Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and 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; 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 13, 2012 /s/ John C. Storey -------------------------------- John C. Storey CEO and President EX-31.2 3 ex31-2.txt EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bruce J. Dunnington, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended May 31, 2012 of Earn-A-Car, 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 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)) for the registrant and have: a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared; b. Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and 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; 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 involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 13, 2012 /s/ Bruce J. Dunnington ---------------------------------- Bruce J. Dunnington, CFO EX-32.1 4 ex32-1.txt EXHIBIT 32.1 SECTION 1350 CERTIFICATION STATEMENT FURNISHED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned is the CEO and President of Earn-A-Car, Inc. This Certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Certification accompanies the Quarterly Report on Form 10-Q of Earn-A-Car, Inc. for the quarter ended May 31, 2012. The undersigned certifies that such 10-Q Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such 10-Q Report fairly presents, in all material respects, the financial condition and results of operations of Earn-A-Car, Inc. as of May 31, 2012. This Certification is executed as of July 13, 2012. /s/ John C. Storey ------------------------------- John C. Storey CEO and President EX-32.2 5 ex32-2.txt EXHIBIT 32.2 SECTION 1350 CERTIFICATION STATEMENT FURNISHED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The undersigned is the CFO of Earn-A-Car, Inc. This Certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This Certification accompanies the Quarterly Report on Form 10-Q of Earn-A-Car, Inc. for the quarter ended May 31, 2012. 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<pre>1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</pre><pre> </pre><pre>NATURE OF BUSINESS - Earn-A-Car, Inc. (formerly Victoria Internet Services,</pre><pre>Inc.) was incorporated in the State of Nevada on October 9, 2009. The company</pre><pre>was organized to operate as an online tax preparation service in the North</pre><pre>American market. On December 7, 2011, prior to commencing those operations, the</pre><pre>company has opted to change its business focus to the daily rental of vehicles</pre><pre>in the South African market.</pre><pre> </pre><pre>On December 7, 2011, a simultaneous execution and closing was held under an</pre><pre>Agreement and Plan of Reorganization (the Plan"), by and among Victoria Internet</pre><pre>Services, Inc. (the "Company" "us" "we" ), Leon Golden (our then principal</pre><pre>shareholder) ("Golden") and Earn-A-Car (PTY), LTD., a corporation organized</pre><pre>under the laws of the Republic of South Africa ("EAC") and Depassez Investments</pre><pre>Ltd, a Seychelles corporation ("DPL"), owned by Graeme Hardie (our new principal</pre><pre>shareholder) ("Hardie").</pre><pre> </pre><pre>Under the Plan DPL acquired 78,500,000 shares of our common stock from Golden</pre><pre>for $150,000 and the balance of Golden's 205,000,000 shares were submitted to</pre><pre>the transfer agent for cancellation and DPI contributed all of the shares of EAC</pre><pre>to the Company so that EAC became a wholly owned subsidiary of the Company and</pre><pre>the business of the Company is now the business of EAC. Mr. Golden also resigned</pre><pre>as an officer and director of the Company and John Storey ("Storey") and Hardie</pre><pre>were elected as directors and Storey was appointed CEO and President with Hardie</pre><pre>being appointed Chairman of the board.</pre><pre> </pre><pre>On February 10, 2012 the Company filed an amendment with the Secretary of State</pre><pre>for Nevada to gain permission to change its name from Victoria Internet</pre><pre>Services, Inc. to Earn-A-Car, Inc. In conjunction with the name change the</pre><pre>Company also filed to have a new symbol on the Over The Counter Bulletin Board</pre><pre>(OTCBB). As of March 8, 2012 the Company no longer is listed with the symbol</pre><pre>VRIS, and is now listed on the OTCBB as EACR.</pre><pre> </pre><pre>EARN-A-CAR (PTY) LTD - The wholly owned subsidiary was incorporated in South</pre><pre>Africa on July 2, 2005, and is primarily engaged in the business of the daily</pre><pre>rental of vehicles to business and leisure customers through company-owned</pre><pre>stores in the country of South Africa. On July 18, 2011, its name was changed</pre><pre>from "EasyCars Rental and Sales (PTY) Ltd." to "Earn-A-Car (PTY) Ltd.".</pre><pre> </pre><pre>BASIS OF PRESENTATION- The accompanying financial statements have been prepared</pre><pre>in accordance with accounting principles generally accepted in the United States</pre><pre>of America and are presented in U.S. Dollars. In the opinion of management, all</pre><pre>adjustments necessary in order for the financial statements to be not misleading</pre><pre>have been reflected herein. The Company has selected a February 28 year end.</pre><pre> </pre><pre>ESTIMATES - The preparation of the Company's consolidated financial statements</pre><pre>in conformity with accounting principles generally accepted in the United States</pre><pre>of America requires management to make estimates and assumptions that affect the</pre><pre>reported amounts and disclosures in the consolidated financial statements.</pre><pre>Actual results could differ materially from those estimates.</pre><pre> </pre><pre>CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash on hand and</pre><pre>on deposit, including highly liquid investments with initial maturities of three</pre><pre>months or less. At May 31, 2012 and February 29, 2012 the Company had $103,005</pre><pre>and $171,354 in cash and cash equivalents, respectively.</pre><pre> </pre><pre>ALLOWANCE FOR DOUBTFUL ACCOUNTS - An allowance for doubtful accounts is</pre><pre>generally established during the period in which receivables are recorded. The</pre><pre>allowance is maintained at a level deemed appropriate based on loss experience</pre><pre>and other factors affecting collectability. As of May 31, 2012 and February 29,</pre><pre>2012 the Company had $0 and $264,189 in impaired receivables, respectively. The</pre><pre>allowance for these impaired receivables was $164,295 for fiscal year ended</pre><pre>February 29, 2012.