0000943440-12-000958.txt : 20120912 0000943440-12-000958.hdr.sgml : 20120912 20120912112842 ACCESSION NUMBER: 0000943440-12-000958 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120912 DATE AS OF CHANGE: 20120912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Portus Holdings Inc. CENTRAL INDEX KEY: 0001517391 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 451283820 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-54403 FILM NUMBER: 121087111 BUSINESS ADDRESS: STREET 1: 110 EAST BROWARD BLVD STREET 2: SUITE 1700 CITY: FORT LAUDERDALE STATE: FL ZIP: 33301 BUSINESS PHONE: 954-778-8211 MAIL ADDRESS: STREET 1: 110 EAST BROWARD BLVD STREET 2: SUITE 1700 CITY: FORT LAUDERDALE STATE: FL ZIP: 33301 FORMER COMPANY: FORMER CONFORMED NAME: Solido Ventures Inc. DATE OF NAME CHANGE: 20110405 10-K/A 1 port_10ka3.htm AMENDMENT NO. 3 Amendment No. 3

 

 

U. S. SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


FORM 10-K/A-3


þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


FOR THE YEAR ENDED DECEMBER 31, 2011


OR


¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


FOR THE TRANSITION PERIOD FROM _____________ TO _____________


PORTUS HOLDINGS INC.

(Name of Registrant in its Charter)


Nevada

000-54403

45-1283820

(State or Jurisdiction of

Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer

Identification No.)


110 East Broward Bvd

Suite 1700

Fort Lauderdale, FL  33301

 (Address of Principal Executive Offices)


Registrant’s telephone number, including area code: 954.778.8211


SOLIDO VENTURES INC.

729 North Scott

Belton, MO  64912

(former name and address)


Securities registered pursuant to Section 12(b) of the Act: None


Securities registered pursuant to Section 12(g) of the Exchange Act:  


Common Stock

 

Common Stock, par value $.0001 per share

 


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ¨ Yes  þ No


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨ Yes  þ No


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ¨ Yes  þ No


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 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). þ Yes  ¨ No


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   þ Yes  ¨ No





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer", "non-accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act.


Large Accelerated filer

¨

 

Accelerated filer

¨

Non-accelerated filer

¨

 

Smaller reporting company

þ


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). þ Yes  ¨ No


State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.   $-0-


At December 31, 2011 there were 37,500,000 shares of common stock issued and outstanding.  On June 12, 2012 the Company approved a 3:1 forward split resulting in 112,500,000 shares of common stock issued and outstanding


DOCUMENTS INCORPORATED BY REFERENCE


List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933.


None.

 

 





INDEX




 

 

 

Page

PART I

 

 

 

 

 

 

 

ITEM 1.

DESCRIPTION OF BUSINESS

 

1

ITEM 1A.

RISK FACTORS

 

1

ITEM 1B.

UNRESOLVED STAFF COMMENTS

 

6

ITEM 2.

DESCRIPTION OF PROPERTY

 

6

ITEM 3.

LEGAL PROCEEDINGS

 

6

ITEM 4.

MINE SAFETY DISCLOSURE

 

6

 

 

 

 

PART II

 

 

 

 

 

 

 

ITEM 5.

MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

 

7

ITEM 6.

SELECTED FINANCIAL DATA

 

7

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

7

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

9

ITEM 8.

FINANCIAL STATEMENTS

 

9

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

9

ITEM 9A.

CONTROLS AND PROCEDURES

 

9

ITEM 9B.

OTHER INFORMATION

 

10

 

 

 

 

PART III

 

 

 

 

 

 

 

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

11

ITEM 11.

EXECUTIVE COMPENSATION

 

12

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

12

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

13

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

13

 

 

 

 

PART IV

 

 

 

 

 

 

 

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

14

 

 

 

 








Forward-Looking Statements


We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Annual Report on Form 10-k or made by our management involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. You can identify these statements as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as “believe,” “anticipate,” “expect,” “estimate,” “predict,” “intend,” “plan,” “project,” “will,” “will be,” “will continue,” “will result,” “could,” “may,” “might” or any variations of such words or other words with similar meanings. Forward-looking statements address, among other things, our expectations, our growth strategies, our plans to acquire additional wind farms, commence development of the wind farms, our actions, plans or strategies. We are including this cautionary statement in this report to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf, of us.


The following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results for fiscal 2011 and beyond to differ materially from those expressed or implied in any forward-looking statements included in this report or otherwise made by our management: Actions by our competitors; our inability to manage our growth, successfully develop our wind farms, borrowing costs, the regulatory environment and the loss of our key executives could materially adversely impact operations.


In addition, new risk factors can arise, and it is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on our business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. We do not assume any obligation and do not intend to update any forward-looking statements except as may be required by securities laws.







PART I


ITEM 1. BUSINESS


Portus Holdings Inc. f/k/a Solido Ventures, Inc. (“Portus” or the “Company”) was incorporated on March 31, 2011, under the laws of the State of Nevada to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. Portus has been in the developmental stage since inception and has limited operations to date. The Company was n formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934.


The Company registered its common stock on a Form 10 registration statement filed pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 12(g) thereof. The Company files with the Securities and Exchange Commission periodic and current reports under Rule 13(a) of the Exchange Act, including quarterly reports on Form 10-Q and annual reports Form 10-K.


The Company has no employees and one officer, director and shareholder.


A combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended.


As of December 31, 2011, the Company had not generated revenues and had no income or cash flows from operations since inception. There is no assurance that the Company will identify an acquisition candidate, generate revenues or become profitable.


ITEM 1(A). RISK FACTORS


An investment in us is highly speculative and involves a high degree of risk.


An investment in us is speculative and involves an extremely high degree of risk. We currently have not identified a suitable business combination and we can make no assurance that we will ever locate a suitable acquisition.


Our independent auditor has raised doubt about our ability to continue as a going concern.


We are in the development stage and have not yet generated any revenues or earnings from operations, possess no significant assets or financial resources and have no cash on hand. As a result, our independent auditor expressed substantial doubt as to our ability to continue as a going concern.


Our sole officer and director will allocate his time to other businesses, thereby possibly causing a negative impact on our ability to consummate a business combination.


Our sole officer and director is engaged in outside business activities, which may result in a conflict of interest in allocating his time between our operations and his other business activities. We do not intend to have any full time employees prior to the consummation of a business combination. If our sole officer and director's other business affairs requires him to devote more substantial amounts of time to such affairs, it could limit his ability to devote time to our affairs and could have a negative impact on our ability to consummate a business combination. We cannot assure you that these conflicts will be resolved in our favor.


Our sole officer and director is not a professional business analyst which may adversely impact matters relating to the target business opportunity.


