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Organization, Description of Business, and Basis of Accounting
6 Months Ended
Jun. 30, 2016
Organization, Description of Business, and Basis of Accounting [Abstract]  
Organization, Description of Business, and Basis of Accounting

Note 1 - Organization, Description of Business, and Basis of Accounting

 

Business Organization

Source Financial, Inc. (dba Venture Track, Inc.) is a development stage company and was originally incorporated in the state of Delaware in February 2014 as Songstress, Inc. The Company changed its name in May 2015 to Scoocher, Inc. and then to Venture Track, Inc. in February 2016. 

 

On June 30, 2016, the Company entered into a Share Exchange Agreement by and among the Company, Venture Track, Inc. and the shareholders of Venture Track. Pursuant to the Share Exchange Agreement, the Company agreed to exchange the outstanding common stock of Venture Track held by the Venture Track Shareholders for 3,089,360 shares of common stock and 4,500 shares of Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock”), of the Company. The 4,500 shares of Series C Preferred Stock are convertible into 6,893,100 shares of the Company’s common stock, at the rate of 1,531.80 per share. The share exchange is accounted for as a reverse merger with Venture Track being the accounting acquirer as it retained control of Source Financial, Inc. after the exchange. Although Source Financial is the legal parent company, the share exchange was treated as a recapitalization of Source Financial. As a result of the Share Exchange Agreement, Venture Track becomes a wholly owned subsidiary of the Company.

Basis of Presentation

The accompanying unaudited consolidated interim financial statements have been filed in the 8-K and prepared in accordance with United States generally accepted accounting principles for interim financial information. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2015. These interim unaudited consolidated financial statements should be read in conjunction with those consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 2016, are not necessarily indicative of the results that may be expected for the year ended December 31, 2016.