</pre><pre> </pre><pre>FINANCING ISSUE COSTS - Financing issue costs related to vehicle debt are</pre><pre>deferred and amortized to interest expense over the term of the related debt</pre><pre>using the effective interest method.</pre><pre> </pre><pre>RECEIVABLES AND PAYABLES- Trade receivables and payables are measured at initial</pre><pre>recognition at fair value, and are subsequently measured using the effective</pre><pre>interest rate method of valuation. Appropriate allowances for estimated</pre><pre>uncollectible receivable balances are recognized in profit or loss when there is</pre><pre>evidence of impairment.</pre><pre> </pre><pre>REVENUE-EARNING VEHICLES AND RELATED VEHICLE DEPRECIATION EXPENSE -</pre><pre>Revenue-earning vehicles are stated at cost, net of related discounts.</pre><pre> </pre><pre>The Company must estimate what the residual values of these vehicles will be at</pre><pre>the expected time of disposal to determine monthly depreciation rates. The</pre><pre>estimation of residual values requires the Company to make assumptions regarding</pre><pre>the age and mileage of the car at the time of disposal, as well as the general</pre><pre>used vehicle auction market. The Company evaluates estimated residual values</pre><pre>periodically, and adjusts depreciation rates accordingly, on a prospective</pre><pre>basis.</pre><pre> </pre><pre>Differences between actual residual values and those estimated by the Company</pre><pre>result in a gain or loss on disposal and are recorded as an adjustment to</pre><pre>depreciation expense. Actual timing of disposal either shorter or longer than</pre><pre>the life used for depreciation purposes could result in a loss or gain on sale.</pre><pre>Generally, the average holding term for vehicles is approximately 7 years.</pre><pre> </pre><pre>PROPERTY AND EQUIPMENT - Property and equipment are recorded at cost and are</pre><pre>depreciated using principally the straight-line method over the estimated useful</pre><pre>lives of the related assets. Estimated useful lives generally range from ten to</pre><pre>thirty years for buildings and improvements and two to seven years for furniture</pre><pre>and equipment. Leasehold improvements are amortized over the estimated useful</pre><pre>lives of the related assets or leases, whichever is shorter. The average useful</pre><pre>lives of fixed assets are as follows:</pre><pre> </pre><pre>         Motor vehicles                     6 years</pre><pre>         Computer equipment                 3 years</pre><pre>         Computer software                  2 years</pre><pre>         Leased assets - motor vehicles     6 years</pre><pre> </pre><pre>LONG-LIVED ASSETS - The Company reviews the value of long-lived assets,</pre><pre>including software, for impairment whenever events or changes in circumstances</pre><pre>indicate that the carrying amount of an asset may not be recoverable based upon</pre><pre>estimated future cash flows and records an impairment charge, equaling the</pre><pre>excess of the carrying value over the estimated fair value, if the carrying</pre><pre>value exceeds estimated future cash flows.</pre><pre> </pre><pre>FOREIGN CURRENCY TRANSLATION - The Company's functional currency is the South</pre><pre>African Rand, the translation into US dollars is the presentation bases of these</pre><pre>financial statements. Foreign assets and liabilities are translated using the</pre><pre>exchange rate in effect at the balance sheet date, and results of operations are</pre><pre>translated using an average rate for the period. Translation adjustments are</pre><pre>accumulated and reported as a component of accumulated other comprehensive</pre><pre>income or loss.</pre><pre> </pre><pre>REVENUE RECOGNITION - Revenues from vehicle rentals are recognized as earned on</pre><pre>a daily basis under the related rental contracts with customers.</pre><pre> </pre><pre>ADVERTISING COSTS - Advertising costs are primarily expensed as incurred. During</pre><pre>the three months ended May 31, 2012 and May 31, 2011, the Company incurred</pre><pre>advertising expense of $4,822 and $2,755, respectively.</pre><pre> </pre><pre>INCOME TAXES - The Company has provided for income taxes on its separate taxable</pre><pre>income or loss and other tax attributes. Deferred income taxes are provided for</pre><pre>the temporary differences between the financial reporting basis and the tax</pre><pre>basis of the Company's assets and liabilities. The Company has no tax liability</pre><pre>in the United States.</pre><pre> </pre><pre>EARNINGS PER SHARE - Basic earnings per share ("EPS") is computed by dividing</pre><pre>net income (loss) by the weighted average number of common shares outstanding</pre><pre>during the period. Diluted EPS is based on the combined weighted average number</pre><pre>of common shares and common share equivalents outstanding which include, where</pre><pre>appropriate, the assumed exercise of options. There were no such common stock</pre><pre>equivalents outstanding at May 31, 2012. Earnings per share and weighted average</pre><pre>shares outstanding as of May 31, 2011 have been adjusted in these financial</pre><pre>statements to reflect the November 14, 2011 stock split.</pre><pre> </pre><pre>OTHER COMPREHENSIVE INCOME (LOSS) - Comprehensive income (loss) consists of net</pre><pre>income (loss) and other gains and losses affecting stockholder's equity that,</pre><pre>under GAAP, are excluded from net income (loss), including foreign currency</pre><pre>translation adjustments, gains and losses related to certain derivative</pre><pre>contracts, and gains or losses, prior service costs or credits, and transition</pre><pre>assets or obligations associated with pension or other postretirement benefits</pre><pre>that have not been recognized as components of net periodic benefit cost.</pre><pre> </pre><pre>STOCK-BASED COMPENSATION- Stock-based compensation is accounted for at fair</pre><pre>value in accordance with SFAS No. 123 and 123 (R) (ASC 718). To date, the</pre><pre>Company has not adopted a stock option plan and has not granted any stock</pre><pre>options.</pre><pre> </pre><pre>NEW ACCOUNTING STANDARDS - The Company does not expect the adoption of recently</pre><pre>issued accounting pronouncements to have a significant impact on the Company's</pre><pre>results of operations, financial position or cash flow.</pre>

