Annual report pursuant to section 13 and 15(d)

Organization And Description Of Business

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Organization And Description Of Business
12 Months Ended
Oct. 31, 2011
Notes to Financial Statements  
Organization And Description Of Business

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
 
a)  Organization
 
American Strategic Minerals Corporation (“the Company”), formerly Verve Ventures, Inc., was incorporated under the laws of the State of Nevada on February 23, 2010.  The Company is in the development stage as defined under Statement on Financial Accounting Standards Codification FASB ASC 915-205"Development-Stage Entities” and it intends to provide waste removal and disposal services to corporate and individual clients in the United Kingdom. The Company’s services will be focused on a client base that is willing to pay a premium to assure both social and environmental concerns addressed in all aspects of waste collection and disposal. The Company intends to operate a fleet of vehicles and a sorting/storage facilities both of which will begin small and scalable.
 
The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise.  For the period from inception, February 23, 2010 through October 31, 2011, the Company has accumulated losses of $32,900.
 
On December 7, 2011, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of the State of Nevada in order to change its name to “American Strategic Minerals Corporation” from “Verve Ventures, Inc.”, and change the Company’s authorized capital to 200,000,000 shares of common stock from 75,000,000 shares, change the par value to $0.0001 per share from $.001 per share, and authorized new 50,000,000 shares of preferred stock, par value $0.0001 per share.
 
b) Going Concern
 
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $32,900 as of October 31, 2011, negative cash flows from operating activities and net loss of $34,273 and $30,928, respectively, for the fiscal year ended October 31, 2011.  The Company anticipates further losses in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. Management intends to finance operating costs over the next twelve months with loans from directors and or private placement of common stock.