0001165527-13-000849.txt : 20131015
0001165527-13-000849.hdr.sgml : 20131014
20131015132508
ACCESSION NUMBER: 0001165527-13-000849
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 11
CONFORMED PERIOD OF REPORT: 20130831
FILED AS OF DATE: 20131015
DATE AS OF CHANGE: 20131015
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: 131151382
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
g7103.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 August 31, 2013
[ ] 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 NA
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
August 31, 2013 was 112,250,000
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EARN-A-CAR, INC.
CONSOLIDATED BALANCE SHEETS (unaudited)
AUGUST 31, 2013 AND FEBRUARY 28, 2013
August 31, February 28,
2013 2013
------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 219,216 $ 682,096
Receivables, net 337,923 418,707
------------ ------------
Total Current Assets 557,139 1,100,803
------------ ------------
Property and equipment, net 24,265 24,958
------------ ------------
Revenue-earning vehicles, net 4,607,122 4,858,545
------------ ------------
Other Assets
Loan receivable 6,343 7,037
Deferred Costs 95,940 67,283
------------ ------------
Total Other Assets 102,283 74,320
------------ ------------
TOTAL ASSETS $ 5,290,809 $ 6,058,626
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current Liabilities
Accounts payable $ 334,103 $ 510,994
Accrued expenses 21,592 51,154
Deferred Income 528,553 569,876
Current portion of leases payable 624,010 714,948
Current portion of loans payable 808,936 731,271
------------ ------------
Total Current Liabilities 2,317,194 2,578,243
------------ ------------
Long-term Debt
Loans from shareholders 0 0
Leases payable 1,200,773 634,885
Loans payable 1,072,889 2,031,641
------------ ------------
Total Long-term Debt 2,273,662 2,666,526
------------ ------------
Total Liabilities 4,590,856 5,244,769
------------ ------------
Stockholders' Equity
Common stock, $0.0000001 par value, 250,000,000 shares authorized,
112,250,000 shares issued and outstanding 11 11
Additional paid in capital 5,423 5,423
Accumulated other comprehensive (loss) (307,794) (214,695)
Retained earnings 1,002,313 1,023,118
------------ ------------
Total Stockholders' Equity 699,953 813,857
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,290,809 $ 6,058,626
============ ============
See accompanying notes to financial statements.
2
EARN-A-CAR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
FOR THE THREE AND SIX MONTHS ENDED AUGUST 31, 2013 AND AUGUST 31, 2012
For the three For the three For the six For the six
months ended months ended months ended months ended
August 31, August 31, August 31, August 31,
2013 2012 2013 2012
------------ ------------ ------------ ------------
(Restated) (Restated)
Revenues
Vehicle rentals $ 745,854 $ 965,758 $ 1,632,461 $ 1,590,553
Other 80,151 1,452 82,336 3,388
------------ ------------ ------------ ------------
Total Revenues 826,005 967,210 1,714,797 1,593,941
------------ ------------ ------------ ------------
Operating Expenses
Direct vehicle and operating 361,426 311,340 500,008 427,939
Vehicle depreciation and lease charges 199,559 205,753 410,061 380,677
Selling, general and administrative 193,721 126,126 561,467 367,210
Interest expense 93,544 109,719 225,298 173,945
------------ ------------ ------------ ------------
Total Operating Expenses 848,250 752,938 1,696,834 1,349,771
------------ ------------ ------------ ------------
Operating Income (Loss) (22,245) 214,272 17,963 244,170
Other Income (Expense)
Interest income 3,883 18,888 3,883 18,888
Gain on asset disposal (42,651) 847 (42,651) 847
------------ ------------ ------------ ------------
Net Income (Loss) Before Provision
for Income Taxes (61,013) 234,007 (20,805) 263,905
Provision for Income Taxes 0 0 0 0
------------ ------------ ------------ ------------
Net Income (Loss) $ (61,013) $ 234,007 $ (20,805) $ 263,905
============ ============ ============ ============
Earnings (Loss) per Share $ (0.00) $0,00 $ (0.000) $ 0.00
============ ============ ============ ============
Weighted Average Common Shares
Outstanding 112,250,000 112,250,000 112,250,000 112,250,000
============ ============ ============ ============
See accompanying notes to financial statements.
3
EARN-A-CAR, INC.
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited)
FOR THE THREE AND SIX MONTHS ENDED AUGUST 31, 2013 AND AUGUST 31, 2012
For the three For the three For the six For the six
months ended months ended months ended months ended
August 31, August 31, August 31, August 31,
2013 2012 2013 2012
------------ ------------ ------------ ------------
(Restated) (Restated)
Net Income $ (61,013) $ 234,007 $ (20,805) $ 263,905
---------- ---------- ---------- ----------
Foreign Currency Translation
Change in cumulative translation
adjustment 4,452 (11,875) (93,099) (77,191)
---------- ---------- ---------- ----------
Total $ 4,452 $ (11,875) $ (93,099) $ (77,191)
========== ========== ========== ==========
See accompanying notes to financial statements.
4
EARN-A-CAR, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited)
AS OF AUGUST 31, 2013
Accumulated
Common Stock Additional Other
------------------- Paid-in Comprehensive Retained
Shares Amount Capital Loss Earnings Total
------ ------ ------- ---- -------- -----
Balance, March 1, 2012 112,250,000 $ 11 $ 5,423 $ (29,542) $ 498,559 $ 474,451
Gain (Loss) on currency translation -- -- -- (185,153) -- (185,153)
Net income -- -- -- -- 524,559 524,559
----------- ------ ------- --------- ---------- ---------
Balance, February 28, 2013 112,250,000 11 5,423 (214,695) 1,023,118 813,857
Gain (Loss) on currency translation -- -- -- (93,099) -- (93,099)
Net loss -- -- -- -- (20,805) (20,805)
----------- ------ ------- --------- ---------- ---------
Balance, August 31, 2013 112,250,000 $ 11 $ 5,423 $(307,794) $1,002,313 $ 699,953
=========== ====== ======= ========= ========== =========
See accompanying notes to financial statements.