<pre>2. REVENUE-EARNING VEHICLES</pre><pre> </pre><pre>Revenue-earning vehicles consist of the following:</pre><pre> </pre><pre>                                         May 31, 2012         February 29, 2012</pre><pre>                                         ------------         -----------------</pre><pre>Revenue-earning vehicles                  $ 3,879,794            $ 4,028,709</pre><pre>Less accumulated depreciation              (1,206,028)            (1,046,649)</pre><pre>                                          -----------            -----------</pre><pre>                                          $ 2,673,766            $ 2,982,060</pre><pre>                                          ===========            ===========</pre><pre> </pre><pre>Rent expense for vehicles leased under operating leases was $0 and $0 for the</pre><pre>three months ending May 31, 2012 and May 31, 2011, respectively, and is included</pre><pre>in vehicle depreciation and lease charges, net.</pre>

<pre>3. PROPERTY AND EQUIPMENT</pre><pre> </pre><pre>Major classes of property and equipment consist of the following:</pre><pre> </pre><pre>                                         May 31, 2012         February 29, 2012</pre><pre>                                         ------------         -----------------</pre><pre>Computer equipment                        $    18,853            $    17,757</pre><pre>Computer software                               5,061                  5,649</pre><pre>                                          -----------            -----------</pre><pre>                                               23,914                 23,406</pre><pre>Less accumulated depreciation                  (8,210)                (9,164)</pre><pre>                                          -----------            -----------</pre><pre>                                          $    15,704            $    14,242</pre><pre>                                          ===========            ===========</pre><pre> </pre><pre>During the three months ended May 31, 2012 and 2011, the Company recorded no</pre><pre>provisions for the impairment of assets.</pre>

<pre>4. LOANS RECEIVABLE</pre><pre> </pre><pre>At May 31, 2012 and February 29, 2012, the Company has no loans receivable from</pre><pre>shareholders.</pre><pre> </pre><pre>At May 31, 2012 and February 29, 2012, the Company has a receivable due under a</pre><pre>settlement agreement with a former employee with a balance of $14,063 and</pre><pre>$15,312, respectively. This loan is to be repaid with interest of 10% in 48</pre><pre>equal installments of about $425; the payments began in March, 2011.</pre>

<pre>5. DEBT AND OTHER OBLIGATIONS</pre><pre> </pre><pre>Debt and other obligations consist of the following:</pre><pre> </pre><pre>                                                                  May 31, 2012      February 29, 2012</pre><pre>                                                                  ------------      -----------------</pre><pre> </pre><pre>Loan payable - individual - unsecured, interest bearing,          $   23,782          $   26,546</pre><pre> no fixed repayment terms</pre><pre> </pre><pre>Loan payable - individual - unsecured, interest bearing,</pre><pre> no fixed repayment terms                                              59,454              66,366</pre><pre> </pre><pre>Loan payable - individual - unsecured, interest bearing,</pre><pre> no fixed repayment terms                                              79,074              90,257</pre><pre> </pre><pre>Loan payable - individual - unsecured, interest bearing,</pre><pre> no fixed repayment terms                                              91,720             104,373</pre><pre> </pre><pre>Loan payable - other - unsecured, interest bearing, no</pre><pre> fixed repayment terms                                                181,009             252,488</pre><pre> </pre><pre>Loan payable - Jay & Jayendra (Pty) Ltd. Secured by</pre><pre> company vehicles, bearing an interest rate of the prime</pre><pre> rate, payable within 12 months.                                      112,963             159,278</pre><pre> </pre><pre>Loan payable - other - unsecured, 2% per month interest,</pre><pre> repayable within 60 days after year end, subject to</pre><pre> default immediate repayment stipulation                              113,269             119,458</pre><pre> </pre><pre>Loan payable - other - unsecured, interest bearing, no</pre><pre> fixed repayment terms                                                 56,871              60,285</pre><pre>                                                                   ----------          ----------</pre><pre>Total                                                              $  718,142          $  879,051</pre><pre> </pre><pre>Current portion of loans payable                                      142,639             152,243</pre><pre>                                                                   ----------          ----------</pre><pre> </pre><pre>Long-term portion of loans payable                                 $  575,503          $  726,808</pre><pre>                                                                   ==========          ==========</pre><pre> </pre><pre>Expected maturities of debt and other obligations outstanding at May 31, 2012</pre><pre>are as follows:</pre><pre> </pre><pre>                                  Loan Amounts     Lease Amounts        Total</pre><pre>                                  ------------     -------------        -----</pre><pre>Year ending February 28, 2013      $  142,639       $  530,881       $  673,520</pre><pre>Year ending February 28, 2014              --          392,128          392,128</pre><pre>Year ending February 28, 2015              --          223,743          223,743</pre><pre>Year ending February 28, 2016              --           17,435           17,435</pre><pre>Year ending February 28, 2017              --               --               --</pre><pre>Thereafter                            575,503               --          575,503</pre><pre>                                   ----------       ----------       ----------</pre><pre>      Total                        $  718,142       $1,164,187       $1,882,329</pre><pre>                                   ==========       ==========       ==========</pre><pre> </pre><pre>Installment sales and lease contracts are secured by installment sales and</pre><pre>finance lease agreements over revenue generating vehicles, having 2012 carrying</pre><pre>values of $489,852 and 1,455,325 respectively. These installment sales and lease</pre><pre>contracts are repayable in monthly installments for 2012 of $13,835 and $52,539</pre><pre>respectively.</pre>

<pre>6. PROVISION FOR INCOME TAXES</pre><pre> </pre><pre>The Company has no obligation for any federal or state income taxes in the</pre><pre>United States. Further, no provision has been made for taxes in South Africa for</pre><pre>2012 nor 2011 because the taxable losses and loss carryovers exceed the income</pre><pre>in those years.</pre>

<pre>7. EQUITY</pre><pre> </pre><pre>On November 14, 2011 the Company filed a certificate of amendment to the</pre><pre>articles of incorporation which caused a 50 for 1 forward common stock split and</pre><pre>an increase in authorized common shares to 250,000,000.</pre><pre> </pre><pre>On January 19, 2012 the Company cancelled 121,500,000 shares of common stock</pre><pre>that were held by Leon Golden, the former owner of Victoria Internet Services,</pre><pre>Inc.</pre><pre> </pre><pre>As of May 31, 2012 and February 29, 2012 there were 112,250,000 and 112,250,000</pre><pre>common shares outstanding, respectively.</pre><pre> </pre><pre>The Company is authorized to issue 20,000,000 preferred shares of stock. As of</pre><pre>May 31, 2012 and February 29, 2012 there were no (0) shares outstanding.</pre>

