WRIT Media (WRIT) 10-Q 12 Mar 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2017	Mar. 12, 2018
Document And Entity Information
Entity Registrant Name	Writ Media Group, Inc.
Entity Central Index Key	1,413,547
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
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		56,918,051
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Current Assets
Cash and cash equivalents	$ 262,383	$ 8,112
Advances to supplier	968,575
Prepaid expense and other current assets		615
Total current assets	1,230,958	8,727
Non-current Assets
Property and equipment, net	8,354
Intangible assets, net of accumulated amortization of $504,560 and $0, respectively	4,421,228	4,760,000
Total Assets	5,660,540	4,768,727
Current Liabilities
Accounts payable	16,000	90,972
Due to related party	730
Accrued liabilities	459,273	582,243
Convertible debts	229,175	229,175
Notes payable		7,500
Notes payable - related party		125,000
Deferred revenue	1,121,645	55,395
Total current liabilities	1,826,823	1,090,285
Total Liabilities	1,826,823	1,090,285
Shareholders' Equity
Common stock, $0.00001 par, 20,000,000,000 shares authorized, 57,043,051 and 39,857,269 shares issued and outstanding, respectively	570	398
Additional paid in capital	8,572,336	7,555,477
Accumulated deficit	(4,739,189)	(3,877,433)
Total shareholders' Equity	3,833,717	3,678,442
Total Liabilities and Shareholders' Equity	5,660,540	4,768,727
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Value
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Value
Series C Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Long Term Assets
Accumulated amortization	$ 504,560	$ 0
Shareholders' Equity
Common stock, Par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	20,000,000,000	20,000,000,000
Common stock, shares issued	57,043,051	39,857,269
Common stock, shares outstanding	57,043,051	39,857,269
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Par value	$ 0.00001	$ .00001
Preferred stock, authorized	130,000,000	130,000,000
Preferred stock, issued	2,290	2,290
Preferred stock, outstanding	2,290	2,290
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Par value	$ 0.00001	$ .00001
Preferred stock, authorized	70,000,000	70,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series C Preferred Stock [Member]
Shareholders' Equity
Preferred stock, Par value	$ 0.00001	$ .00001
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue
Transaction verification services	$ 255,046		$ 412,294
Sale of goods	1,113,750		1,113,750
Cost of Revenue
Cost of goods sold	792,425		792,425
Cost of services	135,076		263,888
Amortization of intagible assets	189,210		504,560
Gross Profit (Loss)	252,085		(34,829)
Operating Expenses
General and administrative	294,734	156,740	772,971	472,006
Total operating expenses	294,734	156,740	772,971	472,006
Loss from operations	(42,649)	(156,740)	(807,800)	(472,006)
Other income (expense)
Other income	33,500		33,500
Interest expense	(14,822)	(14,630)	(87,456)	(42,725)
Net loss	$ (23,971)	$ (171,370)	$ (861,756)	$ (514,731)
Net loss per share:
Basic and diluted	$ 0	$ (0.01)	$ (0.02)	$ (0.02)
Weighted average common shares outstanding:
Basic and diluted	55,312,103	33,347,699	52,558,185	27,677,339

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash Flows From Operating Activities
Net loss	$ (861,756)	$ (514,731)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	1,664	560
Shares issued for services	162,826	71,500
Amortization of debt discount	42,122	4,475
Amortization of intangible assets	504,560
Changes in operating assets and liabilities:
Deferred revenue	1,066,250
Prepaid expense and other current assets	615
Accounts payable	(13,472)	(59,620)
Advances to supplier	(968,575)
Accrued liabilities	238,363	296,250
Net cash provided by (used in) operating activities	172,597	(201,566)
Cash Flows From Investing Activities
Cash paid for intangible assets	(165,788)
Cash paid for property and equipment	(10,018)
Net cash used in investing activities	(175,806)
Cash Flows From Financing Activities
Cash proceeds from warrant exercise	22,500
Advances from related party	140,450	69,636
Repayment of advances from related party	(139,720)	(20,088)
Proceeds from sale of stock	336,750	110,917
Repayment on notes payable	(7,500)
Repayment on notes payable - related party	(125,000)
Borrowings from note payable	30,000	5,000
Borrowings from related party		50,000
Net cash provided by financing activities	257,480	215,465
Net increase in cash and cash equivalents	254,271	13,899
Cash and cash equivalents, beginning of period	8,112	264
Cash and cash equivalents, end of period	262,383	14,163
Supplemental disclsoure information:
Income taxes paid
Interest paid	15,941
Non-cash financing activities:
Common Shares issued for asset purchase		4,760,000
Common Shares issued for convertible debt and accrued interest		4,475
Debt discount due to beneficial conversion feature		4,475
Debt discount from relative fair value of warrants	42,122
Expenses paid directly by third party investors on behalf of Company	31,500
Expenses paid directly by third party debt holder on behalf of Company	30,000
Common Shares issued for series A convertible preferred stock	73	53
Common Shares issued for accrued compensation	361,333
Exercise of warrants offset against note payable	$ 60,000