5
EARN-A-CAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
FOR THE SIX MONTHS ENDED AUGUST 31, 2013 AND AUGUST 31, 2012
For the six For the six
months ended months ended
August 31, August 31,
2013 2012
------------ ------------
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period $ (20,805) $ 263,905
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
Depreciation 410,061 380,677
Net gains (losses) from disposition of
revenue-earning vehicles 42,651 (847)
Change in Assets and Liabilities:
(Increase) decrease in receivables 80,784 (89,263)
(Increase) decrease in deferred costs (28,657) (29,557)
Increase (decrease) in accounts payables (176,891) 20,690
Increase (decrease) in accrued expenses (29,562) (2,724)
Increase (decrease) in deferred income (41,323) 120,996
------------ ------------
Net Cash Provided by Operating Activities 236,258 663,877
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Revenue-earning vehicles:
Purchases (201,289) (1,333,720)
Proceeds from sales 0 42,435
Property, equipment and software Purchases 0 (9,673)
Proceeds from sales 693 0
(Increase) decrease in loans extended 694 993
------------ ------------
Net Cash Used by Investing Activities (199,902) (1,299,965)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Additional paid in capital, due to merger 0 0
Proceeds from (Payments on) leases payable (net) 474,950 (856,676)
Proceeds from (Payments on) loans payable (net) (881,087) 2,463,291
Proceeds from (Payments on) shareholder loans (net) 0 (1,000)
------------ ------------
Net Cash Provided (Used) by Financing Activities (406,137) 1,605,615
------------ ------------
Exchange rate effect on cash and cash equivalents (93,099) (77,191)
----------------------------------------------------- ------------ ------------
Net Increase in Cash and Cash Equivalents (462,880) 892,336
Cash, beginning of period 682,096 171,354
------------ ------------
Cash, end of period $ 219,216 $ 1,063,690
============ ============
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $ 225,298 $ 64,226
============ ============
Cash paid for income taxes $ 0 $ 0
============ ============
See accompanying notes to financial statements.
6
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
1. 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.".
Earn-A-Car Assets 1 Pty. Ltd. - the wholly owned subsidiary Earn-A-Car (Pty)
Ltd. purchased a wholly owned subsidiary in June 2012, the name of this
purchased entity is Earn-A-Car Assets 1 Pty. Ltd. The function of this entity is
to hold title to vehicles that are purchased through financing which requires
specific assets to be held as collateral for those loans. All of the assets and
liabilities of this entity are consolidated and included in the presented
financial statements according to generally accepted accounting principles of
the United States.
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.
7
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 August 31, 2013 and February 28, 2013 the Company had
$219,216 and $682,096 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 August 31, 2013 and February
28, 2013 the Company had $30,023 and $7,444 in impaired receivables,
respectively. The allowance for these impaired receivables was $80,606 and
$14,359 for periods ending August 31, 2013and February 28, 2013 respectively.
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. Payables includes all accrued cash back liability to
clients as adjusted as required for the Company to meet its cash back obligation
to its clients. The amount is determined at contract inception and is the
approximate amount required to generate a lump sum at end of cash back period
sufficient to match the future carrying value of the car at the end of this
period. Cash back is accrued for monthly and the accrual is adjusted for
regularly as required to ensure no shortfall occurs at the end of the period.
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
8
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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, however the translation into US dollars is the presentation bases
of these financial statements. Foreign assets and liabilities are translated
into US$ 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. The upfront
administration fee is non-refundable. However the company defers its upfront
administration fee income received at the inception of the rental contract over
the average rental period. Simultaneously the company defers direct, incremental
selling costs related to the rental of the vehicle over the same average rental
period. This is a change in accounting policy and the new basis has been used to
calculate revenue in 2013. The 2012 numbers have been restated to reflect the
new policy. See Note 11.
Advertising Costs - Advertising costs are primarily expensed as incurred. During
the six months ended August 31, 2013 and August 31, 2012, the Company incurred
advertising expense of $34,735 and $34,615, 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 August 31, 2013.
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 123R (ASC 718). To date, the Company
has not adopted a stock option plan and has not granted any stock options.
9
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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:
August 31, 2013 February 28, 2013
--------------- -----------------
Revenue-earning vehicles $ 5,912,208 $ 6,212,677
Less accumulated depreciation (1,305,086) (1,354,132)
----------- -----------
Revenue-earning vehicles, net $ 4,607,122 $ 4,858,545
=========== ===========
3. PROPERTY AND EQUIPMENT
Major classes of property and equipment consist of the following:
August 31, 2013 February 28, 2013
--------------- -----------------
Computer equipment $ 25,529 $ 23,353
Computer software 5,043 2,368
Other fixed assets including signage 8,484 8,664
----------- -----------
Subtotal 39,056 34,385
Less accumulated depreciation (14,791) (9,427)
----------- -----------
Property and equipment, net $ 24,265 $ 24,958
=========== ===========
For the three months ended August 31, 2013 and 2012, the Company recorded
depreciation of $199,559 and $205,753 respectively.
4. LOANS RECEIVABLE
At August 31, 2013 and February 28, 2013, the Company has a receivable due under
a settlement agreement with a former employee with a balance of $6,343 and
$7,037, respectively. This loan is to be repaid with interest of 10% in 48 equal
installments of approximately $425; the payments began in March, 2011.
10
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
5. DEBT AND OTHER OBLIGATIONS
Debt and other obligations consist of the following:
August 31, 2013 February 28, 2013
--------------- -----------------
Loan payable - individual - unsecured, interest
bearing, no fixed repayment terms $ 19,414 $ 22,625
Loan payable - individual - unsecured, interest
bearing, no fixed repayment terms 9,707 11,312
Loan payable - individual - unsecured, interest
bearing, no fixed repayment terms 48,536 56,562
Loan payable - individual - unsecured, interest
bearing, no fixed repayment terms 29,364 41,008
Loan payable - other - unsecured, interest bearing,
no fixed repayment terms 49,637 68,027
Loan payable - bank - secured by assets of the
company, bearing interest of JIBAR plus 5% per
annum, repayable in quarterly installments
beginning 30 September 2012 1,617,872 2,356,765
Loan payable - other - unsecured, interest bearing,
no fixed repayment terms 55,816 151,181
Loan payable - other - unsecured, interest bearing,
no fixed repayment terms 23,979 27,943
Loan payable - other - unsecured, interest bearing,
no fixed repayment terms 27,500 27,489
---------- ----------
Total $1,881,825 $2,762,912
Current portion of loans payable 808,936 731,271
---------- ----------
Long-term portion of loans payable $1,072,889 $2,031,641
========== ==========
11
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
5. DEBT AND OTHER OBLIGATIONS (CONTINUED)
Expected maturities of debt and other obligations outstanding at August 31, 2013
are as follows:
Loan Amounts Lease Amounts Total
------------ ------------- ----------
August 31, 2014 $ 808,936 $ 624,010 $1,432,945
August 31, 2015 $ 836,436 $ 624,042 $1,460,478
August 31, 2016 $ 202,234 $ 506,585 $ 708,820
August 31, 2017 $ 0 $ 70,145 $ 70,145
August 31, 2018 $ 0 $ 0 $ 0
Thereafter 34,219 $ 0 $ 34,219
---------- ---------- ----------
Total $1,881,825 $1,824,782 $3,706,607
========== ========== ==========
Installment sales and lease contracts are secured by finance lease agreements
over revenue generating vehicles, having 2013 carrying values of $1,974,808.
These lease contracts are repayable in monthly installments for 2013 of $8,661.
