Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | '4th Grade Films Inc | ' |
Entity Central Index Key | '0001400683 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,345,000 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current Assets | ' | ' |
Cash | $33 | $1,091 |
Total current assets | 33 | 1,091 |
Total Assets | 33 | 1,091 |
Current Liabilities | ' | ' |
Accrued Liabilities - related party | 26,961 | 22,701 |
Unearned Revenue | 1,500 | 0 |
Income Taxes Payable | 0 | 100 |
Total Current Liabilities | 28,461 | 22,801 |
Long Term Liabilities | ' | ' |
Note Payable - Shareholder | 106,072 | 89,118 |
Total Long Term Liabilities | 106,072 | 89,118 |
Total Liabilities | 134,533 | 111,919 |
Stockholders' Deficit | ' | ' |
Preferred Stock | 0 | 0 |
Common Stock | 23,450 | 23,450 |
Additional Paid-in Capital | 123,762 | 123,762 |
Deficit Accumulated during the development stage | -281,712 | -258,040 |
Total Stockholders' Deficit | -134,500 | -110,828 |
Total Liabilities and Stockholders' Deficit | $33 | $1,091 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, Series A Convertible, par value per share | $0.01 | $0.01 |
Preferred Stock, Series A Convertible, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Series A Convertible, shares issued | 0 | 0 |
Preferred Stock, Series A Convertible, shares outstanding | 0 | 0 |
Common Stock, par value per share | $0.01 | $0.01 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 2,345,000 | 2,345,000 |
Common Stock, shares outstanding | 2,345,000 | 2,345,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 83 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenues | $0 | $97 | $141 | $97 | $1,372 |
Revenues, Related Party | 0 | 0 | 0 | 0 | 2,000 |
Total Revenues | 0 | 97 | 141 | 97 | 3,372 |
Cost of Revenues | 0 | 97 | 0 | 97 | 1,231 |
Gross Profit | 0 | 0 | 141 | 0 | 2,141 |
Operating Expenses | ' | ' | ' | ' | ' |
Professional Expenses | 2,400 | 2,375 | 15,715 | 13,828 | 122,713 |
SG&A | 228 | 232 | 869 | 718 | 33,453 |
Impairment of film, development costs | 0 | 12,200 | 0 | 12,200 | 98,917 |
Total Operating Expenses | 2,628 | 14,807 | 16,584 | 26,746 | 255,083 |
Net Loss from Operations | -2,628 | -14,807 | -16,443 | -26,746 | -252,942 |
Interest Expense, Related Party | -2,542 | -2,030 | -7,229 | -5,716 | -28,070 |
Net Loss Before Income Taxes | -5,170 | -16,837 | -23,672 | -32,462 | -281,012 |
Provision for Income Taxes | 0 | 0 | 0 | 0 | -700 |
Net Loss | ($5,170) | ($16,837) | ($23,672) | ($32,462) | ($281,712) |
Loss Per Share - Basic and Diluted | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.14) |
Basic and Diluted Weighted Average Shares Outstanding | 2,345,000 | 2,345,000 | 2,345,000 | 2,345,000 | 2,080,731 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 83 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net Loss | ($23,672) | ($32,462) | ($281,712) |
Adjustments to reconcile net loss to net cash Provided by/(Used in) Operating Activities | ' | ' | ' |
Issued Common Stock in Exchange for Payment of Expenses | 0 | 0 | 5,212 |
Impairment of Capitalized Film Development Costs | 0 | 12,200 | 98,917 |
Additions to Capitalized Film Costs | 0 | 0 | -100,149 |
Amortization of Film Costs | 0 | 97 | 1,231 |
(Increase)/Decrease in Accounts Receivable | 0 | -88 | 0 |
Increase/(Decrease) in Accounts Payable | 0 | 1 | 0 |
Increase/(Decrease) in Unearned Revenue | 1,500 | 0 | 1,500 |
Increase/(Decrease) in Accrued Liabilities, related party | 4,260 | 2,675 | 26,961 |
Increase/(Decrease) in Income Taxes Payable | -100 | -100 | 0 |
Accrued Interest included in Notes Payable Balance | 7,229 | 5,716 | 28,070 |
Net Cash Used in Operating Activities | -10,783 | -11,961 | -219,970 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from Loan from Shareholder | 9,725 | 11,958 | 98,003 |
Payments on Loan from Shareholder | 0 | 0 | -20,000 |
Issued Common Stock for Cash | 0 | 0 | 52,000 |
Issued Preferred Stock for Cash | 0 | 0 | 90,000 |
Net Cash from Financing Activities | 9,725 | 11,958 | 220,003 |
Net Increase (Decrease) in cash | -1,058 | -3 | 33 |
Beginning Cash Balance | 1,091 | 3 | 0 |
Ending Cash Balance | 33 | 0 | 33 |
Supplemental Schedule of Cash Flow Activities | ' | ' | ' |
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income taxes | 100 | 100 | 700 |
Common Stock Issued in Exchange for Payment of Expenses | $0 | $0 | $5,212 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
NOTE 1 BASIS OF PRESENTATION | |
The accompanying financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. The results of operations for the period ended March 31, 2014, are not necessarily indicative of the operating results for the full year. |
Liquidity_Going_Concern
Liquidity / Going Concern | 9 Months Ended |
Mar. 31, 2014 | |
Liquidity Going Concern | ' |
Liquidity / Going Concern | ' |
NOTE 2 LIQUIDITY/GOING CONCERN | |
The Company has accumulated losses since inception, has minimal assets, and has a net loss of $5,170 for the three months ended March 31, 2014. Because the Company has accumulated losses since inception, has minimal liquid current assets, and has limited sales activity there is substantial doubt about the Company's ability to continue as a going concern. Management plans include continuing to develop, finance, produce, market and distribute films within the independent film community and provide filming related services. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Revenue_Recognition
Revenue Recognition | 9 Months Ended |
Mar. 31, 2014 | |
Revenue Recognition [Abstract] | ' |
Revenue Recognition | ' |
NOTE 3 REVENUE RECOGNITION | |
The Company recognizes revenue from the distribution of its films when earned and reported to it by its distributor, Vanguard International Cinema. The Company recognizes revenues derived from its feature films net of reserves for returns, rebates and other incentives after the distributor has retained a distribution fee as a percentage of revenue. | |