The analysis of new business opportunities will be undertaken by or under the supervision of our sole officer and director, who is not a professional business analyst and in all likelihood will not be experienced in matters relating to the target business opportunity. His inexperience and the fact that the analysis and evaluation of a potential business combination is to be taken under his supervision may adversely impact our ability to identify and consummate a successful business combination.



1



Our business is difficult to evaluate because we have no operating business.


As we have no operating history or revenue and only minimal assets, there is a risk that we will be unable to continue as a going concern and consummate a business combination. We have had no recent operating history nor any revenues or earnings from operations since inception. We have no significant assets or financial resources. We will, in all likelihood, sustain operating expenses without corresponding revenues, at least until the consummation of a business combination. This may result in us incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable business opportunity. We cannot assure you that we can identify a suitable business opportunity and consummate a business combination.


There is competition for those private companies suitable for a merger transaction of the type contemplated by management and as a non-trading company we are at a competitive disadvantage to some of our competitors.


We are in a highly competitive market for a small number of business opportunities which could reduce the likelihood of consummating a successful business combination. We are and will continue to be an insignificant participant in the business of seeking mergers with, joint ventures with and acquisitions of small private and public entities. A large number of established and well-financed entities, including small public companies and venture capital firms, are active in mergers and acquisitions of companies that may be desirable target candidates for us. Nearly all these entities have significantly greater financial resources, technical expertise and managerial capabilities than we do; consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination. At this time, we have no knowledge regarding the number of shell companies seeking to acquire an operating business. These competitive factors may reduce the likelihood of us identifying and consummating a successful business combination.


We are a development stage company, and our future success is dependent on the ability of management to locate and attract a suitable acquisition candidate.


We were incorporated on March 31, 2011, and are considered to be in the development stage. The nature of our operations is highly speculative, and there is a consequent risk of loss of your investment. The success of our plan of operation will depend to a great extent on the operations, financial condition and management of the identified business opportunity. While management intends to seek business combination(s) with entities having established operating histories, we cannot assure you that we will be successful in locating candidates meeting that criterion. In the event we complete a business combination, the success of our operations may be dependent upon management of the successor firm or venture partner firm and numerous other factors beyond our control.


Management intends to devote only limited time to seeking a target company, which may adversely impact our ability to identify a suitable acquisition candidate.


Management will not devote their full time in seeking to identify a potential acquisition candidate. There are no employment agreements and is not expected to do so in the foreseeable future. This limited commitment may adversely impact our ability to identify and consummate a successful business combination.


The time and cost of preparing a private company to become a public reporting company may preclude us from entering into a merger or acquisition with attractive private companies.


Target companies that fail to comply with SEC reporting requirements may delay or preclude an acquisition. Sections 13 and 15(d) of the Exchange Act require reporting companies to provide certain information about significant acquisitions, including certified financial statements for the company acquired, covering one, two, or three years, depending on the relative size of the acquisition. The time and additional costs that may be incurred by some target entities to prepare these statements may significantly delay or essentially preclude consummation of an acquisition. Otherwise suitable acquisition prospects that do not have or are unable to obtain the required audited financial statements may be inappropriate for acquisition so long as the reporting requirements of the Exchange Act are applicable.




2



We may be subject to further government regulation which would adversely affect our operations.


If we engage in business combinations which result in our holding passive investment interests in a number of entities, we could be subject to regulation under the Investment Company Act. If so, we would be required to register as an investment company and could be expected to incur significant registration and compliance costs.


Acquisition of merger with a foreign company may subject us to additional risks.


If we enter into a business combination with a foreign company, we will be subject to risks inherent in business operations outside of the United States. These risks include, for example, currency fluctuations, regulatory problems, punitive tariffs, unstable local tax policies, trade embargoes, risks related to shipment of raw materials and finished goods across national borders and cultural and language differences. Foreign economies may differ favorably or unfavorably from the United States economy in growth of gross national product, rate of inflation, market development, rate of savings, and capital investment, resource self-sufficiency and balance of payments positions, and in other respects.


There is currently no trading market for our common stock, and liquidity of shares of our common stock is limited.


Our shares of common stock are not registered under the securities laws of any state or other jurisdiction, and accordingly there is no public trading market for our common stock. Further, no public trading market is expected to develop in the foreseeable future unless and until the Company completes a business combination with an operating business. Therefore, outstanding shares of our common stock cannot be offered, sold, pledged or otherwise transferred unless subsequently registered pursuant to, or exempt from registration under, the Securities Act and any other applicable federal or state securities laws or regulations. Compliance with the criteria for securing exemptions under federal securities laws and the securities laws of the various states is extremely complex, especially in respect of those exemptions affording flexibility and the elimination of trading restrictions in respect of securities received in exempt transactions and subsequently disposed of without registration under the Securities Act or state securities laws.


We have never paid dividends on our common stock and if we do not pay dividends in the future then our shareholders can only benefit from their shares by selling such stock either in the public marketplace or in a private transaction.


We have never paid dividends on our common stock and do not presently intend to pay any dividends in the foreseeable future. We anticipate that any funds available for payment of dividends will be re-invested into us to further our business strategy.


We may be subject to certain tax consequences in our business, which may increase our cost of doing business.


We may not be able to structure an acquisition to result in tax-free treatment for the companies or their shareholders, which could deter third parties from entering into certain business combinations with us or result in being taxed on consideration received in a transaction. Currently, a transaction may be structured so as to result in tax-free treatment to both companies, as prescribed by various federal and state tax provisions. We intend to structure any business combination so as to minimize the federal and state tax consequences to both us and the target entity; however, we cannot guarantee that the business combination will meet the statutory requirements of a tax-free reorganization or that the parties will obtain the intended tax-free treatment upon a transfer of stock or assets. A non-qualifying reorganization could result in the imposition of both federal and state taxes that may have an adverse effect on both parties to the transaction.


Our business will have no revenue unless and until we merge with or acquire an operating business.


We are a development stage company and have had no revenue from operations since our inception in March 31, 2011. We may not realize any revenue or achieve profitability unless and until we successfully merge with or acquire an operating business.



3



We intend to issue more shares in a merger or acquisition, which will result in substantial dilution.


Any merger or acquisition effected by us may result in the issuance of additional securities without stockholder approval and may result in substantial dilution in the percentage of our common stock held by our then existing stockholders. Moreover, the common stock issued in any such merger or acquisition transaction may be valued on an arbitrary or non-arm's-length basis by our management, resulting in an additional reduction in the percentage of common stock held by our then existing stockholders. Our Board of Directors has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent that additional shares of common stock or preferred stock are issued in connection with a business combination or otherwise, dilution to the interests of our stockholders will occur and the rights of the holders of common stock might be materially adversely affected.


Our shares may be subject to the “penny stock” rules, following such a reverse merger transaction which might subject you to restrictions on marketability and may not be able to sell your shares.