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,
which has a corporate income tax rate of 28%, for the three months ended August
31, 2013 and 2012 because our taxable losses and loss carryovers exceed the
income in those periods. At August 31, 2013 and February 28, 2013, respectively,
the Company had net losses of approximately $0 and $524,559 available in South
Africa that can be carried forward to offset future taxable income. Due to the
uncertainty of future taxable income, the Company has recorded a valuation
allowance of 100% of the deferred tax asset, so that our deferred tax asset at
both August 31, 2013 and February 28, 2013 was $0.
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 February 28, 2013 and February 29, 2012 there were 112,250,000 and 500
common shares outstanding, respectively.
The Company is authorized to issue 20,000,000 preferred shares of stock. As of
February 28, 2013 and February 29, 2012 there were no (0) shares outstanding.
12
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
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:
August 31, 2013 August 31, 2012
--------------- ---------------
Operating leases:
Premises $ 27,694 $ 28,507
-------- --------
$ 27,694 $ 28,507
======== ========
Future minimum rentals and fees under non-cancelable operating leases for the 12
month periods are presented in the following table:
August31, 2014 $ 0
August 31, 2015 $ 0
August 31, 2016 $ 0
August 31, 2017 $ 0
August 31, 2018 $ 0
We currently operate under a month to month lease requiring a monthly payment of
$4,615 and we believe that if we decide to move to another location our
occupancy costs would remain materially the same.
At August 31, 2013, 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:
August 31, 2013 February 28, 2013
--------------- -----------------
Loans payable to shareholders/related parties:
G. Hardie $ 0 $ 4,000
-------- --------
Total loans payable to related parties $ 0 $ 4,000
======== ========
Compensation paid to directors
G. Hardie $ 1,000 $ 1,000
John Storey 0 6,787
-------- --------
Total compensation paid to directors $ 1,000 $ 10,787
======== ========
10. SUBSEQUENT EVENTS
The Company has analyzed its operations subsequent to August 31, 2013 through
the date these financial statements were issued, and has determined that it does
not have any material subsequent events to disclose.
13
EARN-A-CAR, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2013
11. CORRECTION TO ACCOUNTING POLICY FOR US GAAP
The Company has restated certain operating and cash flow amounts for the three
and six months ended August 31, 2012, to correctly account for the recognition
of revenue on up-front income in terms of US GAAP. Per US GAAP, the Company has
now deferred the non-refundable up-front income it receives in the first month
of the rental contract over the company's average rental period of 20 months.
Simultaneously the company deferred direct, incremental selling costs related to
the rental of the vehicle over the same average rental period. The company used
to account for all the up-front non-refundable income once it was due and
payable as this is the accounting policy for the subsidiaries. For the three and
six months ended August 2012 a portion of selling and administrative costs were
allocated to direct and operating costs. These figures have now been restated to
become consistent with the three and six months ended August 2013.
The balances for the three months ended August 31, 2012 have been restated to
correct the presentation of the deferred income and deferred costs and to
correct the errors from 2012 detailed above.
Previously
August 31, 2012 Financial Statements Line Item Corrected Stated
------------------------------------ --------- --------- ------
Statement of Operations Rental Income $ 965,758 $1,097,212
Statement of Operations Direct motor vehicle costs $ 408,808 $ 440,631
Statement of Operations Net Income $ 234,007 $ 333,638
Statement of Other comprehensive Income Net Income $ 234,007 $ 333,638
Statement of Other comprehensive Income Foreign Currency Translation $ (11,875) $ (16,319)
Income Direct and Operating Costs $ 311,340 $ 408,808
Income Selling and administrative costs $ 126,126 $ 28,658
The balances for the six months ended August 31, 2012 have been restated to
correct the presentation of the deferred income and deferred costs and to
correct the errors from 2012 detailed above.
Previously
August 31, 2012 Financial Statements Line Item Corrected Stated
------------------------------------ --------- --------- ------
Statement of Operations Rental Income $1,590,553 $1,753,362
Statement of Operations Direct motor vehicle costs $ 656,141 $ 695,508
Statement of Operations Net Income $ 263,905 $ 387,347
Statement of Other comprehensive Income Net Income $ 263,905 $ 387,347
Statement of Other comprehensive Income Foreign Currency Translation $ (77,191) $ (109,194)
Statement of Cash Flows Net Income $ 263,905 $ 387,347
Statement of Cash Flows Increase in deferred costs $ (29,557) $ 0
Statement of Cash Flows Increase in deferred income $ 120,996 $ 0
Statement of Cash Flows Cash flows provided by operating
activity $ 663,877 $ 586,686
Statement of Cash Flows Exchange rate effect on cash and
cash equivalents $ (77,191) $ (109,194)
Income Direct and Operating Costs $ 427,939 $ 656,141
Income Selling and administrative costs $ 367,210 $ 139,008
14
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
The past 3 months has been one of consolidation and review with a number of our
cost of sales items in particular needing attention. Gross Profit reduced
markedly and required attention. We are addressing these margin issues and are
adapting our model to cover same. While these changes will take a while to be
visible in our income statement they will soon be implemented in all new sales.
Once we have fully addressed the margins we will return our focus to growing the
fleet.
QUARTER ENDED AUGUST 31, 2013 V. QUARTER ENDED AUGUST 31, 2012
Revenues decreased from $967,210 in Q2 of FY 2013 to $826,005 in Q2 of FY 2014 a
decrease of $141,205 or 14 %. Our operating expenses went from $311,340 in Q2 of
FY 2013 to $361,426 in Q2 of FY 2014 an increase of $50,086 or 16%. Repairs and
insurance costs were much higher than previously experienced and negatively
affected our gross profits. Thus net income decreased from $234,007 in Q2 of FY
2013 to ($61,013) in Q2 of FY 2014. These costs have necessitated changes in our
terms and pricing and we are in the process of changing the servicing and bad
driving parts of our business model and terms to deal with this.
LIQUIDITY AND CAPITAL RESOURCES
We had total current assets of $557,139 at August 31, 2013. The bulk of our
assets being $4,607,122 are invested in revenue earning vehicles. The business
has good cash flows and these are all reinvested into new vehicles. All cash
generated or borrowed is invested in growing the fleet of revenue earning
vehicles or used to settle debt as we have no other investment needs. We
currently have access to approximately $1.5m in revolving vehicle finance. We
expect to have invested this in new vehicles by the end of the year and will
15
begin looking for new funding early next year. 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 10-K, dated June 17,
2013, 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 August 31, 2013, 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.
16
(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
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
Not Applicable.
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.
17
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 on October 14, 2013.
Earn-A-Car, Inc.
By: /s/ John 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)
18
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
August 31, 2013 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: October 14, 2013
/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
August 31, 2013 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: October 14, 2013
/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 August 31, 2013.
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 August 31, 2013.
This Certification is executed as of October 14, 2013.