Because a third party is the principal distributor of the Company’s films, the amount of revenue that is recognized from films in any given period is dependent on the timing, accuracy and sufficiency of the information received from the distributor. As is typical in the film industry, the distributor may make adjustments in future periods to information previously provided to the Company that could have a material impact on the Company’s operating results in later periods. Furthermore, management may, in its judgment, make material adjustments in future periods to the information reported by the distributor to ensure that revenues are accurately reflected in the Company’s financial statements. To date, the distributor has not made subsequent, nor has the Company made, material adjustments to information provided by the distributor and used in the preparation of the Company’s historical financial statements. | |
For production services, the Company recognizes revenue when services have been rendered and accepted by the customer, price is fixed or determinable, evidence of an arrangement exists, and collection is reasonably assured. As of March 31, 2014, the Company had unearned revenues of $1,500. |
Director_Compensation_Expenses
Director Compensation Expenses / Related Party Transactions | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Director Compensation Expenses / Related Party Transactions | ' |
NOTE 4 DIRECTOR COMPENSATION EXPENSES / RELATED PARTY TRANSACTIONS | |
As of March 31, 2014, James Doolin, a shareholder of the Company and a former officer and director, loaned the Company an aggregate of $54,782 on an unsecured line of credit. The total funding available to the Company under the line of credit is $100,000. The line accrues interest at 10% per annum and matures on December 31, 2016. As of March 31, 2014, the outstanding balance owed to the shareholder was $77,804 including accrued interest. For the three months ended March 31, 2014 the Company accrued interest of $1,862 on the line. | |
As of March 31, 2014, Michael Doolin, a shareholder of the Company, loaned the Company an aggregate of $23,221 on an unsecured line of credit. The total funding available to the Company under the line of credit is $50,000. The line accrues interest at 10% per annum and matures on December 31, 2016. As of March 31, 2014, the outstanding balance owed to the shareholder was $28,268, including accrued interest. For the three months ended March 31, 2014 the Company has accrued interest of $680 on the line. | |
As of March 31, 2014, approximately 77.9% of the Company's issued and outstanding common stock is controlled by one family giving them effective power to control the vote on substantially all significant matters without the approval of other stockholders. | |
The Company rents office space from a shareholder of the Company at a cost of $75 per month. The Company also pays James Doolin a fee of $500 per Form 10-Q and $1,000 per Form 10-K to prepare the Company’s EDGAR filings. As of March 31, 2014, the Company has accrued $10,850 related to these arrangements. | |
As of March 31, 2014, the Company had an accrued liability owed to a shareholder of $16,111 for legal services provided in prior periods. No services were provided for the quarter ending March 31, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 5 RECENT ACCOUNTING PRONOUNCEMENTS | |
The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
The accompanying financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. The results of operations for the period ended March 31, 2014, are not necessarily indicative of the operating results for the full year. | |
Revenue Recognition | ' |
The Company recognizes revenue from the distribution of its films when earned and reported to it by its distributor, Vanguard International Cinema. The Company recognizes revenues derived from its feature films net of reserves for returns, rebates and other incentives after the distributor has retained a distribution fee as a percentage of revenue. | |
For production services, the Company recognizes revenue when services have been rendered and accepted by the customer, price is fixed or determinable, evidence of an arrangement exists, and collection is reasonably assured. |
Liquidity_Going_Concern_Detail
Liquidity / Going Concern (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 83 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Liquidity | ' | ' | ' | ' | ' |
Net Loss | $5,170 | $16,837 | $23,672 | $32,462 | $281,712 |
Revenue_Recognition_Details_Na
Revenue Recognition (Details Narrative) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Revenue Recognition [Abstract] | ' | ' |
Unearned Revenue | $1,500 | $0 |
Director_Compensation_Expenses1
Director Compensation Expenses / Related Party Transactions (Details Narrative) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ' |
Controlling interest by one family | 77.90% |
Rental expenses to shareholder, per month | $75 |
Related party, professional services, accrued unpaid fees | 10,850 |
James Doolin | ' |
Related Party Transaction [Line Items] | ' |
Line of credit, available funds | 100,000 |
Proceeds from shareholder, unsecured line of credit | 54,782 |
Shareholder loan interest rate, per annum | 10.00% |
Shareholder loan, maturity date | 31-Dec-16 |
Shareholder loan, balance | 77,804 |
Accrued interest on loan payable to shareholder | 1,862 |
Related party, professional services | 'The Company pays a fee of $500 per Form 10-Q and $1,000 per Form 10-K to prepare the Company's filings. |
Michael Doolin | ' |
Related Party Transaction [Line Items] | ' |
Line of credit, available funds | 50,000 |
Proceeds from shareholder, unsecured line of credit | 23,221 |
Shareholder loan interest rate, per annum | 10.00% |
Shareholder loan, maturity date | 31-Dec-16 |
Shareholder loan, balance | 28,268 |
Accrued interest on loan payable to shareholder | 680 |
Shareholder | ' |
Related Party Transaction [Line Items] | ' |
Shareholder loan, balance | $16,111 |