<pre>8. COMMITMENTS AND CONTINGENCIES OPERATING LEASES</pre><pre> </pre><pre>The Company operates from various leased premises under operating leases with</pre><pre>terms up to 5 years. Some of the leases contain renewal options. No contingent</pre><pre>rent is payable.</pre><pre> </pre><pre>Expenses incurred under operating leases for the period were as follows:</pre><pre> </pre><pre>                                         May 31, 2012            May 31, 2011</pre><pre>                                         ------------            ------------</pre><pre>Operating leases:</pre><pre>  Premises                                 $  7,747                $  6,616</pre><pre>  Motor vehicles                                 --                   7,103</pre><pre>                                           --------                --------</pre><pre>                                           $  7,747                $ 13,719</pre><pre>                                           ========                ========</pre><pre> </pre><pre>Future minimum rentals and fees under non-cancelable operating leases for the 12</pre><pre>month periods are presented in the following table:</pre><pre> </pre><pre>          May 31, 2013                     $30,988</pre><pre>          May 31, 2014                     $30,988</pre><pre>          May 31, 2015                     $30,988</pre><pre>          May 31, 2016                     $30,988</pre><pre>          May 31, 2017                     $30,988</pre><pre> </pre><pre>At May 31, 2012, the Company had no outstanding vehicle purchase commitments</pre><pre>over the next twelve months.</pre>

<pre>9. RELATED PARTY TRANSACTIONS</pre><pre> </pre><pre>The Company engages in activities with parties who hold ownership in the</pre><pre>Company. The Company borrows funds from related parties and pays consulting fees</pre><pre>to related parties. The related party transactions are as follows:</pre><pre> </pre><pre>                                         May 31, 2012         February 29, 2012</pre><pre>                                         ------------         -----------------</pre><pre> </pre><pre>Loans payable to shareholders:</pre><pre>  G. Hardie                               $        0              $    1,000</pre><pre>                                          ----------              ----------</pre><pre>Total loans payable to related parties    $        0              $    1,000</pre><pre>                                          ==========              ==========</pre><pre>Loans receivable from shareholders</pre><pre>  None                                    $        0              $        0</pre><pre> </pre><pre>Compensation paid to directors</pre><pre>  G. Hardie                                    3,333                       0</pre><pre>                                          ----------              ----------</pre><pre>                                          $    3,333              $        0</pre><pre>                                          ==========              ==========</pre>

<pre>10. SUBSEQUENT EVENTS</pre><pre> </pre><pre>The Company has analyzed its operations subsequent to May 31, 2012 through the</pre><pre>date these financial statements were issued, and has determined that it does not</pre><pre>have any material subsequent events to disclose.</pre>

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REVENUE-EARNING VEHICLES	3 Months Ended
May 31, 2012
REVENUE-EARNING VEHICLES
REVENUE-EARNING VEHICLES	2. REVENUE-EARNING VEHICLES Revenue-earning vehicles consist of the following: May 31, 2012 February 29, 2012 ------------ ----------------- Revenue-earning vehicles $ 3,879,794 $ 4,028,709 Less accumulated depreciation (1,206,028) (1,046,649) ----------- ----------- $ 2,673,766 $ 2,982,060 =========== =========== Rent expense for vehicles leased under operating leases was $0 and $0 for the three months ending May 31, 2012 and May 31, 2011, respectively, and is included in vehicle depreciation and lease charges, net.

REVENUE-EARNING VEHICLES

3 Months Ended

May 31, 2012

REVENUE-EARNING VEHICLES

REVENUE-EARNING VEHICLES

2. REVENUE-EARNING VEHICLES

Revenue-earning vehicles consist of the following:

                                         May 31, 2012         February 29, 2012

                                         ------------         -----------------

Revenue-earning vehicles                  $ 3,879,794            $ 4,028,709

Less accumulated depreciation              (1,206,028)            (1,046,649)