/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 August 31, 2013.
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 August 31, 2013.
This Certification is executed as of October 14, 2013.
/s/ Bruce J. Dunnington
---------------------------------------
Bruce J. Dunnington, CFO
EX-101.INS
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<!--egx--><pre>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</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>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>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>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>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>Earn-A-Car Assets 1 Pty. Ltd. - the wholly owned subsidiary Earn-A-Car (Pty)</pre><pre>Ltd. purchased a wholly owned subsidiary in June 2012, the name of this</pre><pre>purchased entity is Earn-A-Car Assets 1 Pty. Ltd. The function of this entity is</pre><pre>to hold title to vehicles that are purchased through financing which requires</pre><pre>specific assets to be held as collateral for those loans. All of the assets and</pre><pre>liabilities of this entity are consolidated and included in the presented</pre><pre>financial statements according to generally accepted accounting principles of</pre><pre>the United States.</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>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>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 August 31, 2013 and February 28, 2013 the Company had</pre><pre>$219,216 and $682,096 cash and cash equivalents, respectively.</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 August 31, 2013 and February</pre><pre>28, 2013 the Company had $30,023 and $7,444 in impaired receivables,</pre><pre>respectively. The allowance for these impaired receivables was $80,606 and</pre><pre>$14,359 for periods ending August 31, 2013and February 28, 2013 respectively.</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>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. Payables includes all accrued cash back liability to</pre><pre>clients as adjusted as required for the Company to meet its cash back obligation</pre><pre>to its clients. The amount is determined at contract inception and is the</pre><pre>approximate amount required to generate a lump sum at end of cash back period</pre><pre>sufficient to match the future carrying value of the car at the end of this</pre><pre>period. Cash back is accrued for monthly and the accrual is adjusted for</pre><pre>regularly as required to ensure no shortfall occurs at the end of the period.</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>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>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>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> 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>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>Foreign Currency Translation - The Company's functional currency is the South</pre><pre>African Rand, however the translation into US dollars is the presentation bases</pre><pre>of these financial statements. Foreign assets and liabilities are translated</pre><pre>into US$ using the exchange rate in effect at the balance sheet date, and</pre><pre>results of operations are translated using an average rate for the period.</pre><pre>Translation adjustments are accumulated and reported as a component of</pre><pre>accumulated other comprehensive income or loss.</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. The upfront</pre><pre>administration fee is non-refundable. However the company defers its upfront</pre><pre>administration fee income received at the inception of the rental contract over</pre><pre>the average rental period. Simultaneously the company defers direct, incremental</pre><pre>selling costs related to the rental of the vehicle over the same average rental</pre><pre>period. This is a change in accounting policy and the new basis has been used to</pre><pre>calculate revenue in 2013. The 2012 numbers have been restated to reflect the</pre><pre>new policy. See Note 11.</pre><pre>Advertising Costs - Advertising costs are primarily expensed as incurred. During</pre><pre>the six months ended August 31, 2013 and August 31, 2012, the Company incurred</pre><pre>advertising expense of $34,735 and $34,615, respectively.</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>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 August 31, 2013.</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>Stock-Based Compensation- Stock-based compensation is accounted for at fair</pre><pre>value in accordance with SFAS No. 123 and 123R (ASC 718). To date, the Company</pre><pre>has not adopted a stock option plan and has not granted any stock options.</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>
<!--egx--><pre>2. REVENUE-EARNING VEHICLES</pre><pre>Revenue-earning vehicles consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Revenue-earning vehicles $ 5,912,208 $ 6,212,677</pre><pre>Less accumulated depreciation (1,305,086) (1,354,132)</pre><pre> ----------- -----------</pre><pre>Revenue-earning vehicles, net $ 4,607,122 $ 4,858,545</pre><pre> =========== ===========</pre>
<!--egx--><pre>3. PROPERTY AND EQUIPMENT</pre><pre>Major classes of property and equipment consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Computer equipment $ 25,529 $ 23,353</pre><pre>Computer software 5,043 2,368</pre><pre>Other fixed assets including signage 8,484 8,664</pre><pre> ----------- -----------</pre><pre>Subtotal 39,056 34,385</pre><pre>Less accumulated depreciation (14,791) (9,427)</pre><pre> ----------- -----------</pre><pre>Property and equipment, net $ 24,265 $ 24,958</pre><pre> =========== ===========</pre><pre>For the three months ended August 31, 2013 and 2012, the Company recorded</pre><pre>depreciation of $199,559 and $205,753 respectively.</pre>
<!--egx--><pre>4. LOANS RECEIVABLE</pre><pre>At August 31, 2013 and February 28, 2013, the Company has a receivable due under</pre><pre>a settlement agreement with a former employee with a balance of $6,343 and</pre><pre>$7,037, respectively. This loan is to be repaid with interest of 10% in 48 equal</pre><pre>installments of approximately $425; the payments began in March, 2011.</pre>
<!--egx--><pre>5. DEBT AND OTHER OBLIGATIONS</pre><pre>Debt and other obligations consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms $ 19,414 $ 22,625</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 9,707 11,312</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 48,536 56,562</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 29,364 41,008</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 49,637 68,027</pre><pre>Loan payable - bank - secured by assets of the</pre><pre> company, bearing interest of JIBAR plus 5% per</pre><pre> annum, repayable in quarterly installments</pre><pre> beginning 30 September 2012 1,617,872 2,356,765</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 55,816 151,181</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 23,979 27,943</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 27,500 27,489</pre><pre> ---------- ----------</pre><pre>Total $1,881,825 $2,762,912</pre><pre>Current portion of loans payable 808,936 731,271</pre><pre> ---------- ----------</pre><pre>Long-term portion of loans payable $1,072,889 $2,031,641</pre><pre> ========== ==========</pre><pre>Expected maturities of debt and other obligations outstanding at August 31, 2013</pre><pre>are as follows:</pre><pre> Loan Amounts Lease Amounts Total</pre><pre> ------------ ------------- ----------</pre><pre>August 31, 2014 $ 808,936 $ 624,010 $1,432,945</pre><pre>August 31, 2015 $ 836,436 $ 624,042 $1,460,478</pre><pre>August 31, 2016 $ 202,234 $ 506,585 $ 708,820</pre><pre>August 31, 2017 $ 0 $ 70,145 $ 70,145</pre><pre>August 31, 2018 $ 0 $ 0 $ 0</pre><pre> Thereafter 34,219 $ 0 $ 34,219</pre><pre> ---------- ---------- ----------</pre><pre> Total $1,881,825 $1,824,782 $3,706,607</pre><pre> ========== ========== ==========</pre><pre>Installment sales and lease contracts are secured by finance lease agreements</pre><pre>over revenue generating vehicles, having 2013 carrying values of $1,974,808.</pre>These lease contracts are repayable in monthly installments for 2013 of $8,661.