ORGANIZATION, BUSINESS OPERATIO

ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 1 - ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	Organization and Business Operations WRIT Media Group, Inc. (“we”, “our”, “WRIT” or the “Company”) was incorporated in Delaware on March 9, 2007 to produce films, television programs and similar entertainment programs for various media formats. The Company has four wholly owned subsidiaries: Front Row Networks, Inc., Amiga Games, Inc., and Retro Infinity, Inc., and Pandora Venture Capital Corp. Front Row Networks, Inc. is a content creation company which produces, acquires and distributes live concerts in 3D for initial worldwide digital broadcast into digitally-enabled movie theaters, TV and mobile streaming providers. On August 19, 2013, the Company acquired certain software through the purchase of 100% of Amiga Games Inc. in exchange for 500,000 shares. Amiga Games Inc. became WRIT’s wholly-owned subsidiary. Amiga Games Inc. licenses classic pre-Windows computer game libraries and adapts and republishes the most popular titles for smartphones, modern game consoles, PCs, tablets, and other television streaming devices. WRIT also established a new company, Retro Infinity Inc., to publish and brand games that were not originally released for Amiga brand computers. The two companies tap into the growing “retro gaming” marketplace, building on the "Amiga", “Atari”, and “MS-DOS” brands, delivering retro-gaming titles adapted for modern devices as well as merchandise featuring brands and characters from the games. On January 22, 2014, the Company changed the name of the corporation to WRIT Media Group, Inc. On June 20, 2016, WRIT Media Group, Inc. acquired Pandora Venture Capital Corp, a Florida based company that develops digital currency, Blockchain technology, and digital currency trading software. The Company acquired Pandora Venture Capital Corp through the issuance of 14,000,000 restricted shares of its common stock to the shareholders of Pandora, in exchange for all issued and outstanding shares of Pandora, making Pandora a wholly-owned subsidiary of WRIT Media Group, Inc. On August 2, 2017, Pandora Venture Capital Corp. changed its corporate name to Skylab USA, Inc. On October 17, 2017 the Company approved a special stock dividend distribution for 1,250,000 shares of common stock of Skylab USA, Inc., its wholly-owned subsidiary, with shareholders of record date of November 14, 2017 and a distribution date of November 28, 2017. The fair value of the 1,250,000 shares at par value of $0.0001 was determined to be $125. On November 20, 2017, a temporary injunction was entered by a New York state court to prohibit the Company and its stock transfer agent from issuing the stock dividend to Company shareholders, pending a hearing on the preliminary injunction filed against the Company by Magna Equities II, LLC and Hanover Holdings I, LLC. On January 8, 2018, the New York state court entered an order which declined the preliminary injunction and dissolved the temporary injunction. Accordingly, the Company scheduled a new issue date and the subsidiary stock dividend distribution was made on January 12, 2018. Basis of presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2017 as filed with the SEC. 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 consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted. Intangible assets Intangible assets are initially measured at fair value. The intangible assets related to acquired software are amortized over its estimated useful life of three years using the straight-line method. Intangible assets subject to amortization are reviewed for impairment in accordance with FASB ASC 360. The Company determined that the intangible assets related to the acquired software are not impaired as of December 31, 2017. Fair value measurements The Company considers the carrying values of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued liabilities and debt to approximate the fair value of these accounts because of the short period of time since origination or the short period of timebetween origination of the instruments and their expected realization and related rates of interest approximate current market rates. The Company has no financial instruments at December 31, 2017 and March 31, 2017 that are required to be fair valued on a recurring basis. Earnings per share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s stock outstanding during the period. “Diluted earnings per share” reflects the potential dilution that could occur if our share-based awards, stock warrants and convertible securities were exercised or converted into common stock. The dilutive effect of our share-based awards is computed using the treasury stock method, which assumes all share-based awards are exercised and the hypothetical proceeds from exercise are used to purchase common stock at the average market price during the period. The incremental shares (difference between shares assumed to be issued versus purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. The dilutive effect of our convertible preferred stock, stock warrants, and convertible debentures is computed using the if-converted method, which assumes conversion at the beginning of the year. For the nine months ended December 31, 2017 and 2016, common stock equivalents related to share-based awards, stock warrants, and convertible securities are 231,010,321 and 156,817,545 respectively. Revenue Revenue earned by the Company is derived from three main components; transaction verification services, sale of goods, and revenue from hosting services. Revenue earned from Pelecoin processing activities (“transaction verification services”) commonly termed ‘mining’ activities, is recognized at the fair value of the crypto-currency received as consideration on the date of actual receipt. The Company generates revenue by performing computer processing activities for Pelecoin generation. The Company receives consideration for performing such transaction verification activities in the form of Pelecoins. Revenue is recorded upon the actual receipt of Pelecoins. Revenue generated from the sale of the Company’s PLCN miner hardware has two possible components; sale of the hardware directly to consumers who can take delivery of the computer hardware and use it at their own location, and a separate hosting services component if the Company provides electric power, internet service, and insurance in a commercial location. Hosting services are negotiated as a separate package with consumers and the consideration to be paid in one contract does not depend on the price or performance of the other contract, and it does not have a single performance obligation. Revenue for the sale of Pelecoin miners is recognized when the following conditions are satisfied: · Persuasive evidence of an arrangement exists · Delivery has occurred, or services have been rendered · The seller’s price to the buyer is fixed or determinable · Collectability is reasonably assured. Revenue from the sale of Pelecoin miners for the nine months ended December 31, 2017 were primarily with one customer. Hosting services revenue will be recognized when the Company satisfies its performance obligation by transferring the promised services to the customer. As of December 31, 2017, the Company has not recognized any hosting service revenue. Payments received for activities or services occurring in future fiscal periods are recorded as deferred revenue and are recognized as revenue when the goods or services have been provided. Deferred revenue as of December 31, 2017 and March 31, 2017 amounted to $1,121,645 and $55,395, respectively. Recent accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. In May 2014, the FASB issued ASU 2014-09--Revenue from Contracts with Customers (Topic 606). The guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB delayed the effective date to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In addition, in March and April 2016, the FASB issued new guidance intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. Both amendments permit the use of either a retrospective or cumulative effect transition method and are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early application permitted. The Company will adopt ASU 2014-09 in the first quarter of fiscal year 2019. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. The changes become effective for the Company’s fiscal year beginning April 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 2 - GOING CONCERN	As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $4,739,189 which includes a loss of $861,756 at December 31, 2017 and a working capital deficiency of $595,865. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis and do not include any adjustments that might result from outcome of this uncertainty. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful.