                                          -----------            -----------

                                          $ 2,673,766            $ 2,982,060

                                          ===========            ===========

Rent expense for vehicles leased under operating leases was $0 and $0 for the

three months ending May 31, 2012 and May 31, 2011, respectively, and is included

in vehicle depreciation and lease charges, net.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
May 31, 2012
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF BUSINESS - Earn-A-Car, Inc. (formerly Victoria Internet Services, Inc.) was incorporated in the State of Nevada on October 9, 2009. The company was organized to operate as an online tax preparation service in the North American market. On December 7, 2011, prior to commencing those operations, the company has opted to change its business focus to the daily rental of vehicles in the South African market. On December 7, 2011, a simultaneous execution and closing was held under an Agreement and Plan of Reorganization (the Plan"), by and among Victoria Internet Services, Inc. (the "Company" "us" "we" ), Leon Golden (our then principal shareholder) ("Golden") and Earn-A-Car (PTY), LTD., a corporation organized under the laws of the Republic of South Africa ("EAC") and Depassez Investments Ltd, a Seychelles corporation ("DPL"), owned by Graeme Hardie (our new principal shareholder) ("Hardie"). Under the Plan DPL acquired 78,500,000 shares of our common stock from Golden for $150,000 and the balance of Golden's 205,000,000 shares were submitted to the transfer agent for cancellation and DPI contributed all of the shares of EAC to the Company so that EAC became a wholly owned subsidiary of the Company and the business of the Company is now the business of EAC. Mr. Golden also resigned as an officer and director of the Company and John Storey ("Storey") and Hardie were elected as directors and Storey was appointed CEO and President with Hardie being appointed Chairman of the board. On February 10, 2012 the Company filed an amendment with the Secretary of State for Nevada to gain permission to change its name from Victoria Internet Services, Inc. to Earn-A-Car, Inc. In conjunction with the name change the Company also filed to have a new symbol on the Over The Counter Bulletin Board (OTCBB). As of March 8, 2012 the Company no longer is listed with the symbol VRIS, and is now listed on the OTCBB as EACR. EARN-A-CAR (PTY) LTD - The wholly owned subsidiary was incorporated in South Africa on July 2, 2005, and is primarily engaged in the business of the daily rental of vehicles to business and leisure customers through company-owned stores in the country of South Africa. On July 18, 2011, its name was changed from "EasyCars Rental and Sales (PTY) Ltd." to "Earn-A-Car (PTY) Ltd.". BASIS OF PRESENTATION- The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and are presented in U.S. Dollars. In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has selected a February 28 year end. ESTIMATES - The preparation of the Company's consolidated 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 and disclosures in the consolidated financial statements. Actual results could differ materially from those estimates. CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash on hand and on deposit, including highly liquid investments with initial maturities of three months or less. At May 31, 2012 and February 29, 2012 the Company had $103,005 and $171,354 in cash and cash equivalents, respectively. ALLOWANCE FOR DOUBTFUL ACCOUNTS - An allowance for doubtful accounts is generally established during the period in which receivables are recorded. The allowance is maintained at a level deemed appropriate based on loss experience and other factors affecting collectability. As of May 31, 2012 and February 29, 2012 the Company had $0 and $264,189 in impaired receivables, respectively. The allowance for these impaired receivables was $164,295 for fiscal year ended February 29, 2012. FINANCING ISSUE COSTS - Financing issue costs related to vehicle debt are deferred and amortized to interest expense over the term of the related debt using the effective interest method. RECEIVABLES AND PAYABLES- Trade receivables and payables are measured at initial recognition at fair value, and are subsequently measured using the effective interest rate method of valuation. Appropriate allowances for estimated uncollectible receivable balances are recognized in profit or loss when there is evidence of impairment. REVENUE-EARNING VEHICLES AND RELATED VEHICLE DEPRECIATION EXPENSE - Revenue-earning vehicles are stated at cost, net of related discounts. The Company must estimate what the residual values of these vehicles will be at the expected time of disposal to determine monthly depreciation rates. The estimation of residual values requires the Company to make assumptions regarding the age and mileage of the car at the time of disposal, as well as the general used vehicle auction market. The Company evaluates estimated residual values periodically, and adjusts depreciation rates accordingly, on a prospective basis. Differences between actual residual values and those estimated by the Company result in a gain or loss on disposal and are recorded as an adjustment to depreciation expense. Actual timing of disposal either shorter or longer than the life used for depreciation purposes could result in a loss or gain on sale. Generally, the average holding term for vehicles is approximately 7 years. PROPERTY AND EQUIPMENT - Property and equipment are recorded at cost and are depreciated using principally the straight-line method over the estimated useful lives of the related assets. Estimated useful lives generally range from ten to thirty years for buildings and improvements and two to seven years for furniture and equipment. Leasehold improvements are amortized over the estimated useful lives of the related assets or leases, whichever is shorter. The average useful lives of fixed assets are as follows: Motor vehicles 6 years Computer equipment 3 years Computer software 2 years Leased assets - motor vehicles 6 years LONG-LIVED ASSETS - The Company reviews the value of long-lived assets, including software, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based upon estimated future cash flows and records an impairment charge, equaling the excess of the carrying value over the estimated fair value, if the carrying value exceeds estimated future cash flows. FOREIGN CURRENCY TRANSLATION - The Company's functional currency is the South African Rand, the translation into US dollars is the presentation bases of these financial statements. Foreign assets and liabilities are translated using the exchange rate in effect at the balance sheet date, and results of operations are translated using an average rate for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income or loss. REVENUE RECOGNITION - Revenues from vehicle rentals are recognized as earned on a daily basis under the related rental contracts with customers. ADVERTISING COSTS - Advertising costs are primarily expensed as incurred. During the three months ended May 31, 2012 and May 31, 2011, the Company incurred advertising expense of $4,822 and $2,755, respectively. INCOME TAXES - The Company has provided for income taxes on its separate taxable income or loss and other tax attributes. Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. The Company has no tax liability in the United States. EARNINGS PER SHARE - Basic earnings per share ("EPS") is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS is based on the combined weighted average number of common shares and common share equivalents outstanding which include, where appropriate, the assumed exercise of options. There were no such common stock equivalents outstanding at May 31, 2012. Earnings per share and weighted average shares outstanding as of May 31, 2011 have been adjusted in these financial statements to reflect the November 14, 2011 stock split. OTHER COMPREHENSIVE INCOME (LOSS) - Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholder's equity that, under GAAP, are excluded from net income (loss), including foreign currency translation adjustments, gains and losses related to certain derivative contracts, and gains or losses, prior service costs or credits, and transition assets or obligations associated with pension or other postretirement benefits that have not been recognized as components of net periodic benefit cost. STOCK-BASED COMPENSATION- Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. NEW ACCOUNTING STANDARDS - The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position or cash flow.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

May 31, 2012

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS - Earn-A-Car, Inc. (formerly Victoria Internet Services,

Inc.) was incorporated in the State of Nevada on October 9, 2009. The company

was organized to operate as an online tax preparation service in the North

American market. On December 7, 2011, prior to commencing those operations, the

company has opted to change its business focus to the daily rental of vehicles

in the South African market.

On December 7, 2011, a simultaneous execution and closing was held under an

Agreement and Plan of Reorganization (the Plan"), by and among Victoria Internet

Services, Inc. (the "Company" "us" "we" ), Leon Golden (our then principal

shareholder) ("Golden") and Earn-A-Car (PTY), LTD., a corporation organized

under the laws of the Republic of South Africa ("EAC") and Depassez Investments

Ltd, a Seychelles corporation ("DPL"), owned by Graeme Hardie (our new principal

shareholder) ("Hardie").

Under the Plan DPL acquired 78,500,000 shares of our common stock from Golden

for $150,000 and the balance of Golden's 205,000,000 shares were submitted to

the transfer agent for cancellation and DPI contributed all of the shares of EAC

to the Company so that EAC became a wholly owned subsidiary of the Company and

the business of the Company is now the business of EAC. Mr. Golden also resigned

as an officer and director of the Company and John Storey ("Storey") and Hardie

were elected as directors and Storey was appointed CEO and President with Hardie

being appointed Chairman of the board.

On February 10, 2012 the Company filed an amendment with the Secretary of State

for Nevada to gain permission to change its name from Victoria Internet

Services, Inc. to Earn-A-Car, Inc. In conjunction with the name change the

Company also filed to have a new symbol on the Over The Counter Bulletin Board

(OTCBB). As of March 8, 2012 the Company no longer is listed with the symbol

VRIS, and is now listed on the OTCBB as EACR.

EARN-A-CAR (PTY) LTD - The wholly owned subsidiary was incorporated in South

Africa on July 2, 2005, and is primarily engaged in the business of the daily

rental of vehicles to business and leisure customers through company-owned

stores in the country of South Africa. On July 18, 2011, its name was changed

from "EasyCars Rental and Sales (PTY) Ltd." to "Earn-A-Car (PTY) Ltd.".

BASIS OF PRESENTATION- The accompanying financial statements have been prepared

in accordance with accounting principles generally accepted in the United States

of America and are presented in U.S. Dollars. In the opinion of management, all

adjustments necessary in order for the financial statements to be not misleading

have been reflected herein. The Company has selected a February 28 year end.

ESTIMATES - The preparation of the Company's consolidated 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 and disclosures in the consolidated financial statements.

Actual results could differ materially from those estimates.