If our common stock becomes tradable in the secondary market, we will be subject to the penny stock rules adopted by the Securities and Exchange Commission that require brokers to provide extensive disclosure to their customers prior to executing trades in penny stocks. These disclosure requirements may cause a reduction in the trading activity of our common stock, which in all likelihood would make it difficult for our shareholders to sell their securities.


Additional risks may exist if we assist a privately held business to become public through a “reverse merger.” Securities analysts of major brokerage firms may not provide coverage of us since there is no incentive to brokerage firms to recommend the purchase of our common stock. No assurance can be given that brokerage firms will want to conduct any secondary offerings on behalf of our post-merger company in the future. Failure to develop or maintain an active trading market for our common stock will have a generally negative effect on the price of our common stock and you may be unable to sell your common stock or any attempted sale of such common stock may have the effect of lowering the market price. Your investment could be a partial or complete loss.


Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the NASDAQ system). Penny stock rules require a broker- dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account. The broker-dealer must also make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These requirements may have the effect of reducing the level of trading activity, if any, in the secondary market for a security that becomes subject to the penny stock rules. The additional burdens imposed upon broker-dealers by such requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit the market price and liquidity of our securities. These requirements may restrict the ability of broker-dealers to sell our common stock and may affect your ability to resell our common stock.




4



We cannot assure you that following a business combination with an operating business, our common stock will be listed on NASDAQ or any other securities exchange and therefore it is possible that our stockholders will not be able to liquidate their investment in our stock and we may not have access to capital available to companies trading on these exchanges.


Following a business combination, we may seek the listing of our common stock on NASDAQ or the NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX). However, we cannot assure you that following such a transaction, we will be able to meet the initial listing standards of either of those or any other stock exchange, or that we will be able to maintain a listing of our common stock on either of those or any other stock exchange. After completing a business combination, until our common stock is listed on the NASDAQ or another stock exchange, we expect that our common stock would be eligible to trade on the OTC Bulletin Board, another over-the-counter quotation system, or on the “pink sheets,” where our stockholders may find it more difficult to dispose of shares or obtain accurate quotations as to the market value of our common stock. However, there can be no assurance that we will be eligible to trade on the OTC Bulletin Board after a business combination. In addition, we will need a market-maker for quotation on the OTC Bulletin Board and there is no assurance that a market-maker will be obtained, or that an active market may develop for our common stock even if we are listed on the OTC Bulletin Board.


Due to the control by management of the 100% of the issued and outstanding common stock, our non-management shareholders will have no power to choose management or impact operations.


Management currently controls and votes 100% of our issued and outstanding common stock. Consequently, management has the ability to influence control of our operations and will have the ability to influence or control substantially all matters submitted to stockholders for approval, including:


(a)

 

Election of the Board of Directors;

(b)

 

Removal of directors;

(c)

 

Amendment to the our certificate of incorporation or bylaws; and

(d)

 

Adoption of measures that could delay or prevent a change in control or impede a merger, takeover or other business combination.


These stockholders will thus have substantial influence over our management and affairs and other stockholders possess no practical ability to remove management or effect the operations of our business. Accordingly, this concentration of ownership by itself may have the effect of impeding a merger, consolidation, takeover or other business consolidation, or discouraging a potential acquirer from making a tender offer for our common stock.


Current economic conditions may preclude us from entering into a merger or acquisition and obtaining funding.


Current economic and financial conditions are volatile. Business and consumer concerns over the economy, geopolitical issues, the availability and cost of credit, the U.S. financial markets and the national debt have contributed to this volatility. These factors, combined with declining and failing businesses, reduced consumer confidence and increased unemployment, have caused a global slow-down. We cannot accurately predict how long these current economic conditions will persist; whether the economy will deteriorate further and how we will be affected.


We have no operating history, no revenue and lack profitable operations. We will incur expenses and costs related to accounting, the filing of Exchange Act reports and consummating a business combination without corresponding revenues, at least until the consummation of a business combination. This lack of operations and revenues may result in us incurring a net loss that will increase continuously until we can consummate a business combination with a profitable business opportunity. Because of our lack of profits and possible increasing net losses and lacking operations, target business opportunities may decide to forgo a business combination with us.




5



We may incur additional costs of being a public company due to the difficulties of establishing and maintaining acceptable internal controls over financial reporting with no full time or part time employees, the expenses of being a reporting company pursuant to the Exchange Act of 1934 and the liability provisions of the Exchange Act of 1934.


The Company is a development stage company, with no operations and no revenues from operations. We may never realize any revenues unless and until we successfully merge with or acquire an operating business.


Because the Company has no operations and no revenues from operations, the Company has not established sufficient internal controls over financial reporting; therefore these costs are estimated to be zero as we do not currently plan to implement a robust control initiative given our lack of positive cash flow from operations and inherent lack of segregation of duties. If the Company were to attempt to mediate some of our segregation of duties issues and achieve effective internal controls we currently do not have adequate funding to implement such an initiative and therefore do not plan to implement this initiative.


ITEM 1(B). UNRESOLVED STAFF COMMENTS


None.


ITEM 2. PROPERTIES


As of December 31, 2011 the Company did not lease or own any property. A personal friend of the Company’s president offered Mr. Burns rent free office space. Mr. Burns used this space for both his own business endeavors and as the Company’s corporate headquarters.


ITEM 3. LEGAL PROCEEDINGS


There is no litigation pending or threatened by or against the Company.


ITEM 4. MINE SAFETY DISCLOSURES.


Not applicable.




6



PART II


ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES


There is currently no public market for the Company's securities.


Following a business combination, a target company will normally wish to cause the Company's common stock to trade in one or more United States securities markets. The target company may elect to take the steps required for such admission to quotation following the business combination or at some later time.


At such time as it qualifies, the Company may choose to apply for quotation of its securities on the OTC Bulletin Board. The OTC Bulletin Board is a dealer-driven quotation service. Unlike the Nasdaq Stock Market, companies cannot directly apply to be quoted on the OTC Bulletin Board, only market makers can initiate quotes, and quoted companies do not have to meet any quantitative financial requirements. Any equity security of a reporting company not listed on the Nasdaq Stock Market or on a national securities exchange is eligible.


As such time as it qualifies, the Company may choose to apply for quotation of its securities on the Nasdaq Capital Market.


In general there is greater liquidity for traded securities on the Nasdaq Capital Market and less on the OTC Bulletin Board. It is not possible to predict where, if at all, the securities of the Company will be traded following a business combination.


Except for 37,500,000 (112,500,000 post split) shares of the Company’s common stock that were sold to the Company’s founder on March 31, 2012 for $3,750, there were no sales by the Company of unregistered securities.


The Company has never repurchased its equity securities.


ITEM 6. SELECTED FINANCIAL DATA.


There is no selected financial data required to be filed for a smaller reporting company.


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


The Company has no operations nor does it currently engage in any business activities generating revenues. The Company's principal business objective is to achieve a business combination with a target company.