<!--egx--><pre>6. PROVISION FOR INCOME TAXES</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,</pre><pre>which has a corporate income tax rate of 28%, for the three months ended August</pre><pre>31, 2013 and 2012 because our taxable losses and loss carryovers exceed the</pre><pre>income in those periods. At August 31, 2013 and February 28, 2013, respectively,</pre><pre>the Company had net losses of approximately $0 and $524,559 available in South</pre><pre>Africa that can be carried forward to offset future taxable income. Due to the</pre><pre>uncertainty of future taxable income, the Company has recorded a valuation</pre><pre>allowance of 100% of the deferred tax asset, so that our deferred tax asset at</pre><pre>both August 31, 2013 and February 28, 2013 was $0.</pre>
<!--egx--><pre>7. EQUITY</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>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>As of February 28, 2013 and February 29, 2012 there were 112,250,000 and 500</pre><pre>common shares outstanding, respectively.</pre><pre>The Company is authorized to issue 20,000,000 preferred shares of stock. As of</pre><pre>February 28, 2013 and February 29, 2012 there were no (0) shares outstanding.</pre>
<!--egx--><pre>8. COMMITMENTS AND CONTINGENCIES</pre><pre>Operating Leases</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>Expenses incurred under operating leases for the period were as follows:</pre><pre> August 31, 2013 August 31, 2012</pre><pre> --------------- ---------------</pre><pre>Operating leases:</pre><pre> Premises $ 27,694 $ 28,507</pre><pre> -------- --------</pre><pre> $ 27,694 $ 28,507</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>August31, 2014 $ 0</pre><pre>August 31, 2015 $ 0</pre><pre>August 31, 2016 $ 0</pre><pre>August 31, 2017 $ 0</pre><pre>August 31, 2018 $ 0</pre><pre>We currently operate under a month to month lease requiring a monthly payment of</pre><pre>$4,615 and we believe that if we decide to move to another location our</pre><pre>occupancy costs would remain materially the same.</pre><pre>At August 31, 2013, the Company had no outstanding vehicle purchase commitments</pre><pre>over the next twelve months.</pre>
<!--egx--><pre>9. RELATED PARTY TRANSACTIONS</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> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Loans payable to shareholders/related parties:</pre><pre> G. Hardie $ 0 $ 4,000</pre><pre> -------- --------</pre><pre>Total loans payable to related parties $ 0 $ 4,000</pre><pre> ======== ========</pre><pre>Compensation paid to directors</pre><pre> G. Hardie $ 1,000 $ 1,000</pre><pre> John Storey 0 6,787</pre><pre> -------- --------</pre><pre>Total compensation paid to directors $ 1,000 $ 10,787</pre><pre> ======== ========</pre>
<!--egx--><pre>10. SUBSEQUENT EVENTS</pre><pre>The Company has analyzed its operations subsequent to August 31, 2013 through</pre><pre>the date these financial statements were issued, and has determined that it does</pre><pre>not have any material subsequent events to disclose.</pre>
<!--egx--><pre>11. CORRECTION TO ACCOUNTING POLICY FOR US GAAP</pre><pre>The Company has restated certain operating and cash flow amounts for the three</pre><pre>and six months ended August 31, 2012, to correctly account for the recognition</pre><pre>of revenue on up-front income in terms of US GAAP. Per US GAAP, the Company has</pre><pre>now deferred the non-refundable up-front income it receives in the first month</pre><pre>of the rental contract over the company's average rental period of 20 months.</pre><pre>Simultaneously the company deferred direct, incremental selling costs related to</pre><pre>the rental of the vehicle over the same average rental period. The company used</pre><pre>to account for all the up-front non-refundable income once it was due and</pre><pre>payable as this is the accounting policy for the subsidiaries. For the three and</pre><pre>six months ended August 2012 a portion of selling and administrative costs were</pre><pre>allocated to direct and operating costs. These figures have now been restated to</pre><pre>become consistent with the three and six months ended August 2013.</pre><pre>The balances for the three months ended August 31, 2012 have been restated to</pre><pre>correct the presentation of the deferred income and deferred costs and to</pre><pre>correct the errors from 2012 detailed above.</pre><pre> Previously</pre><pre>August 31, 2012 Financial Statements Line Item Corrected Stated</pre><pre>------------------------------------ --------- --------- ------</pre><pre>Statement of Operations Rental Income $ 965,758 $1,097,212</pre><pre>Statement of Operations Direct motor vehicle costs $ 408,808 $ 440,631</pre><pre>Statement of Operations Net Income $ 234,007 $ 333,638</pre><pre>Statement of Other comprehensive Income Net Income $ 234,007 $ 333,638</pre><pre>Statement of Other comprehensive Income Foreign Currency Translation $ (11,875) $ (16,319)</pre><pre>Income Direct and Operating Costs $ 311,340 $ 408,808</pre><pre>Income Selling and administrative costs $ 126,126 $ 28,658</pre><pre>The balances for the six months ended August 31, 2012 have been restated to</pre><pre>correct the presentation of the deferred income and deferred costs and to</pre><pre>correct the errors from 2012 detailed above.</pre><pre> Previously</pre><pre>August 31, 2012 Financial Statements Line Item Corrected Stated</pre><pre>------------------------------------ --------- --------- ------</pre><pre>Statement of Operations Rental Income $1,590,553 $1,753,362</pre><pre>Statement of Operations Direct motor vehicle costs $ 656,141 $ 695,508</pre><pre>Statement of Operations Net Income $ 263,905 $ 387,347</pre><pre>Statement of Other comprehensive Income Net Income $ 263,905 $ 387,347</pre><pre>Statement of Other comprehensive Income Foreign Currency Translation $ (77,191) $ (109,194)</pre><pre>Statement of Cash Flows Net Income $ 263,905 $ 387,347</pre><pre>Statement of Cash Flows Increase in deferred costs $ (29,557) $ 0</pre><pre>Statement of Cash Flows Increase in deferred income $ 120,996 $ 0</pre><pre>Statement of Cash Flows Cash flows provided by operating</pre><pre> activity $ 663,877 $ 586,686</pre><pre>Statement of Cash Flows Exchange rate effect on cash and</pre><pre> cash equivalents $ (77,191) $ (109,194)</pre><pre>Income Direct and Operating Costs $ 427,939 $ 656,141</pre><pre>Income Selling and administrative costs $ 367,210 $ 139,008</pre>
<!--egx--><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>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>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>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>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>Earn-A-Car Assets 1 Pty. Ltd. - the wholly owned subsidiary Earn-A-Car (Pty)</pre><pre>Ltd. purchased a wholly owned subsidiary in June 2012, the name of this</pre><pre>purchased entity is Earn-A-Car Assets 1 Pty. Ltd. The function of this entity is</pre><pre>to hold title to vehicles that are purchased through financing which requires</pre><pre>specific assets to be held as collateral for those loans. All of the assets and</pre><pre>liabilities of this entity are consolidated and included in the presented</pre><pre>financial statements according to generally accepted accounting principles of</pre><pre>the United States.</pre>
<!--egx--><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>