CASH AND CASH EQUIVALENTS - Cash and cash equivalents include cash on hand and

on deposit, including highly liquid investments with initial maturities of three

months or less. At May 31, 2012 and February 29, 2012 the Company had $103,005

and $171,354 in cash and cash equivalents, respectively.

ALLOWANCE FOR DOUBTFUL ACCOUNTS - An allowance for doubtful accounts is

generally established during the period in which receivables are recorded. The

allowance is maintained at a level deemed appropriate based on loss experience

and other factors affecting collectability. As of May 31, 2012 and February 29,

2012 the Company had $0 and $264,189 in impaired receivables, respectively. The

allowance for these impaired receivables was $164,295 for fiscal year ended

February 29, 2012.

FINANCING ISSUE COSTS - Financing issue costs related to vehicle debt are

deferred and amortized to interest expense over the term of the related debt

using the effective interest method.

RECEIVABLES AND PAYABLES- Trade receivables and payables are measured at initial

recognition at fair value, and are subsequently measured using the effective

interest rate method of valuation. Appropriate allowances for estimated

uncollectible receivable balances are recognized in profit or loss when there is

evidence of impairment.

REVENUE-EARNING VEHICLES AND RELATED VEHICLE DEPRECIATION EXPENSE -

Revenue-earning vehicles are stated at cost, net of related discounts.

The Company must estimate what the residual values of these vehicles will be at

the expected time of disposal to determine monthly depreciation rates. The

estimation of residual values requires the Company to make assumptions regarding

the age and mileage of the car at the time of disposal, as well as the general

used vehicle auction market. The Company evaluates estimated residual values

periodically, and adjusts depreciation rates accordingly, on a prospective

basis.

Differences between actual residual values and those estimated by the Company

result in a gain or loss on disposal and are recorded as an adjustment to

depreciation expense. Actual timing of disposal either shorter or longer than

the life used for depreciation purposes could result in a loss or gain on sale.

Generally, the average holding term for vehicles is approximately 7 years.

PROPERTY AND EQUIPMENT - Property and equipment are recorded at cost and are

depreciated using principally the straight-line method over the estimated useful

lives of the related assets. Estimated useful lives generally range from ten to

thirty years for buildings and improvements and two to seven years for furniture

and equipment. Leasehold improvements are amortized over the estimated useful

lives of the related assets or leases, whichever is shorter. The average useful

lives of fixed assets are as follows:

         Motor vehicles                     6 years

         Computer equipment                 3 years

         Computer software                  2 years

         Leased assets - motor vehicles     6 years

LONG-LIVED ASSETS - The Company reviews the value of long-lived assets,

including software, for impairment whenever events or changes in circumstances

indicate that the carrying amount of an asset may not be recoverable based upon

estimated future cash flows and records an impairment charge, equaling the

excess of the carrying value over the estimated fair value, if the carrying

value exceeds estimated future cash flows.

FOREIGN CURRENCY TRANSLATION - The Company's functional currency is the South

African Rand, the translation into US dollars is the presentation bases of these

financial statements. Foreign assets and liabilities are translated using the

exchange rate in effect at the balance sheet date, and results of operations are

translated using an average rate for the period. Translation adjustments are

accumulated and reported as a component of accumulated other comprehensive

income or loss.

REVENUE RECOGNITION - Revenues from vehicle rentals are recognized as earned on

a daily basis under the related rental contracts with customers.

ADVERTISING COSTS - Advertising costs are primarily expensed as incurred. During

the three months ended May 31, 2012 and May 31, 2011, the Company incurred

advertising expense of $4,822 and $2,755, respectively.

INCOME TAXES - The Company has provided for income taxes on its separate taxable

income or loss and other tax attributes. Deferred income taxes are provided for

the temporary differences between the financial reporting basis and the tax

basis of the Company's assets and liabilities. The Company has no tax liability

in the United States.

EARNINGS PER SHARE - Basic earnings per share ("EPS") is computed by dividing

net income (loss) by the weighted average number of common shares outstanding

during the period. Diluted EPS is based on the combined weighted average number

of common shares and common share equivalents outstanding which include, where

appropriate, the assumed exercise of options. There were no such common stock

equivalents outstanding at May 31, 2012. Earnings per share and weighted average

shares outstanding as of May 31, 2011 have been adjusted in these financial

statements to reflect the November 14, 2011 stock split.

OTHER COMPREHENSIVE INCOME (LOSS) - Comprehensive income (loss) consists of net

income (loss) and other gains and losses affecting stockholder's equity that,

under GAAP, are excluded from net income (loss), including foreign currency

translation adjustments, gains and losses related to certain derivative

contracts, and gains or losses, prior service costs or credits, and transition

assets or obligations associated with pension or other postretirement benefits

that have not been recognized as components of net periodic benefit cost.

STOCK-BASED COMPENSATION- Stock-based compensation is accounted for at fair

value in accordance with SFAS No. 123 and 123 (R) (ASC 718). To date, the

Company has not adopted a stock option plan and has not granted any stock

options.

NEW ACCOUNTING STANDARDS - The Company does not expect the adoption of recently

issued accounting pronouncements to have a significant impact on the Company's

results of operations, financial position or cash flow.

XML 16 R2.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS (unaudited) (USD $)	May 31, 2012	Feb. 29, 2012
Current Assets
Cash and cash equivalents	$ 103,005	$ 171,354
Receivables, net	23,097	99,721
Total Current Assets	126,102	271,075
Property and equipment, net	15,704	14,242
Revenue-earning vehicles, net	2,673,766	2,982,060
Other Assets
Loans to shareholders	0	0
Loan receivable	14,063	15,312
Total Other Assets	14,063	15,312
TOTAL ASSETS	2,829,635	3,282,689
Current Liabilities
Accounts payable	202,386	292,447
Accrued expenses	60,757	51,747
Current portion of leases payable	530,881	593,533
Current portion of loans payable	142,639	152,243
Total Current Liabilities	936,663	1,089,970
Long-term Debt
Loans from shareholders	0	1,000
Leases payable	633,306	741,582
Loans payable	575,503	726,808
Total Long-term Debt	1,208,809	1,469,390
Total Liabilities	2,145,472	2,559,360
Stockholders' Equity
Common stock, $0.0000001 par value, 250,000,000 shares authorized, 112,250,000 and 112,250,000 shares issued and outstanding, respectively	11	11
Additional paid in capital	5,423	5,423
Accumulated other comprehensive (loss)	(128,153)	(35,278)
Retained earnings	806,882	753,173
Total Stockholders Equity	684,163	723,329
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 2,829,635	$ 3,282,689