As of December 31, 2011, the Company had not generated revenues and had no income or cash flows from operations since inception. At December 31, 2011, the Company had sustained net losses of $3,835 and had accumulated a deficit of $3,835.


The Company's independent auditors have issued a report raising substantial doubt about the Company's ability to continue as a going concern. At present, the Company has no operations and the continuation of the Company as a going concern is dependent upon financial support from its stockholder, its ability to obtain necessary equity financing to continue operations and/or to successfully locate and negotiate with a business entity for the combination of that target company with the Company.


A company may choose to effect a business combination with the Company before filing a registration statement as such method may be an effective way to obtain exposure to the brokerage community. A combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended.


No assurances can be given that the Company will be successful in locating or negotiating with any target company.



7



The most likely target companies are those seeking the perceived benefits of a reporting company. Such perceived benefits may include facilitating or improving the terms on which additional equity financing may be sought, providing liquidity for incentive stock options or similar benefits to key employees, increasing the opportunity to use securities for acquisitions, providing liquidity for stockholder and other factors. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities difficult and complex.


In analyzing prospective business opportunities, management may consider such matters as the available technical, financial and managerial resources; working capital and other financial requirements; history of operations, if any; prospects for the future; nature of present and expected competition; the quality and experience of management services which may be available and the depth of that management; the potential for further research, development, or exploration; specific risk factors not now foreseeable but which may be anticipated; the potential for growth or expansion; the potential for profit; the perceived public recognition or acceptance of products, services, or trades; name identification; and other relevant factors. This discussion of the proposed criteria is not meant to be restrictive of the virtually unlimited discretion of the Company to search for and enter into potential business opportunities.


The search for a target company will not be restricted to any specific kind of business entities, but may acquire a venture which is in its preliminary or development stage, which is already in operation, or in essentially any stage of its business life. It is impossible to predict at this time the status of any business in which the Company may become engaged, whether such business may need to seek additional capital, may desire to have its shares publicly traded, or may seek other perceived advantages which the Company may offer.


In implementing a structure for a particular business acquisition, the Company may become a party to a merger, consolidation, reorganization, joint venture, licensing agreement or other arrangement with another corporation or entity. On the consummation of a transaction, it is likely that the present management and stockholder of the Company will no longer be in control of the Company. In addition, it is likely that the officer and director of the Company will, as part of the terms of the business combination, resign and be replaced by one or more new officers and directors.


It is anticipated that any securities issued in any such business combination would be issued in reliance upon exemption from registration under applicable federal and state securities laws. In some circumstances, however, as a negotiated element of its transaction, the Company may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter. If such registration occurs, it will be undertaken by the surviving entity after the Company has entered into an agreement for a business combination or has consummated a business combination. The issuance of additional securities and their potential sale into any trading market which may develop in the Company's securities may depress the market value of the Company's securities in the future if such a market develops, of which there is no assurance.


While the terms of a business transaction to which the Company may be a party cannot be predicted, it is expected that the parties to the business transaction will desire to avoid the creation of a taxable event and thereby structure the acquisition in a tax-free reorganization under Sections 351 or 368 of the Internal Revenue Code of 1986, as amended.


The Company will participate in a business combination only after the negotiation and execution of appropriate agreements. Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing and will include miscellaneous other terms.


Subsequent Events


On June 5, 2012, Michael Burns entered into a stock purchase agreement (the “Agreement”) with Portus Inc., a Nevada corporation, whereby Portus acquired all of the Company’s issued and outstanding shares of common stock. In connection with this transaction, Mr. Burns tendered his resignation and Mr. George Dale Murray, II was appointed the Company’s sole officer and director.




8



On June 12, 2012 the Company approved a 3:1 forward split of the Company’s common stock. As a result of the foregoing the number of issued and outstanding shares of common stock increased from 37,500,000 to 112,500,000.


On July 6, 2012 we dismissed Weaver & Martin, LLC as our independent registered public accounting firm and engaged the firm of MaloneBailey LLP.


ITEM 7(A) QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Not applicable.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


The audited financial statements for the year ended December 31, 2011 and at March 31, 2011 are attached hereto beginning on Page F-1.


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE


There were no changes in or disagreements with accountants on accounting and financial disclosure for the period covered by this report.


However, On July 6, 2012 we dismissed Weaver & Martin, LLC as our independent registered public accounting firm and engaged the firm of MaloneBailey LLP.


ITEM 9A. CONTROLS AND PROCEDURES


EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 

Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officer, to allow timely decisions regarding required disclosure. Our chief executive officer and chief financial officer have reviewed the effectiveness of our disclosure controls and procedures as of December 31, 2011 and, based on his evaluation, and has concluded that the disclosure controls and procedures were effective.

 

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as that term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of our management, including our principal executive and principal financial officer, we assessed, as of December 31, 2011, the effectiveness of our internal control over financial reporting. This assessment was based on criteria established in the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment using those criteria, management concluded that our internal control over financial reporting as of December 31, 2011, was effective.

 



9



Internal control over financial reporting is defined as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:

 

 

·

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

 

 

 

 

·

provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and

 

 

 

 

·

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

 

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the internal control system are met. Because of the inherent limitations of any internal control system, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

 

This Annual Report on Form 10-K does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report on Form 10-K.


Changes in Internal Control over Financial Reporting


There were no changes in our internal control over financial reporting during the quarter ended December 31, 2011 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

MaloneBailey LLP, the independent registered public accounting firm for the Company, has not issued an attestation report on the effectiveness of the Company 's internal control over financial reporting.


ITEM 9B. OTHER INFORMATION


Not applicable.




10



PART III


ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE


The Directors and Officers of the Company are as follows:


Name

 

Age

 

Offices Held

Michael Burns*

 

34

 

President, CEO, Secretary

———————

*

On June 5, 2012 Mr. Burns tendered his resignation as the Company’s sole officer and director and George Dale Murray, II was appointed as our sole officer and director.


Management of the Company


As of December 31, 2011, the Company had no full time employees. Michael Burns was the sole officer and director of the Company and its sole stockholder. Mr. Burns has allocated a limited portion of time to the activities of the Company without compensation. Potential conflicts may arise with respect to the limited time commitment by management and the potential demands of the activities of the Company.


There are no agreements or understandings for the officer or director to resign at the request of another person and the above-named officer and director is not acting on behalf of nor will act at the direction of any other person.