<!--egx--><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>
<!--egx--><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 August 31, 2013 and February 28, 2013 the Company had</pre><pre>$219,216 and $682,096 cash and cash equivalents, respectively.</pre>
<!--egx--><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 August 31, 2013 and February</pre><pre>28, 2013 the Company had $30,023 and $7,444 in impaired receivables,</pre><pre>respectively. The allowance for these impaired receivables was $80,606 and</pre><pre>$14,359 for periods ending August 31, 2013and February 28, 2013 respectively.</pre>
<!--egx--><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>
<!--egx--><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. Payables includes all accrued cash back liability to</pre><pre>clients as adjusted as required for the Company to meet its cash back obligation</pre><pre>to its clients. The amount is determined at contract inception and is the</pre><pre>approximate amount required to generate a lump sum at end of cash back period</pre><pre>sufficient to match the future carrying value of the car at the end of this</pre><pre>period. Cash back is accrued for monthly and the accrual is adjusted for</pre><pre>regularly as required to ensure no shortfall occurs at the end of the period.</pre>
<!--egx--><pre>Revenue-Earning Vehicles and Related Vehicle Depreciation Expense -</pre><pre>Revenue-earning vehicles are stated at cost, net of related discounts.</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>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>
<!--egx--><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> 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>
<!--egx--><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>
<!--egx--><pre>Foreign Currency Translation - The Company's functional currency is the South</pre><pre>African Rand, however the translation into US dollars is the presentation bases</pre><pre>of these financial statements. Foreign assets and liabilities are translated</pre><pre>into US$ using the exchange rate in effect at the balance sheet date, and</pre><pre>results of operations are translated using an average rate for the period.</pre><pre>Translation adjustments are accumulated and reported as a component of</pre><pre>accumulated other comprehensive income or loss.</pre>
<!--egx--><pre>Revenue Recognition - Revenues from vehicle rentals are recognized as earned on</pre><pre>a daily basis under the related rental contracts with customers. The upfront</pre><pre>administration fee is non-refundable. However the company defers its upfront</pre><pre>administration fee income received at the inception of the rental contract over</pre><pre>the average rental period. Simultaneously the company defers direct, incremental</pre><pre>selling costs related to the rental of the vehicle over the same average rental</pre><pre>period. This is a change in accounting policy and the new basis has been used to</pre><pre>calculate revenue in 2013. The 2012 numbers have been restated to reflect the</pre><pre>new policy. See Note 11.</pre>
<!--egx--><pre>Advertising Costs - Advertising costs are primarily expensed as incurred. During</pre><pre>the six months ended August 31, 2013 and August 31, 2012, the Company incurred</pre><pre>advertising expense of $34,735 and $34,615, respectively.</pre>
<!--egx--><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>
<!--egx--><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 August 31, 2013.</pre>
<!--egx--><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>
<!--egx--><pre>Stock-Based Compensation- Stock-based compensation is accounted for at fair</pre><pre>value in accordance with SFAS No. 123 and 123R (ASC 718). To date, the Company</pre><pre>has not adopted a stock option plan and has not granted any stock options.</pre>
<!--egx--><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>
<!--egx--><pre>The average useful</pre><pre>lives of fixed assets are as follows:</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>
<!--egx--><pre>Revenue-earning vehicles consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Revenue-earning vehicles $ 5,912,208 $ 6,212,677</pre><pre>Less accumulated depreciation (1,305,086) (1,354,132)</pre><pre> ----------- -----------</pre><pre>Revenue-earning vehicles, net $ 4,607,122 $ 4,858,545</pre><pre> =========== ===========</pre>
<!--egx--><pre>Major classes of property and equipment consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Computer equipment $ 25,529 $ 23,353</pre><pre>Computer software 5,043 2,368</pre><pre>Other fixed assets including signage 8,484 8,664</pre><pre> ----------- -----------</pre><pre>Subtotal 39,056 34,385</pre><pre>Less accumulated depreciation (14,791) (9,427)</pre><pre> ----------- -----------</pre><pre>Property and equipment, net $ 24,265 $ 24,958</pre><pre> =========== ===========</pre>
<!--egx--><pre>Debt and other obligations consist of the following:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms $ 19,414 $ 22,625</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 9,707 11,312</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 48,536 56,562</pre><pre>Loan payable - individual - unsecured, interest</pre><pre> bearing, no fixed repayment terms 29,364 41,008</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 49,637 68,027</pre><pre>Loan payable - bank - secured by assets of the</pre><pre> company, bearing interest of JIBAR plus 5% per</pre><pre> annum, repayable in quarterly installments</pre><pre> beginning 30 September 2012 1,617,872 2,356,765</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 55,816 151,181</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 23,979 27,943</pre><pre>Loan payable - other - unsecured, interest bearing,</pre><pre> no fixed repayment terms 27,500 27,489</pre><pre> ---------- ----------</pre><pre>Total $1,881,825 $2,762,912</pre><pre>Current portion of loans payable 808,936 731,271</pre><pre> ---------- ----------</pre><pre>Long-term portion of loans payable $1,072,889 $2,031,641</pre><pre> ========== ==========</pre>
<!--egx--><pre>Expected maturities of debt and other obligations outstanding at August 31, 2013</pre><pre>are as follows:</pre><pre> Loan Amounts Lease Amounts Total</pre><pre> ------------ ------------- ----------</pre><pre>August 31, 2014 $ 808,936 $ 624,010 $1,432,945</pre><pre>August 31, 2015 $ 836,436 $ 624,042 $1,460,478</pre><pre>August 31, 2016 $ 202,234 $ 506,585 $ 708,820</pre><pre>August 31, 2017 $ 0 $ 70,145 $ 70,145</pre><pre>August 31, 2018 $ 0 $ 0 $ 0</pre><pre> Thereafter 34,219 $ 0 $ 34,219</pre><pre> ---------- ---------- ----------</pre><pre> Total $1,881,825 $1,824,782 $3,706,607</pre><pre> ========== ========== ==========</pre>
<!--egx--><pre>Expenses incurred under operating leases for the period were as follows:</pre><pre> August 31, 2013 August 31, 2012</pre><pre> --------------- ---------------</pre><pre>Operating leases:</pre><pre> Premises $ 27,694 $ 28,507</pre><pre> -------- --------</pre><pre> $ 27,694 $ 28,507</pre><pre> ======== ========</pre>
<!--egx--><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>August31, 2014 $ 0</pre><pre>August 31, 2015 $ 0</pre><pre>August 31, 2016 $ 0</pre><pre>August 31, 2017 $ 0</pre><pre>August 31, 2018 $ 0</pre>
