Earn-A-Car Inc.

CIK:0001486297|SEC Filings

STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended		9 Months Ended
STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Revenues
Vehicle rentals	$ 869,844	$ 472,412	$ 2,502,305	$ 2,225,774
Other	44,916	2,076	127,252	5,464
Total Revenues	914,760	474,488	2,629,557	2,231,238
Operating Expenses
Direct vehicle and operating	264,270	141,798	764,278	837,306
Vehicle depreciation and lease charges	222,285	284,613	632,346	665,290
Selling, general and administrative	274,714	142,857	836,181	355,374
Interest expense	121,742	85,411	347,040	185,847
Total Operating Expenses	883,011	654,679	2,579,845	2,043,817
Operating Income (Loss)	31,749	(180,191)	49,712	187,421
Other Income (Expense)
Interest income	1,197	2,380	5,080	21,268
Gain on asset disposal	(26,583)	(6,056)	(69,234)	(5,209)
Net Income (Loss) Before Provision for Income Taxes	6,363	(183,867)	(14,442)	203,480
Provision for Income Taxes	0	0	0	0
Net Income (Loss)	$ 6,363	$ (183,867)	$ (14,442)	$ 203,480
Earnings (Loss) per Share	$ 0.00	$ 0.00	$ 0.000	$ 0.002
Weighted Average Common Shares Outstanding	112,250,000	112,250,000	112,250,000	112,250,000

STATEMENTS OF CASH FLOWS (unaudited) (USD $)	9 Months Ended
STATEMENTS OF CASH FLOWS (unaudited) (USD $)	Nov. 30, 2013	Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period	$ (14,442)	$ 203,480
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	632,346	665,290
Net gains (losses) from disposition of revenue-earning vehicles	69,234	5,209
Change in Assets and Liabilities:
(Increase) decrease in receivables	(66,173)	(491,812)
(Increase) decrease in deferred costs	(52,947)	(126,851)
Increase (decrease) in accounts payables	(90,935)	36,879
Increase (decrease) in accrued expenses	(15,599)	(34,647)
Increase (decrease) in deferred income	(29,919)	539,787
Net Cash Provided by Operating Activities	431,565	797,335
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases	(916,780)	(2,137,593)
Proceeds from sales	0	40,695
Property, equipment and software Purchases	(7,439)	(13,126)
Proceeds from sales.	0	0
(Increase) decrease in loans extended	625	(2,720)
Net Cash Used by Investing Activities	(923,594)	(2,112,744)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from (Payments on) leases payable (net)	1,140,662	(119,675)
Proceeds from (Payments on) loans payable (net)	(1,126,633)	2,193,438
Proceeds from (Payments on) shareholder loans (net)	0	(1,000)
Net Cash Provided (Used) by Financing Activities	14,029	2,072,763
Exchange rate effect on cash and cash equivalents	(69,736)	(137,606)
Net Increase in Cash and Cash Equivalents	(547,736)	619,749
Cash, beginning of period	682,096	171,354
Cash, end of period	134,360	791,103
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	347,040	185,847
Cash paid for income taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (unaudited) (USD $)	Nov. 30, 2013	Feb. 28, 2013
Current Assets
Cash and cash equivalents	$ 134,360	$ 682,096
Receivables, net	484,880	418,707
Total Current Assets	619,240	1,100,803
Property and equipment, net	32,397	24,958
Revenue-earning vehicles, net	5,073,745	4,858,545
Other Assets
Loan receivable	6,412	7,037
Deferred Costs	120,231	67,283
Total Other Assets	126,643	74,320
TOTAL ASSETS	5,852,025	6,058,626
Current Liabilities
Accounts payable	420,059	510,994
Accrued expenses	35,555	51,154
Deferred Income	539,959	569,876
Current portion of leases payable	902,342	714,948
Current portion of loans payable	817,723	731,271
Total Current Liabilities	2,715,638	2,578,243
Long-term Debt
Loans from shareholders	0	0
Leases payable	1,588,152	634,885
Loans payable	818,556	2,031,641
Total Long-term Debt	2,406,708	2,666,526
Total Liabilities	5,122,346	5,244,769
Stockholders' Equity
Common stock, $0.0000001 par value, 250,000,000 shares authorized, 112,250,000 shares issued and outstanding	11	11
Additional paid in capital	5,423	5,423
Accumulated other comprehensive (loss)	(284,431)	(214,695)
Retained earnings	1,008,676	1,023,118
Total Stockholders' Equity	729,679	813,857
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 5,852,025	$ 6,058,626