Set forth below are the names of the directors and officers of the Company, all positions and offices with the Company held, the period during which they have served as such, and the business experience during at least the last five years:


Name

 

Age

 

Offices Held

 

Dates Held

Michael Burns

 

34

 

President, CEO, Secretary, Director

 

May 10, 2011 to

 June 5, 2012

 

 

 

 

 

 

 

George Dale Murray, II

 

33

 

President, CEO, Secretary, Director

 

June 5, 2012 to

Present


Mr. Burns is currently originating loans for Emery Federal Credit Union, based in Cincinnati Ohio. Mr. Burns has been originating loans since 2010 where he was a loan consultant at North American Savings Bank where he was one of the top producers and closed over $25M in loans in his first six months of production. Prior to loan production, Mr. Burns owned and operated several successful companies where he developed products, services, and a business plan that resulted in growth to over 50 employees and over $10 million in sales.


Mr. Murray has served as president of Portus Inc. since its inception in August 2011. From 2009 through 2011 Mr. Murray served as the chief executive officer of Simplified Nutrition OnLine, a cloud-based technology company specializing in dietary management software. From 2006 through 2008 Mr. Murray served as president of Lightsource Mining Company and as managing member of Burnmore Coal Group, LLC, both of these companies were engaged in mining activities in Eastern Kentucky. Also during this period, Mr. Murray served as an independent consultant for several public and private companies.


There are no agreements or understandings for the above-named officers or directors to resign at the request of another person and the above-named officers and directors are not acting on behalf of nor will act at the direction of any other person.


Recent Blank Check Companies


Mr. Burns is not involved in any other blank check companies.


Mr. Murray is not involved in any other blank check companies.




11



Conflicts of Interest


The officer and director of the Company works with other companies not similar in nature to the Company. Because management spends only a limited amount of time and resources on the Company, there are potential inherent conflicts of interest.


Code of Ethics.


The Company has not at this time adopted a Code of Ethics pursuant to rules described in Regulation S-K. The Company has a sole stockholder and who serves as the director and sole officer. The Company has no operations or business and does not receive any revenues or investment capital. The adoption of an Ethical Code at this time would not serve the primary purpose of such a code to provide a manner of conduct as the development, execution and enforcement of such a code would be by the same persons and only persons to whom such code applied. Furthermore, because the Company does not have any activities, there are activities or transactions which would be subject to this code. At the time the Company enters into a business combination or other corporate transaction, the current officers and directors will recommend to any new management that such a code be adopted. The Company does not maintain an Internet website on which to post a code of ethics.


Corporate Governance.


For reasons similar to those described above, the Company does not have a nominating nor audit committee of the board of directors. At this time, the Company consists of one stockholder who serves as the sole corporate director and officer. The Company has no activities, and receives no revenues. At such time that the Company enters into a business combination and/or has additional stockholder and a larger board of directors and commences activities, the Company will propose creating committees of its board of directors, including both a nominating and an audit committee. Because there is only one stockholder of the Company, there is no established process by which a stockholder to the Company can nominate members to the Company's board of directors. Similarly, however, at such time as the Company has more stockholders and an expanded board of directors, the new management of the Company may review and implement, as necessary, procedures for shareholder nomination of members to the Company's board of directors.


ITEM 11. EXECUTIVE COMPENSATION


The Company's sole officer and director does not receive any compensation for services rendered to the Company, nor has he received such compensation in the past. The officer and director are not accruing any compensation pursuant to any agreement with the Company.


No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Company for the benefit of its employees.


The Company does not have a compensation committee for the same reasons as described above.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS


The following table sets forth, as of December 31, 2011, each person known by the Company to be the beneficial owner of five percent or more of the Company's common stock and the director and officer of the Company. the Company does not have any compensation plans and has not authorized any securities for future issuance. Except as noted, the holder thereof has sole voting and investment power with respect to the shares shown.


Name and Address

 

Amount of

Beneficial Ownership

 

Percent of

Outstanding Stock

Michael Burns

 

37,,500,000(1)(2)

 

100%

———————

(1)

Does not reflect 3:1 forward split in June 2012.

(2)

On June 5, 2012, Portus Inc. acquired all of the Company’s issued and outstanding shares of common stock from Mr. Burns. As a result, Portus, Inc. is our sole shareholder owning 112,500,000 of our issued and outstanding shares of common stock. Mr.  Murray is the sole officer and director of Portus, Inc.



12



ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE


As of December 31, 2011 the Company has issued a total of 37,500,000 (112,500,000 post split) shares of common stock pursuant to Section 4(2) of the Securities Act for a total of $3,750 in cash.


Michael Burns is CEO, president, secretary and a director of the company and the sole stockholder.

 

Michael Burns may be considered a promoter. Michael Burns has provided services to the Company without charge consisting of preparing the registration statement. Michael Burns has paid, and will continue to pay, all expenses incurred by the Company until a business combination is effected, without repayment. Michael Burns, as the sole shareholder of the Company, may receive benefits in the future if the Company is able to effect a business combination beneficial to the Company.


The Company is not currently required to maintain an independent director as defined by Rule 4200 of the Nasdaq Capital Market nor does it anticipate that it will be applying for listing of its securities on an exchange in which an independent directorship is required. Mr. Burns would not be considered an independent


ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.


AUDIT FEES. The aggregate fees billed for the audit of our financial statements was $3,000 at March 31, 2011 and $3,500 for the year ended December 31, 2011. We incurred no other related fees.


AUDIT-RELATED FEES. None except as set forth above.


TAX FEES. No fees were billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning services.


ALL OTHER FEES. Other than the services described above, there were no other services provided by our principal accountants for the fiscal years ended December 31, 2011 and March 31, 2011.


We do not have an audit committee. Therefore, our entire Board of Directors (the "Board") serves in the capacity of the audit committee. In discharging its oversight responsibility as to the audit process, our Board obtained from the independent auditors a formal written statement describing all relationships between the auditors and us that might bear on the auditors' independence as required by Independence Standards Board Standard No. 1, "Independence Discussions with Audit Committees."


Our Board discussed with the auditors any relationships that may impact their objectivity and independence, including fees for non-audit services, and satisfied itself as to the auditors' independence. The Board also discussed with management and the independent auditors the quality and adequacy of its internal controls. The Board reviewed with the independent auditors their management letter on internal controls.


Our Board discussed and reviewed with the independent auditors all matters required to be discussed by auditing standards generally accepted in the United States of America, including those described in Statement on Auditing Standards No. 61, as amended, "Communication with Audit Committees". Our entire Board, acting in the capacity of the audit committee reviewed the audited financial statements of the Company as of March 31, 2011 and for the year ended December 31, 2011 with the independent auditors. Management has the responsibility for the preparation of the Company's financial statements and the independent auditors have the responsibility for the examination of those statements. Based on the above-mentioned review and discussions with the independent auditors our Board of Directors approved the Company's audited consolidated financial statements and recommended that they be included in its Annual Report on Form 10-K for the year ended December 31, 2011, for filing with the Securities and Exchange Commission.




13



PART IV


ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.


(a)

The following report and financial statements are filed together with this Annual Report.