<!--egx--><pre>The related party transactions are as follows:</pre><pre> August 31, 2013 February 28, 2013</pre><pre> --------------- -----------------</pre><pre>Loans payable to shareholders/related parties:</pre><pre> G. Hardie $ 0 $ 4,000</pre><pre> -------- --------</pre><pre>Total loans payable to related parties $ 0 $ 4,000</pre><pre> ======== ========</pre><pre>Compensation paid to directors</pre><pre> G. Hardie $ 1,000 $ 1,000</pre><pre> John Storey 0 6,787</pre><pre> -------- --------</pre><pre>Total compensation paid to directors $ 1,000 $ 10,787</pre><pre> ======== ========</pre>
<!--egx--><pre>The balances for the three months ended August 31, 2012 have been restated to</pre><pre>correct the presentation of the deferred income and deferred costs and to</pre><pre>correct the errors from 2012 detailed above.</pre><pre> Previously</pre><pre>August 31, 2012 Financial Statements Line Item Corrected Stated</pre><pre>------------------------------------ --------- --------- ------</pre><pre>Statement of Operations Rental Income $ 965,758 $1,097,212</pre><pre>Statement of Operations Direct motor vehicle costs $ 408,808 $ 440,631</pre><pre>Statement of Operations Net Income $ 234,007 $ 333,638</pre><pre>Statement of Other comprehensive Income Net Income $ 234,007 $ 333,638</pre><pre>Statement of Other comprehensive Income Foreign Currency Translation $ (11,875) $ (16,319)</pre><pre>Income Direct and Operating Costs $ 311,340 $ 408,808</pre><pre>Income Selling and administrative costs $ 126,126 $ 28,658</pre><pre>The balances for the six months ended August 31, 2012 have been restated to</pre><pre>correct the presentation of the deferred income and deferred costs and to</pre><pre>correct the errors from 2012 detailed above.</pre><pre> Previously</pre><pre>August 31, 2012 Financial Statements Line Item Corrected Stated</pre><pre>------------------------------------ --------- --------- ------</pre><pre>Statement of Operations Rental Income $1,590,553 $1,753,362</pre><pre>Statement of Operations Direct motor vehicle costs $ 656,141 $ 695,508</pre><pre>Statement of Operations Net Income $ 263,905 $ 387,347</pre><pre>Statement of Other comprehensive Income Net Income $ 263,905 $ 387,347</pre><pre>Statement of Other comprehensive Income Foreign Currency Translation $ (77,191) $ (109,194)</pre><pre>Statement of Cash Flows Net Income $ 263,905 $ 387,347</pre><pre>Statement of Cash Flows Increase in deferred costs $ (29,557) $ 0</pre><pre>Statement of Cash Flows Increase in deferred income $ 120,996 $ 0</pre><pre>Statement of Cash Flows Cash flows provided by operating</pre><pre> activity $ 663,877 $ 586,686</pre><pre>Statement of Cash Flows Exchange rate effect on cash and</pre><pre> cash equivalents $ (77,191) $ (109,194)</pre><pre>Income Direct and Operating Costs $ 427,939 $ 656,141</pre><pre>Income Selling and administrative costs $ 367,210 $ 139,008</pre>
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Cash paid for income taxes
Exchange rate effect on cash and cash equivalents
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Shares of common stock cancelled.
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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This element represents revenues generated by or derived from a hotel's, or cruise line's, owned retail store operations.
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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
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The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
Restated to correct the presentation of the deferred income and deferred costs:
Compensation paid to directors:
G. Yannakopoulos. [Abstract]
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Computer equipment
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Future minimum rentals and fees operating leases
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Average Useful Lives Of Fixed Assets
Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.
Long-Lived Assets Policy
Nature of Business
SUBSEQUENT EVENTS
Net Increase in Cash and Cash Equivalents
Increase (decrease) in accounts payables
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Net income for the period
Balance
Balance
Balance
Vehicle depreciation and lease charges
Common Stock, par value.
Total Long-term Debt
Leases payable
Total loans payable to related parties
Including the current and noncurrent portions, aggregate carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer).
MAJOR CLASS PROPERTY AND EQUIPMENTS {1}
MAJOR CLASS PROPERTY AND EQUIPMENTS
RELATED PARTY TRANSACTIONS
Cash paid for interest
Additional paid in capital, due to merger
Gain (Loss) on currency translation
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Other Assets
ASSETS
Statement of Other comprehensive Income-Foreign Currency Translation
Future minimum rentals and fees under non-cancelable operating leases
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Rent expense for each period for which minimum lease payments, contingent rentals, and sublease rentals.
Common shares outstanding
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.
Other fixed assets including signage
The amount of fixed assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
REVENUE-EARNING VEHICLES AND ACCMULATED DEPRECIATION
Estimates
Cash, beginning of period
Cash, beginning of period
Cash, end of period
Increase (decrease) in accrued expenses
OPERATING ACTIVITIES
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Operating Expenses {1}
Operating Expenses
Revenues {1}
Revenues
Common Stock, shares issued
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Deferred Income
Entity Public Float
Loan Amounts, [Member]
Year after 2018 [Member]
Statement of Other comprehensive Income-Net Income
Net Income - (Statement of Other comprehensive Income)
Statement of Operations-Direct motor vehicle costs
Direct motor vehicle costs - (Statement of Operations)
PROVISION FOR INCOME TAXES CONSISTS OF THE FOLLOWING:
Installment sales and lease contracts:
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms,
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms1
Property and equipment, net as of
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. 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.
ADVERTISING COSTS INCURRED:
Amount of allowance for credit losses related to recorded investment. [Abstract]
Expected maturities of debt and other obligations {1}
Expected maturities of debt and other obligations
Expected maturities of debt and other obligations
CORRECTION OF ERRORS AND RESTATEMENTS {1}
CORRECTION OF ERRORS AND RESTATEMENTS
PROPERTY AND EQUIPMENT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Cash Provided (Used) by Financing Activities
Change in Assets and Liabilities:
Additional Paid in Capital {1}
Additional Paid in Capital
Retained earnings
Stockholders' Equity
Current Assets
Statement of Cash Flows-Exchange rate effect on cash and cash equivalents
Statement of Cash Flows-Increase in deferred income
Statement of Cash Flows-Increase in deferred income
Statement of Cash Flows-Increase in deferred costs
The increase (decrease) during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation.
Statement of Operations-Net Income
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
Operating leases:
loan is to be repaid with interest
loan is to be repaid with interest
Allowance for impaired receivables
Amount of allowance for credit losses related to recorded investment.
New Accounting Standards Policy
Property and Equipment Policy
PROVISION FOR INCOME TAXES
CASH FLOWS FROM INVESTING ACTIVITIES
Net income.
