Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | '4th Grade Films Inc. | ' |
Entity Central Index Key | '0001400683 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
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 | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current Assets | ' | ' |
Cash | $1,141 | $1,091 |
Accounts Receivable | 91 | 0 |
Total current assets | 1,232 | 1,091 |
Total Assets | 1,232 | 1,091 |
Current Liabilities | ' | ' |
Accrued Liabilities - related party | 25,511 | 22,701 |
Accounts Payable | 7,455 | 0 |
Income Taxes Payable | 100 | 100 |
Total Current Liabilities | 33,066 | 22,801 |
Long Term Liabilities | ' | ' |
Note Payable - Shareholder | 91,869 | 89,118 |
Total Long Term Liabilities | 91,869 | 89,118 |
Total Liabilities | 124,935 | 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 | -270,915 | -258,040 |
Total Stockholders' Deficit | -123,703 | -110,828 |
Total Liabilities and Stockholders' Deficit | $1,232 | $1,091 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | 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 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 77 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $141 | $0 | $1,372 |
Revenues - Related Party | 0 | 0 | 2,000 |
Total Revenues | 141 | 0 | 3,372 |
Cost of Revenues | 0 | 0 | 1,231 |
Gross Profit | 141 | 0 | 2,141 |
Operating Expenses | ' | ' | ' |
Professional Expenses | 10,540 | 9,025 | 117,538 |
SG&A | 225 | 235 | 32,809 |
Impairment of unamortized film - development costs | 0 | 0 | 98,917 |
Total Operating Expenses | 10,765 | 9,260 | 249,264 |
Net Loss from Operations | -10,624 | -9,260 | -247,123 |
Interest Expense - Related Party | -2,251 | -1,734 | -23,092 |
Net Loss Before Income Taxes | -12,875 | -10,994 | -270,215 |
Provision for Income Taxes | 0 | 0 | 700 |
Net Loss | ($12,875) | ($10,994) | ($270,915) |
Loss Per Share - Basic and Diluted | ($0.01) | ($0.01) | ($0.13) |
Basic and Diluted Weighted Average Shares Outstanding | 2,345,000 | 2,345,000 | 2,060,247 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 77 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net Loss | ($12,875) | ($10,994) | ($270,915) |
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 | 0 | 98,917 |
Additions to Capitalized Film Costs | 0 | 0 | -100,149 |
Amortization of Film Costs | 0 | 0 | 1,231 |
(Increase)/Decrease in Accounts Receivable | -91 | 9 | -91 |
Increase/(Decrease) in Accounts Payable | 7,455 | 7,525 | 7,455 |
Increase/(Decrease) in Accrued Liabilities - related party | 2,810 | 1,225 | 25,511 |
Increase/(Decrease) in Income Taxes Payable | 0 | 0 | 100 |
Accrued Interest included in Notes Payable Balance | 2,251 | 1,734 | 23,092 |
Net Cash Used in Operating Activities | -450 | -501 | -209,637 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from Loan from Shareholder | 500 | 500 | 88,778 |
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 | 500 | 500 | 210,778 |
Net Increase (Decrease) in cash | 50 | -1 | 1,141 |
Beginning Cash Balance | 1,091 | 3 | 0 |
Ending Cash Balance | 1,141 | 2 | 1,141 |
Supplemental Schedule of Cash Flow Activities | ' | ' | ' |
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income taxes | 0 | 0 | 700 |
Common Stock Issued in Exchange for Payment of Expenses | $0 | $0 | $5,212 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
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 September 30, 2013, are not necessarily indicative of the operating results for the full year. |
Liquidity_Going_Concern
Liquidity / Going Concern | 3 Months Ended |
Sep. 30, 2013 | |
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 $12,875 for the three months ended September 30, 2013. 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. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Revenue_Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2013 | |
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. |
Director_Compensation_Expenses
Director Compensation Expenses / Related Party Transactions | 3 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Director Compensation Expenses / Related Party Transactions | ' |
NOTE 4 DIRECTOR COMPENSATION EXPENSES / RELATED PARTY TRANSACTIONS | |
As of September 30, 2013, James Doolin, a shareholder of the Company and a former officer and director, loaned the Company an aggregate of $52,587 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, 2014. As of September 30, 2013, the outstanding balance owed to the shareholder was $71,908 including accrued interest. For the three months ended September 30, 2013 the Company accrued interest of $1,760 on the line. | |
As of September 30, 2013, Michael Doolin, a shareholder of the Company, loaned the Company an aggregate of $16,191 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, 2014. As of September 30, 2013, the outstanding balance owed to the shareholder was $19,961, including accrued interest. For the three months ended September 30, 2013 the Company has accrued interest of $491 on the line. | |
As of September 30, 2013, 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 September 30, 2013, the Company has accrued $9,400 related to these arrangements. | |
During the quarter ended September 30, 2013 legal services were provided by a shareholder. The total expense incurred for these services was $1,585 for the quarter ending September 30, 2013. As of September 30, 2013, the outstanding amounts payable to the shareholder was $16,111. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2013 | |
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) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
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 September 30, 2013, are not necessarily indicative of the operating results for the full year. |
Liquidity_Going_Concern_Detail
Liquidity / Going Concern (Details Narrative) (USD $) | 3 Months Ended | 77 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Liquidity | ' | ' | ' |
Net loss before income taxes | $12,875 | $10,994 | $270,215 |
Director_Compensation_Expenses1
Director Compensation Expenses / Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Related Party Transaction [Line Items] | ' |
Controlling interest by one family | 77.90% |
Rental expenses to shareholder, per month | $75 |
James Doolin | ' |
Related Party Transaction [Line Items] | ' |
Line of credit, available funds | 100,000 |
Proceeds from shareholder, unsecured line of credit | 52,587 |
Shareholder loan interest rate, per annum | 10.00% |
Shareholder loan, maturity date | 31-Dec-14 |
Shareholder loan, balance | 71,908 |
Accrued interest on loan payable to shareholder | 1,760 |
Related party, professional services | 'The Company pays James Doolin a fee of $500 per Form 10-Q and $1,000 per Form 10-K to prepare the Company's filings. |
Related party, professional services, accrued unpaid fees | 9,400 |
Michael Doolin | ' |
Related Party Transaction [Line Items] | ' |
Line of credit, available funds | 50,000 |
Proceeds from shareholder, unsecured line of credit | 16,191 |
Shareholder loan interest rate, per annum | 10.00% |
Shareholder loan, maturity date | 31-Dec-14 |
Shareholder loan, balance | 19,961 |
Accrued interest on loan payable to shareholder | 491 |
Shareholder | ' |
Related Party Transaction [Line Items] | ' |
Shareholder loan, balance | 16,111 |
Shareholder legal services provided | $1,585 |