 

·

Report of Independent Registered Public Accounting Firm

 

·

Balance Sheets as of March 31, 2011 and December 31, 2011

 

·

Statements of Operations for the Period Beginning and Ending March 31, 2011 (Inception) and from March 31, 2011 to December 31, 2011

 

·

Statement of Changes in Stockholders Equity for the period beginning March 31, 2011 Inception to December 31, 2011.

 

·

Statement of Cash flows for the Period Beginning and Ending March 31, 2011 and for the year ended December 31, 2011.

 

·

Notes to Financial Statements


(b)

Index to Exhibits


 

31.1

 

Certificate of the Chief Executive Officer pursuant Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

31.2

 

Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

32 .1

 

Certificate of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

32 .2

 

Certificate of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

101

 

XBRL Interactive Data Files


 



14



SIGNATURES

 

 In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 

PORTUS HOLDINGS INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

Date: September 11, 2012

By:

/s/ George Dale Murray, II 

 

 

 

George Dale Murray, II

 

 

 

Chief Executive Officer/

Chief Financial Officer

 


         In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Signature

 

Title

 

Date

 

 

 

 

 

/s/ George Dale Murray, II

 

Chief Executive Officer/ Director

 

September 11, 2012

George Dale Murray, II

 

 

 

 












15



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors

Portus Holdings, Inc.

(a development stage company)

Fort Lauderdale, FL


We have audited the balance sheets of Portus Holdings, Inc., a development stage company, (the “Company”) as of December 31, 2011 and March 31, 2011, and the related statements of operations, stockholders’ equity (deficit), and cash flows for the nine months ended December 31, 2011, the periods from March 31, 2011 (inception) through March 31, 2011 and December 31, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Portus Holdings, Inc. as of December 31, 2011 and March 31, 2011, and the results of its operations and its cash flows for the nine months ended December 31, 2011, the periods from March 31, 2011 (inception) through March 31, 2011 and December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.


The accompanying financial statements have been prepared assuming that Portus Holdings Inc. will continue as a going concern. As discussed in Note 2 to the financial statements, Portus Holdings Inc. suffered losses from operations and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters also are described in Note 2. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.


/s/ MALONEBAILEY, LLP

www.malonebailey.com

Houston, Texas

September 11, 2012











F-1



PORTUS HOLDINGS, INC.

F/K/A SOLIDO VENTURES, INC.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS



 

 

December 31,

2011

 

 

March 31,

2011

 

ASSETS

  

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$

 

 

$

3,750

 

TOTAL ASSETS

 

$

 

 

$

3,750

 

  

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts Payable

 

$

85

 

 

$

3,750

 

TOTAL CURRENT LIABILITIES

 

 

85

 

 

 

3,750

 

  

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, authorized: 75,000,000 shares, Issued and outstanding: None

 

 

 

 

 

 

Common stock, $0.0001 par value, authorized: 425,000,000 shares, Issued and outstanding: 112,500,000 shares issued and outstanding

 

 

11,250

 

 

 

11,250

 

Additional Paid in Capital

 

 

(7,500

)

 

 

(7,500

)

Deficit accumulated during the development stage

 

 

(3,835

)

 

 

(3,750

)

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)

 

 

(85

)

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

$

 

 

$

3,750

 


The accompanying notes are an integral part of the financial statements.




F-2



PORTUS HOLDINGS, INC.

F/K/A SOLIDO VENTURES, INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS


  

  

 

For the nine

months

ended

 

 

For the 

period from

March 31,

2011

(Inception) to

 

 

For the

period from

March 31,

2011

(Inception) to

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

December 31,

2011

 

 

March 31,

2011

 

 

December 31,

2011

 

REVENUE

 

$

 

 

$

 

 

$

 

  

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Finance & Accounting

 

 

 

 

 

3,000

 

 

 

3,000

 

Incorporation Expenses

 

 

 

 

 

750

 

 

 

750

 

Bank Charges

 

 

85

 

 

 

 

 

 

85

 

Total Expenses

 

 

85

 

 

 

3,750

 

 

 

3,835

 

NET (LOSS)

 

$

(85

)

 

$

(3,750

)

 

$

(3,835

)

  

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.00

)

 

$

(0.00

)

 

 

n/a

 

  

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

112,500,000

 

 

 

112,500,000

 

 

 

n/a

 


The accompanying notes are an integral part of the financial statements.




F-3



PORTUS HOLDINGS, INC.

F/K/A SOLIDO VENTURES, INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)

 


 

 

 

 

 

 

 

 

Deficit

Accumulated

 

 

 

 

  

 

Common Stock

 

 

Additional

 

 

During the

 

 

Total

 

  

 

$0.0001 Par Value

 

 

Paid-in

 

 

Development

 

 

Stockholder’s

 

  

 

Shares

 

 

Amount

 

 

Capital

 

 

Stage

 

 

Deficit

 

Balance – March 31, 2011 (inception)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash

 

 

112,500,000

 

 

$

11,250

 

 

$

(7,500

)

 

 

 

 

$

3,750

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss, period ended March 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,750

)

 

 

(3,750

)

Balance - March 31, 2011

 

 

112,500,000

 

 

 

11,250

 

 

 

(7,500

)

 

 

(3,750

)

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss, period April 1, 2011 to December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

(85

)

 

 

(85

)

Balance, December 31, 2011

 

 

112,500,000

 

 

$

11,250

 

 

$

(7,500

)

 

$

(3,835

)

 

$

(85

)



The accompanying notes are an integral part of the financial statements.



F-4



PORTUS HOLDINGS, INC.

F/K/A SOLIDO VENTURES, INC.

 (A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS


  

 

For the

Nine Months

Ended

 

 

For the 

period from

March 31,

2011

(Inception) to

 

 

For the

period from

March 31,

2011

(inception) to

 

  

 

 

 

 

 

 

  

 

 

 

 

 

 

  

 

December 31,

2011

 

 

March 31,

2011

 

 

December 31,

2011

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

Net (Loss)

 

$

(85

)

 

$

(3,750

)

 

$

(3,835

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Increase / Decrease in accounts payable

 

 

(3,665

)

 

 

3,750

 

 

 

85

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

(3,750

)

 

 

 

 

 

(3,750

)

  

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of common stock

 

 

 

 

 

3,750

 

 

 

3,750

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

 

 

 

3,750

 

 

 

3,750

 

  

 

 

 

 

 

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH

 

 

(3,750

)

 

 

3,750

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

CASH, BEGINNING OF PERIOD

 

 

3,750

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

CASH, END OF PERIOD

 

$

 

 

$

3,750

 

 

$

 

  

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

 

 

$

 

 

$

 

Income taxes paid

 

$

 

 

$

 

 

$

 


The accompanying notes are an integral part of the financial statements.