XML 17 R6.htm IDEA: XBRL DOCUMENT

STATEMENT OF STOCKHOLDERS EQUITY (unaudited) (USD $)	Common stock Shares	Common stock Amount USD ($)	Paid in Capital USD ($)	Accumulated Other Comprehensive Income (Loss) USD ($)	Retained Earnings (Deficit) USD ($)	Total USD ($)
Balance at Feb. 28, 2009	100	10	0	29,931	(229,369)	(199,428)
Gain (loss) on currency translation		$ 0	$ 0	$ (41,796)	$ 0	$ (41,796)
Net earnings		0	0	0	266,416	266,416
Balance at Feb. 28, 2010	100	10	0	(11,865)	37,047	25,192
Common stock issued for cash at par	400	50	0	0	0	50
Gain on currency translation		0	0	6,073	0	6,073
Net earnings.		0	0	0	400,720	400,720
Balance at Feb. 28, 2011	500	60	0	(5,792)	437,767	432,035
(Loss) on currency translation		0	0	(29,486)	0	(29,486)
Reorganization adjustment	233,749,500	(35)	5,409	0	0	5,374
Cancellation of stock-former CEO	(121,500,000)	(14)	14	0	0	0
Net income		0	0	0	315,406	315,406
Balance at Feb. 29, 2012	112,250,000	11	5,423	(35,278)	753,173	723,329
(Loss) on currency translation.		0	0	(92,875)	0	(92,875)
Net income.		$ 0	$ 0	$ 0	$ 53,709	$ 53,709
Balance at May. 31, 2012	112,250,000	11	5,423	(128,153)	806,882	684,163

XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

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STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	May 31, 2012	May 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income,	$ 53,709	$ 58,773
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Change in cumulative translation adjustment.	(92,875)	16,176
Depreciation	174,924	138,810
Net (income) loss from disposition of revenue-earning vehicles	(59)	20,237
Change in Assets and Liabilities:
(Increase) decrease in receivables	76,624	38,961
Increase (decrease) in accounts payables	(90,061)	(20,361)
Increase (decrease) in accrued expenses	9,010	877
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	131,272	253,473
Revenue-earning vehicles:
Purchases	(188,405)	(272,190)
Proceeds from sales	321,834	0
Property, equipment and software:
Purchases.	(1,463)	(1,563)
Proceeds from sales.	0	0
Loans extended	1,249	(218)
CASH FLOWS PROVIDED USED) BY INVESTING ACTIVITIES	133,215	(273,971)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	0	0
Additional paid in capital, due to merger	0	0
Proceeds from (Payments on) leases payable (net)	(170,928)	101,728
Proceeds from (Payments on) loans payable (net)	(160,908)	43,527
Proceeds from (Payments on) shareholder loans (net)	(1,000)	(132,456)
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES	(332,836)	12,799
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	(68,349)	(7,699)
Cash, beginning of period	171,354	69,480
Cash, end of period	103,005	61,781
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	64,226	36,092
Cash paid for income taxes	$ 0	$ 0

XML 20 R3.htm IDEA: XBRL DOCUMENT

BALANCE SHEETS PARENTHETICALS (unaudited) (USD $)	May 31, 2012	Feb. 29, 2012
Common Stock, par or stated value	$ 0.0000001	$ 0.0000001
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	112,250,000	112,250,000
Common Stock, shares outstanding	112,250,000	112,250,000

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

XML 21 R17.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

May 31, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

The Company has analyzed its operations subsequent to May 31, 2012 through the

date these financial statements were issued, and has determined that it does not

have any material subsequent events to disclose.

XML 22 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	May 31, 2012	Jun. 27, 2012
Document and Entity Information
Entity Registrant Name	Earn-A-Car Inc.
Document Type	10-Q
Document Period End Date	May 31, 2012
Amendment Flag	false
Entity Central Index Key	0001486297
Current Fiscal Year End Date	--02-29
Entity Common Stock, Shares Outstanding		112,250,000
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	2013
Document Fiscal Period Focus	Q1

XML 23 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS (unaudited) (USD $)	3 Months Ended
STATEMENTS OF OPERATIONS (unaudited) (USD $)	May 31, 2012	May 31, 2011
Revenues
Vehicle rentals	$ 656,091	$ 597,031
Other	1,936	15,820
Total Revenues	658,027	612,851
Expenses
Direct vehicle and operating	254,877	274,714
Vehicle depreciation and lease charges	174,924	138,810
Selling, general and administrative	110,350	104,463
Interest expense	64,226	36,092
Total Expenses	604,377	554,078
Operating Income	53,650	58,773
Other Income
Interest income	0	0
Gain on sale of fixed assets	59	0
Total Other Income	59	0
Net Income Before Provision for Income Taxes	53,709	58,773
Provision for Income Taxes	0	0
Net Income	$ 53,709	$ 58,773
Earnings per Share	$ 0.00	$ 0.00
Weighted Average Common Shares Outstanding	112,250,000	112,250,000

XML 24 R12.htm IDEA: XBRL DOCUMENT

DEBT AND OTHER OBLIGATIONS

3 Months Ended

May 31, 2012

DEBT AND OTHER OBLIGATIONS

DEBT AND OTHER OBLIGATIONS

5. DEBT AND OTHER OBLIGATIONS

Debt and other obligations consist of the following:

                                                                  May 31, 2012      February 29, 2012

                                                                  ------------      -----------------

Loan payable - individual - unsecured, interest bearing,          $   23,782          $   26,546

 no fixed repayment terms

Loan payable - individual - unsecured, interest bearing,

 no fixed repayment terms                                              59,454              66,366

Loan payable - individual - unsecured, interest bearing,

 no fixed repayment terms                                              79,074              90,257

Loan payable - individual - unsecured, interest bearing,

 no fixed repayment terms                                              91,720             104,373

Loan payable - other - unsecured, interest bearing, no

 fixed repayment terms                                                181,009             252,488

Loan payable - Jay & Jayendra (Pty) Ltd. Secured by

 company vehicles, bearing an interest rate of the prime

 rate, payable within 12 months.                                      112,963             159,278