ADVANCES TO SUPPLIER

ADVANCES TO SUPPLIER	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 3 - ADVANCES TO SUPPLIER	As reflected in the accompanying consolidated financial statements, in December 2017 the Company advanced $968,575 to its supplier of Pelecoin miners. At December 31, 2017 the Pelecoin miners have not yet been delivered.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 4 - INTANGIBLE ASSETS	On June 20, 2016, the Company issued 14,000,000 common shares to acquire a 100% ownership interest in Pandora Venture Capital Corp. The Company evaluated the transaction under ASC 805 and determined that it should be accounted for as an asset acquisition. Pandora has developed business solutions for digital currency, blockchain technology, and digital currency trading. Pandora’s Pelecoin digital currency is a product which utilizes unique “value event” emission protocol and can be utilized with trade exchanges, loyalty rewards and a payment support platform. Pandora’s CrypFXPro is an online platform which allows investors to trade digital currencies similar to a stock exchange. Underlying the digital currency and trading software platforms is an enterprise blockchain platform that enables institutions to design, deploy, and operate financial networks that can power assets in various markets. The 14,000,000 shares were valued using the $0.34 per share closing price on the acquisition date for a total purchase price consideration of $4,760,000. The Company fair valued the different software components that make up the intangible assets in accordance with ASC 820-10-35 and allocated the purchase consideration to the different software components acquired based on their relative fair values. The Company determined the valuation of the software for each component of the asset from which the Company intends to generate a practical product. The software code was divided into three components based on product type to determine a valuation for each, based on the replacement cost of that component. The Company used the intermediate COCOMO Level II model to determine the replacement cost. The following table summarizes the composition and allocation of intangible assets as of December 31, 2017. Pelecoin digital currency software platform $ 2,270,520 Digital currency trading software 1,704,080 Blockchain “smart contract” software 785,400 Total intangible assets 4,760,000 Plus: Software Development 165,788 Less – accumulated amortization (504,560 ) $ 4,421,228 For the nine months ended December 31, 2017, the Company capitalized software development costs of $165,788, and the Company recognized amortization expense of $504,560 on the Pelecoin digital currency software platform. Ongoing software development cost is currently being done on the remaining software components and as such are not amortized as of December 31, 2017.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 5 - NOTES PAYABLE	Notes payable consists of the following: December 31, 2017 March 31, 2017 Short term: Notes payable (unsecured) $ - $ 7,500 Notes payable – related party (see Note 8)(secured) $ - $ 125,000 Falmouth Street Holdings, LLC On September 11, 2017, the Company paid the noteholder $9,997, of which $7,500 was principal and $2,497 was interest. This promissory note has been paid in its entirety and has been surrendered to the Company Bluway Marketing, LLC On April 16, 2017, the Company borrowed $60,000 from Bluway Marketing, LLC (“Bluway”), of which $30,000 was expenses paid directly on behalf of Company. The maturity date of this note is April 17, 2019 and this loan bears an interest rate of 0% per annum from the issuance date. Along with the promissory note, the Company issued warrants to purchase 1,650,000 shares of common stock. The warrants expired on April 17, 2019 and have an exercise price of $0.05. The warrants do not entitle the holder to any voting rights or other rights as a shareholder of the Company. On August 17, 2017 Bluway exercised the 1,650,000 warrants in exchange for 1,650,000 shares of the Company’s common stock at the price of $0.05 per share. The total consideration was for $82,500, of which $60,000 was offset against the note and the remaining $22,500 was paid