F-5



PORTUS HOLDINGS, INC.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS


NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS


PORTUS HOLDINGS, INC. (the “Company”) was incorporated in the State of Nevada on March 31, 2011 as Solido Ventures, Inc. and changed its name to Portus Holdings, Inc. on June 14, 2012. The Company is a Development Stage Company as defined by ASC 915-10. The Company is a “blank check” company that intends to seek a merger or acquisition with an operating company. During 2012, the Company changed its fiscal year end to December 31 from March 31.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


a) Basis of Presentation and Going Concern


The financial statements have been prepared according to GAAP. The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has no business operations and has negative working capital and minimal stockholders’ equity. These conditions raise substantial doubt about the ability of the Company to continue as a going concern.


In view of these matters, continuation as a going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.


The Company plans to improve its financial condition through additional sales of common stock. However, there is no assurance that the Company will be successful in accomplishing this objective. Management believes that this plan provides an opportunity for the Company to continue as a going concern.


b) Cash and Cash Equivalents


The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.


c) Use of Estimates and Assumptions


The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

d) Fair Value of Financial Instruments


ASC Topic 820-10 requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2011.


The respective carrying value of certain on-balance-sheet financial instruments approximates their fair values. These financial instruments include cash, stock subscriptions receivable, and accounts payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value, or they are receivable or payable on demand.

 



F-6



e) Income Taxes


The Company follows FASB Codification Topic 740-10-25 (ASC 740-10-25) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.


Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.


f) Basic and Diluted Net Loss per Share


The Company computes net loss per share in accordance with ASC Topic 260-10, “Earnings per Share”. ASC Topic 260-10 requires presentation of both basic and diluted per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents as of December 31, 2011.


g) Development Stage Company


Based on the Company's business plan, it is a development stage Company since planned principle operations have not yet commenced. Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises. As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date. The development stage began on March 31, 2011, when the Company was organized.


h) Recent Pronouncements


The Company does not expect any recent accounting pronouncements to have a material impact on the Company's financial position, operations, or cash flows.


NOTE 3 - CAPITAL STOCK


Preferred Stock. The Company has authorized 75,000,000 shares of preferred stock with a par value of $.0001 per share. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. The Company has not issued any preferred shares as of December 31, 2011.


Common Stock. The Company has authorized 425,000,000 shares of common stock with a par value of $.0001 per share. As of December 31, 2011, there were 112,500,000 shares issued and outstanding that were sold on March 31, 2011 for $3,750 to the Company’s founder.




F-7



NOTE 4 - INCOME TAXES


The Company is subject to income taxes in the United States of America. As of December 31, 2011, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $3,800. Section 382 of the Internal Code allows post-change corporations to use pre-change net operating losses, but limit the amount of losses that may be used annually to a percentage of the entity value of the corporation at the date of the ownership change. The applicable percentage is the federal long-term tax-exempt rate for the month during which the change in ownership occurs. As of December 31, 2011, the Company had an estimated deferred tax asset from its net operating losses of $1,300, of which 100% has been fully reserved.


NOTE 5 – SUBSEQUENT EVENTS


On June 5, 2012, Michael Burns entered into a stock purchase agreement (the “Agreement”) with Portus Inc., a Nevada corporation, whereby Portus acquired all of the Company’s issued and outstanding shares of common stock. In connection with this transaction, Mr. Burns tendered his resignation and Mr. George Dale Murray, II was appointed the Company’s sole officer and director.


On June 12, 2012 the Company approved a 3:1 forward split of the Company’s common stock. As a result of the foregoing the number of issued and outstanding shares of common stock increased from 37,500,000 to 112,500,000. All share and per share amounts have been restated to reflect this event from the first day of the first period presented.






F-8


EX-31.1 2 port_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1


Certification of Principal Executive Officer

Pursuant to Section 302 of Sarbanes-Oxley Act

 

I, George Dale Murray, II, certify that:

 

1. I have reviewed this Form 10-K of Portus Holdings Inc. for the year ended December 31, 2011;

 

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of 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.

 

/s/George Dale Murray, II   

Date: September 11, 2012

George Dale Murray, II

Chief Executive Officer



EX-31.2 3 port_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2


Certification of Principal Financial Officer

Pursuant to Section 302 of Sarbanes-Oxley Act

 

I, George Dale Murray, II, certify that: 


1. I have reviewed this Form 10-K of Portus Holdings Inc. for the year ended December 31, 2011;

 

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of 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.

 

/s/George Dale Murray, II   

Date: September 11, 2012

George Dale Murray, II

Chief Financial Officer



EX-32.1 4 port_ex32z1.htm CERTIFICATION Certification

Exhibit 32.1

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Annual Report of Portus Holdings Inc,, a Nevada corporation (the "Company") on Form 10-k for the year ending December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), George Dale Murray, II., Chief Executive Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Portus Holdings Inc. and will be retained by Portus Holdings Inc. furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ George Dale Murray, II

 

George Dale Murray, II

Chief Executive Officer



September 11, 2012

 

 



EX-32.2 5 port_ex32z2.htm CERTIFICATION Certification

Exhibit 32.2

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Annual Report of Portus Holdings Inc., , a Nevada corporation (the "Company") on Form 10-k for the year ending December 31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), George Dale Murray, Chief Financial Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Portus Holdings Inc. and will be retained by Portus Holdings Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

/s/ George Dale Murray, II

 

George Dale Murray, II

Chief Financial Officer



September 11, 2012

 




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In connection with this transaction, Mr. Burns tendered his resignation and Mr. George Dale Murray, II was appointed the Company&#146;s sole officer and director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3pc">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 12, 2012 the Company approved a 3:1 forward split of the Company&#146;s common stock. As a result of the foregoing the number of issued and outstanding shares of common stock increased from 37,500,000 to 112,500,000. 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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? 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MUE4#5N4%```Z'P``$P`8```````!````I($X1P``<&]R='5S+3(P,3$Q,C,Q M+GAS9%54!0`#-ZI04'5X"P`!!"4.```$.0$``%!+!08`````!@`&`"8"``!J %30`````` ` end XML 14 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
CAPITAL STOCK
12 Months Ended
Dec. 31, 2011
Equity [Abstract]  
CAPITAL STOCK

NOTE 3 - CAPITAL STOCK

 

Preferred Stock. The Company has authorized 75,000,000 shares of preferred stock with a par value of $.0001 per share. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. The Company has not issued any preferred shares as of December 31, 2011.

 

Common Stock. The Company has authorized 425,000,000 shares of common stock with a par value of $.0001 per share. As of December 31, 2011, there were 112,500,000 shares issued and outstanding that were sold on March 31, 2011 for $3,750 to the Company’s founder.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2011
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) Basis of Presentation and Going Concern

 

The financial statements have been prepared according to GAAP. The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has no business operations and has negative working capital and minimal stockholders’ equity. These conditions raise substantial doubt about the ability of the Company to continue as a going concern.

 

In view of these matters, continuation as a going concern is dependent upon the continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.