Loan payable - other - unsecured, 2% per month interest,

 repayable within 60 days after year end, subject to

 default immediate repayment stipulation                              113,269             119,458

Loan payable - other - unsecured, interest bearing, no

 fixed repayment terms                                                 56,871              60,285

                                                                   ----------          ----------

Total                                                              $  718,142          $  879,051

Current portion of loans payable                                      142,639             152,243

                                                                   ----------          ----------

Long-term portion of loans payable                                 $  575,503          $  726,808

                                                                   ==========          ==========

Expected maturities of debt and other obligations outstanding at May 31, 2012

are as follows:

                                  Loan Amounts     Lease Amounts        Total

                                  ------------     -------------        -----

Year ending February 28, 2013      $  142,639       $  530,881       $  673,520

Year ending February 28, 2014              --          392,128          392,128

Year ending February 28, 2015              --          223,743          223,743

Year ending February 28, 2016              --           17,435           17,435

Year ending February 28, 2017              --               --               --

Thereafter                            575,503               --          575,503

                                   ----------       ----------       ----------

      Total                        $  718,142       $1,164,187       $1,882,329

                                   ==========       ==========       ==========

Installment sales and lease contracts are secured by installment sales and

finance lease agreements over revenue generating vehicles, having 2012 carrying

values of $489,852 and 1,455,325 respectively. These installment sales and lease

contracts are repayable in monthly installments for 2012 of $13,835 and $52,539

respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

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LOANS RECEIVABLE

3 Months Ended

May 31, 2012

LOANS RECEIVABLE

LOANS RECEIVABLE

4. LOANS RECEIVABLE

At May 31, 2012 and February 29, 2012, the Company has no loans receivable from

shareholders.

At May 31, 2012 and February 29, 2012, the Company has a receivable due under a

settlement agreement with a former employee with a balance of $14,063 and

$15,312, respectively. This loan is to be repaid with interest of 10% in 48

equal installments of about $425; the payments began in March, 2011.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3, 4

-Article 5

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-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3,4)

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-Number 210

-Article 4

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-Topic 310

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COMMITMENTS AND CONTINGENCIES OPERATING LEASES

3 Months Ended

May 31, 2012

COMMITMENTS AND CONTINGENCIES OPERATING LEASES

COMMITMENTS AND CONTINGENCIES OPERATING LEASES

8. COMMITMENTS AND CONTINGENCIES OPERATING LEASES

The Company operates from various leased premises under operating leases with

terms up to 5 years. Some of the leases contain renewal options. No contingent

rent is payable.

Expenses incurred under operating leases for the period were as follows:

                                         May 31, 2012            May 31, 2011

                                         ------------            ------------

Operating leases:

  Premises                                 $  7,747                $  6,616

  Motor vehicles                                 --                   7,103

                                           --------                --------

                                           $  7,747                $ 13,719

                                           ========                ========

Future minimum rentals and fees under non-cancelable operating leases for the 12

month periods are presented in the following table:

          May 31, 2013                     $30,988

          May 31, 2014                     $30,988

          May 31, 2015                     $30,988

          May 31, 2016                     $30,988

          May 31, 2017                     $30,988

At May 31, 2012, the Company had no outstanding vehicle purchase commitments

over the next twelve months.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

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-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

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-Topic 825

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-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

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PROVISION FOR INCOME TAXES

3 Months Ended

May 31, 2012

PROVISION FOR INCOME TAXES

PROVISION FOR INCOME TAXES

6. PROVISION FOR INCOME TAXES

The Company has no obligation for any federal or state income taxes in the

United States. Further, no provision has been made for taxes in South Africa for

2012 nor 2011 because the taxable losses and loss carryovers exceed the income

in those years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Topic 740

-SubTopic 10

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-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

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-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

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-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

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EQUITY

3 Months Ended

May 31, 2012

EQUITY

EQUITY

7. EQUITY

On November 14, 2011 the Company filed a certificate of amendment to the

articles of incorporation which caused a 50 for 1 forward common stock split and

an increase in authorized common shares to 250,000,000.

On January 19, 2012 the Company cancelled 121,500,000 shares of common stock

that were held by Leon Golden, the former owner of Victoria Internet Services,

Inc.

As of May 31, 2012 and February 29, 2012 there were 112,250,000 and 112,250,000

common shares outstanding, respectively.

The Company is authorized to issue 20,000,000 preferred shares of stock. As of

May 31, 2012 and February 29, 2012 there were no (0) shares outstanding.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

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-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

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-Topic 505

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

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-Number 210

-Section 08

-Article 4

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-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 1

-Section B

-Paragraph 7, 11A

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-Name Accounting Principles Board Opinion (APB)

-Number 12

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RELATED PARTY TRANSACTIONS

3 Months Ended

May 31, 2012

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

The Company engages in activities with parties who hold ownership in the

Company. The Company borrows funds from related parties and pays consulting fees

to related parties. The related party transactions are as follows:

                                         May 31, 2012         February 29, 2012

                                         ------------         -----------------

Loans payable to shareholders:

  G. Hardie                               $        0              $    1,000

                                          ----------              ----------

Total loans payable to related parties    $        0              $    1,000

                                          ==========              ==========

Loans receivable from shareholders

  None                                    $        0              $        0

Compensation paid to directors

  G. Hardie                                    3,333                       0

                                          ----------              ----------

                                          $    3,333              $        0

                                          ==========              ==========

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited) (USD $)	3 Months Ended
	May 31, 2012	May 31, 2011
Net Income	$ 53,709	$ 58,773
Foreign Currency Translation
Change in cumulative translation adjustment	(92,875)	16,176
Total	$ (92,875)	$ 16,176

- Definition

Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax.

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-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

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Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

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PROPERTY AND EQUIPMENT

3 Months Ended

May 31, 2012

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

3. PROPERTY AND EQUIPMENT

Major classes of property and equipment consist of the following:

                                         May 31, 2012         February 29, 2012

                                         ------------         -----------------

Computer equipment                        $    18,853            $    17,757

Computer software                               5,061                  5,649

                                          -----------            -----------

                                               23,914                 23,406

Less accumulated depreciation                  (8,210)                (9,164)

                                          -----------            -----------

                                          $    15,704            $    14,242

                                          ===========            ===========

During the three months ended May 31, 2012 and 2011, the Company recorded no

provisions for the impairment of assets.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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