in cash. As of December 31, 2017, the outstanding balance on the Bluway note was zero. The Company used the Black-Scholes model to calculate the fair value of the warrants and record the relative fair value as a debt discount to the note. The fair value of the warrants was determined using the following assumptions: stock price of $0.05; term of 2 years, volatility of 439% and risk-free rate of 1.21%. The relative fair value of the warrants recorded as a debt discount amounted to $42,122 of which $42,122 has been amortized to interest expense for the nine months ended December 31, 2017. EAM Delaware LLC On August 4, 2016, the Company borrowed $50,000 from related party EAM Delaware LLC, for expenses paid directly to third party on behalf of Company. The maturity date of this secured note is August 5, 2017 and this loan bears an interest rate of 12% per annum from the issuance date. On August 4, 2017 the Company entered into a debt modification agreement with debt holder EAM Delaware LLC. The modified secured note bears an extended maturity date of August 4, 2018, an interest rate of 14% per annum, and a one-time interest payment of $500 due upon acceptance of debt modification agreement. In December 2017, the Company paid the noteholder $51,764, of which $50,000 was principal and $1,764 was interest. This promissory note has been paid in its entirety and has been surrendered to the Company On September 30, 2016 the Company converted related party advances by EAM Delaware LLC of $75,000 into a secured note payable. The secured note payable includes a prior year advance amount of $25,452. The maturity date of this note is October 1, 2017 and this loan bears an interest rate of 12% per annum from the issuance date. On September 30, 2017 the Company entered into a debt modification agreement with debt holder EAM Delaware LLC. The modified secured note bears an extended maturity date of September 30, 2018, an interest rate of 14% per annum, and a one-time interest payment of $710 due upon acceptance of debt modification agreement. In December 2017, the Company paid the noteholder $77,647, of which $75,000 was principal and $2,647 was interest. This promissory note has been paid in its entirety and has been surrendered to the Company. The Company evaluated the modification of the note under ASC 470-50 and determined that the modification was not considered substantial.

PREFERRED STOCK

PREFERRED STOCK	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 6 - PREFERRED STOCK	On April 15, 2017, EAM Delaware LLC, a Delaware Limited Liability company controlled by Eric Mitchell, the current President and Chairman of WRIT Media Group, Inc., converted 110 Preferred Series A shares into 7,307,166 common shares.

EQUITY

EQUITY	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 7 - EQUITY	Common Shares issued for cash During the nine months ended December 31, 2017, the Company issued 4,328,731 common shares for cash totaling $368,250 of which $31,500 was for expenses paid directly by investors on behalf of Company. Common Shares issued for services During the nine months ended December 31, 2017, the Company issued 1,021,500 common shares for services with a fair value of $162,826. Common Shares issued for accrued compensation During the nine months ended December 31, 2017, the Company issued 2,878,385 shares, with a fair value of $361,333, to employee Eric Mitchell, the current President and Chairman of WRIT Media Group, Inc, as payment of accrued compensation. Common Shares issued for convertible Series A Preferred stock: During the nine months ended December 31, 2017, EAM Delaware LLC, a Delaware Limited Liability Company controlled by Eric Mitchell, the current President and Chairman of WRIT Media Group, Inc., converted 110 Preferred Series A shares into 7,307,166 common shares. Warrants The following table summarizes the Company’s warrant activity for the nine months ended December 31, 2017: Number of Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Intrinsic value Outstanding and exercisable at March 31, 2017 - $ - - $ - Issuance 1,650,000 0.05 2.0 Exercises (1,650,000 ) 0.05 - - Forfeitures - - - - Outstanding and exercisable at December 31, 2017 - $ - - $ -