 

The Company plans to improve its financial condition through additional sales of common stock. However, there is no assurance that the Company will be successful in accomplishing this objective. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

b) Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

 

c) Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

d) Fair Value of Financial Instruments

 

ASC Topic 820-10 requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2011.

 

The respective carrying value of certain on-balance-sheet financial instruments approximates their fair values. These financial instruments include cash, stock subscriptions receivable, and accounts payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value, or they are receivable or payable on demand.

 

e) Income Taxes

 

The Company follows FASB Codification Topic 740-10-25 (ASC 740-10-25) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.

 

Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.

 

f) Basic and Diluted Net Loss per Share

 

The Company computes net loss per share in accordance with ASC Topic 260-10, “Earnings per Share”. ASC Topic 260-10 requires presentation of both basic and diluted per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive shares if their effect is anti-dilutive. The Company had no dilutive common stock equivalents as of December 31, 2011.

 

g) Development Stage Company

 

Based on the Company's business plan, it is a development stage Company since planned principle operations have not yet commenced. Accordingly, the Company presents its financial statements in conformity with the accounting principles generally accepted in the United States of America that apply to developing enterprises. As a development stage enterprise, the Company discloses its retained earnings (or deficit accumulated) during the development stage and the cumulative statements of operations and cash flows from commencement of development stage to the current balance sheet date. The development stage began on March 31, 2011, when the Company was organized.

 

h) Recent Pronouncements

 

The Company does not expect any recent accounting pronouncements to have a material impact on the Company's financial position, operations, or cash flows.

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
Dec. 31, 2011
Mar. 31, 2011
ASSETS    
Cash    $ 3,750
TOTAL ASSETS 0 3,750
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts Payable 85 3,750
TOTAL CURRENT LIABILITIES 85 3,750
Commitments and contingencies      
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares, Issued and outstanding: None      
Common stock, $0.0001 par value, authorized: 425,000,000 shares, Issued and outstanding: 112,500,000 shares issued and outstanding 11,250 11,250
Additional Paid in Capital (7,500) (7,500)
Deficit accumulated during the development stage (3,835) (3,750)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (85)   
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 0 $ 3,750
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (USD $)
0 Months Ended 9 Months Ended
Mar. 31, 2011
Dec. 31, 2011
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (Loss) $ (3,750) $ (85) $ (3,835)
Adjustments to reconcile net loss to net cash used in operating activities:      
Increase / Decrease in accounts payable 3,750 (3,665) 85
NET CASH USED IN OPERATING ACTIVITIES    (3,750) (3,750)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from sale of common stock 3,750    3,750
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,750    3,750
INCREASE (DECREASE) IN CASH 3,750 (3,750)   
CASH, BEGINNING OF PERIOD    3,750   
CASH, END OF PERIOD 3,750      
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest paid         
Income taxes paid         
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XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND BUSINESS OPERATIONS
12 Months Ended
Dec. 31, 2011
Accounting Policies [Abstract]  
ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 – ORGANIZATION AND BUSINESS OPERATIONS

 

PORTUS HOLDINGS, INC. (the “Company”) was incorporated in the State of Nevada on March 31, 2011 as Solido Ventures, Inc. and changed its name to Portus Holdings, Inc. on June 14, 2012. The Company is a Development Stage Company as defined by ASC 915-10. The Company is a “blank check” company that intends to seek a merger or acquisition with an operating company. During 2012, the Company changed its fiscal year end to December 31 from March 31.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2011
Mar. 31, 2011
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 0.0001 $ 0.0001
Preferred stock, shares authorized 75,000,000 75,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value per share $ 0.0001 $ 0.0001
Common stock, shares authorized 425,000,000 425,000,000
Common stock, shares issued 112,500,000 112,500,000
Common stock, shares outstanding 112,500,000 112,500,000
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2011
Jun. 30, 2012
Sep. 30, 2011
Document And Entity Information      
Entity Registrant Name Portus Holdings Inc.    
Entity Central Index Key 0001517391    
Document Type 10-K    
Document Period End Date Dec. 31, 2011    
Amendment Flag true    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? No    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 0
Entity Common Stock, Shares Outstanding 37,500,000 112,500,000  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2011    
Amendment Description Amendment No. 3    
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (USD $)
0 Months Ended 9 Months Ended
Mar. 31, 2011
Dec. 31, 2011
Dec. 31, 2011
Income Statement [Abstract]      
REVENUE         
EXPENSES      
Finance & Accounting 3,000    3,000
Incorporation Expenses 750    750
Bank Charges    85 85
Total Expenses 3,750 85 3,835
NET (LOSS) $ (3,750) $ (85) $ (3,835)
NET LOSS PER SHARE      
Basic and diluted $ 0.00 $ 0.00   
WEIGHTED AVERAGE NUMBER OF SHARES      
Basic and diluted 112,500,000 112,500,000   
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 5 – SUBSEQUENT EVENTS

 

On June 5, 2012, Michael Burns entered into a stock purchase agreement (the “Agreement”) with Portus Inc., a Nevada corporation, whereby Portus acquired all of the Company’s issued and outstanding shares of common stock. In connection with this transaction, Mr. Burns tendered his resignation and Mr. George Dale Murray, II was appointed the Company’s sole officer and director.

 

On June 12, 2012 the Company approved a 3:1 forward split of the Company’s common stock. As a result of the foregoing the number of issued and outstanding shares of common stock increased from 37,500,000 to 112,500,000. All share and per share amounts have been restated to reflect this event from the first day of the first period presented.

XML 25 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $)
Common Stock
Additional Paid-In Capital
Deficit Accumulated During the Development Stage
Total
Beginning Balance, amount at Mar. 28, 2011            
Beginning Balance, shares at Mar. 28, 2011         
Shares issued for cash, shares 112,500,000      
Shares issued for cash, amount 11,250 (7,500)    3,750
Net Loss     (3,750) (3,750)
Ending Balance, amount at Mar. 31, 2011 11,250 (7,500) (3,750)   
Ending Balance, shares at Mar. 31, 2011 112,500,000     112,500,000
Net Loss     (85) (85)
Ending Balance, amount at Dec. 31, 2011 $ 11,250 $ (7,500) $ (3,835) $ (85)
Ending Balance, shares at Dec. 31, 2011 112,500,000     112,500,000
XML 26 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 4 - INCOME TAXES

 

The Company is subject to income taxes in the United States of America. As of December 31, 2011, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $3,800. Section 382 of the Internal Code allows post-change corporations to use pre-change net operating losses, but limit the amount of losses that may be used annually to a percentage of the entity value of the corporation at the date of the ownership change. The applicable percentage is the federal long-term tax-exempt rate for the month during which the change in ownership occurs. As of December 31, 2011, the Company had an estimated deferred tax asset from its net operating losses of $1,300, of which 100% has been fully reserved.

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