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
Statement, Equity Components
Accounts payable
Entity Well-known Seasoned Issuer
Entity Filer Category
Income-Selling and administrative costs.
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
Income-Direct and Operating Costs.
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.
Statement of Operations-Net Income.
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
G. Hardie.
G Hardie
G. Hardie
G Hardie
Expected maturities of debt and other obligations STOCKHOLDERS EQUITY:
Installments
Installments
Property and Equipment consist of the following:
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. [Abstract]
Total Revenue-earning vehicles
This element represents revenues generated by or derived from a hotel's, or cruise line's, owned retail store operations.
Impaired receivables
Amount of allowance for credit losses related to recorded investment.
Revenue Recognition
Receivables and Payables
RELATED PARTY TRANSACTIONS {1}
RELATED PARTY TRANSACTIONS
LOANS RECEIVABLE
Statement
Revenue
Common stock, $0.0000001 par value, 250,000,000 shares authorized, 112,250,000 shares issued and outstanding
Cash and cash equivalents
Document Fiscal Year Focus
Document Type
Equity Component [Domain]
Statement of Operations-Direct motor vehicle costs.
Statement of Operations-Direct motor vehicle costs.
John Storey
John Storey
Loan And Lease Amounts August 31, 2015
Loan And Lease Amounts August 31, 2015
Amount of long-term debt and capital lease obligation due after one year or beyond the normal operating cycle, if longer.
Motor vehicles (years)
Motor vehicles (years)
REVENUE-EARNING VEHICLES AND ACCMULATED DEPRECIATION {1}
REVENUE-EARNING VEHICLES AND ACCMULATED DEPRECIATION
Tabular disclosure for revenue-earning vehicles less accumulated depreciation.
EQUITY
Proceeds from (Payments on) leases payable (net)
The cash inflow / outflow related to the leases payable during the period
(Increase) decrease in receivables
Total.
Total Stockholders' Equity
Accrued expenses
Statement of Cash Flows-Net Income
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent
Previously Stated
Corrected
Net cash provided by operating activities - (Statement of cash flows) [Member]
Common And Preferred Shares:
Installment sales and lease contracts are repayable in monthly installments
Installment sales and lease contracts are repayable in monthly installments
Loan And Lease Amounts August 31, 2018
Loan And Lease Amounts August 31, 2018
Amount of long-term debt and capital lease obligation due after one year or beyond the normal operating cycle, if longer.
Total:
Total Loan payable
Less accumulated depreciation
The amount as of the balance sheet date of accumulated depreciation pertaining to real estate properties.
Advertising expense
ALLOWANCE FOR DOUBTFUL ACCOUNTS AS OF:
Balance shares submitted for cancellation
Balance shares submitted for cancellation during the period
Expenses incurred under operating leases
Basis of Presentation
Current portion of loans payable
Current Liabilities
Document Fiscal Period Focus
Entity Registrant Name
Total Compensation paid to directors
Total Compensation paid to directors
Future minimum rentals and fees under non-cancelable operating leases August 31, 2016
Net losses of approximately
Finance lease agreements revenue generating vehicles
Finance lease agreements revenue generating vehicles
Receivable due under a settlement agreement
Carrying amounts due as of the balance sheet date from parties or arising from transactions not otherwise specified in the taxonomy
Average useful lives of fixed assets follows:
Acquired shares of common stock
Number of shares that have been purchased during the period
CORRECTION OF ERRORS AND RESTATEMENTS
Depreciation {1}
Depreciation
Interest expense
Long-term Debt {1}
Long-term Debt
Current portion of leases payable
Document and Entity Information
Loans payable to shareholders/related parties:
Future minimum rentals and fees under non-cancelable operating leases August 31, 2017
Loan And Lease Amounts August 31, 2014
Loan And Lease Amounts August 31, 2014
Total Amount
Loan Amounts
Loan payable - bank - secured by assets of the bearing interest of JIBAR plus 5% per annum, repayable in quarterly installments beginning 30 September 2012
Loan payable - bank - secured by assets of the bearing interest of JIBAR plus 5% per annum, repayable in quarterly installments beginning 30 September 2012
Loan payable - bank - secured by assets of the bearing interest of JIBAR plus 5% per annum, repayable in quarterly installments beginning 30 September 2012
Less accumulated depreciation:
The amount as of the balance sheet date of accumulated depreciation pertaining to properties.
Cash and Cash Equivalents Consists Of:
Correction on each financial statement line item
Advertising Costs Policy
ACCOUNTING POLICIES
Net Income (Loss)
Other Income (Expense)
Loans from shareholders
Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership due within 1 year (or 1 business cycle).
Receivables, net
Loans payable to shareholders:
Loan And Lease Amounts August 31, 2016
Loan And Lease Amounts August 31, 2016
Amount of long-term debt and capital lease obligation due after one year or beyond the normal operating cycle, if longer.
Loan payable - other - unsecured, interest bearing, no fixed repayment terms;
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms1
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms1
Debt and other obligations consist of the following:
Equal installments amount
Equal installments amount
Stock-Based Compensation Policy
Cash and Cash Equivalents Policy
DEBT AND OTHER OBLIGATIONS
CASH FLOWS FROM FINANCING ACTIVITIES
Net Cash Used by Investing Activities
Proceeds from sales.
Property, equipment and software Purchases
(Increase) decrease in deferred costs
Net gains (losses) from disposition of revenue-earning vehicles
Net Income (Loss) Before Provision for Income Taxes
Total Current Liabilities
Amendment Description
Entity Common Stock, Shares Outstanding
Current Fiscal Year End Date
Entity Central Index Key
Preferred shares outstanding
Current portion of loans payable,
Carrying value as of the balance sheet date of portion of long-term loans payable due within one year or the operating cycle if longer.
Loan payable - other - unsecured, interest bearing, no fixed repayment terms.
Loan payable - other - unsecured, interest bearing, no fixed repayment terms6
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms.
Loan payable - individual - unsecured, interest bearing, no fixed repayment terms1
Leased assets - motor vehicles (years)
Leased assets - motor vehicles (years)
Acquired shares of common stock value
Value of shares that have been purchased during the period
NATURE OF BUSINESS AND PLAN:
DEBT AND OTHER OBLIGATION
Income Taxes Policy
Financing Issue Costs
COMMITMENTS AND CONTINGENCIES {1}
COMMITMENTS AND CONTINGENCIES
EQUITY {1}
EQUITY
PROPERTY AND EQUIPMENT {1}
PROPERTY AND EQUIPMENT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {1}
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Increase) decrease in loans extended
(Increase) decrease in loans extended
Statement {1}
Statement
OTHER COMPREHENSIVE INCOME:
Weighted Average Common Shares Outstanding
Earnings (Loss) per Share
Common Stock, shares outstanding
Deferred Costs
EX-101.PRE
11
eacr-20130831_pre.xml
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