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EXCEL - IDEA: XBRL DOCUMENT - ON THE MOVE SYSTEMS CORP.Financial_Report.xls
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10-Q/A - FORM 10-Q AMENDMENT NO. 1 FOR 08-31-2012 - ON THE MOVE SYSTEMS CORP.form_10-q.htm
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Background Information
6 Months Ended
Aug. 31, 2012
Background Information [Abstract]  
Background Information

1. Background Information

 

On The Move Systems Corp., a Florida corporation ("we", "us", "our", "OMVS", or the "Company"), was formed to provide mobile electronic services to automobile, recreational vehicle and boat dealerships, government agencies as well as individual consumers. The Company installs its inventoried after market electronic products desired by the customer at their location. The Company was incorporated on March 25, 2010 (Date of Inception) with its corporate headquarters located in Tampa, Florida. Its fiscal year-end is February 28.

 

On March 25, 2011, Crawford Mobile Installation Corp. ("CMIC"), a wholly owned subsidiary of the Company acquired all of the assets and assumed certain liabilities of Crawford Mobile Install ("CMI"). The assets of CMI included cash, inventory, a vehicle and installation equipment. On the date of the acquisition, a material relationship existed between the parties, because John Crawford was the sole officer and director of both the Company and CMIC as well as being the sole proprietor of CMI. The purchase price for the assets and liabilities of CMI was $100,000.

 

On March 22, 2012, we signed a letter of intent to investigate new strategic opportunities with Kelley Emergency Alert Systems, LLC ("KEAS"). KEAS owns the license to a cutting-edge alert system designed to improve driver response time to approaching emergency vehicles. Integrated with registration tags mounted on vehicle windshields, the alert visually and audibly signals drivers to take caution when emergency vehicles such as fire trucks and ambulances are nearby.

 

Interim Financial Statements

 

These financial statements are prepared on the accrual basis of accounting in conformity with GAAP and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements for the period ended February 29, 2012 and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-K on May 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended February 29, 2012, as reported in the Form 10-K filed on May 31, 2012, have been omitted.