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 8 - RELATED PARTY BALANCES AND TRANSACTIONS	During the nine months ended December 31, 2017, the Company incurred $315,000 compensation expense for Eric Mitchell, the Company CEO and CFO, and $449,333 of accrued compensation owed to Eric Mitchell was paid; $88,000 was paid in cash and $361,333 was paid by issuance of common stock. As of December 31, 2017, the accrued compensation owed to Eric Mitchell, is $319,619 (presented as part of accrued liability balance on the accompanying consolidated balance sheets). On August 4, 2016, the Company borrowed $50,000 from related party EAM Delaware LLC, for expenses paid directly to third party on behalf of Company. The maturity date of this secured note is August 5, 2017 and this loan bears an interest rate of 12% per annum from the issuance date. On August 4, 2017 the Company entered into a debt modification agreement with debt holder EAM Delaware LLC. The modified secured note bears an extended maturity date of August 4, 2018, an interest rate of 14% per annum, and a one-time interest payment of $500 due upon acceptance of debt modification agreement. In December 2017, the Company paid the noteholder $51,764, of which $50,000 was principal and $1,764 was interest. This promissory note has been paid in its entirety and has been surrendered to the Company. On September 30, 2016 the Company converted related party advances by EAM Delaware LLC of $75,000 into a secured note payable. The secured note payable includes a prior year advance amount of $25,452. The maturity date of this note is October 1, 2017 and this loan bears an interest rate of 12% per annum from the issuance date. On September 30, 2017 the Company entered into a debt modification agreement with debt holder EAM Delaware LLC. The modified secured note bears an extended maturity date of September 30, 2018, an interest rate of 14% per annum, and a one-time interest payment of $710 due upon acceptance of debt modification agreement. In December 2017, the Company paid the noteholder $77,647, of which $75,000 was principal and $2,647 was interest. This promissory note has been paid in its entirety and has been surrendered to the Company. During the nine months ended December 31, 2017, an aggregate amount of $140,450 was advanced by Eric Mitchell and a total of $139,720 of advances was repaid by the Company to Eric Mitchell. $730 in advances were owed to Eric Mitchell as of December 31, 2017. On December 18, 2017 the Company amended the Board of Directors Services Agreement with Patrick Arbor. The amended agreement reduces Arbor’s quarterly payment to $500 for his ongoing director services and will exchange payment of 125,000 shares of common stock for payment in Pelecoin tokens with a fair value of $12,500.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
NOTE 9 - SUBSEQUENT EVENTS	On January 4, 2018 the Company cancelled 125,000 shares of common stock issued for services and, instead, payment was made in cash. On January 12, 2018 the Company distributed a special stock dividend of 1,250,000 shares of common stock, with a fair value of the shares determined to be $125, of Skylab USA, Inc., its wholly-owned subsidiary, representing all of the issued and outstanding shares, to the Company’s shareholders of record on the date of November 14, 2017. On January 22, 2018, the Company incorporated a wholly-owned subsidiary, Pelecoin Mining Factory Ltd., in the State of Nevada. On February 28, 2018, the Company issued a convertible promissory note of $105,000. The maturity date of this note is February 28, 2019 and bears an interest rate of 10% per annum. After 180 days following the date of the note, the noteholder has the right to convert all or a portion of the remaining outstanding principal amount of this note into shares of the Company’s common stock. The conversion price will be 60% multiplied by the lowest trading price for the Common Stock during the 15-trading day period ending on the latest complete trading day prior to the conversion date, and the conversion price cannot be less than $0.00004.

ORGANIZATION, BUSINESS OPERAT15

ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2017
Organization Business Operations And Significant Accounting Policies Policies
Organization and Business Operations	WRIT Media Group, Inc. (“we”, “our”, “WRIT” or the “Company”) was incorporated in Delaware on March 9, 2007 to produce films, television programs and similar entertainment programs for various media formats. The Company has four wholly owned subsidiaries: Front Row Networks, Inc., Amiga Games, Inc., and Retro Infinity, Inc., and Pandora Venture Capital Corp. Front Row Networks, Inc. is a content creation company which produces, acquires and distributes live concerts in 3D for initial worldwide digital broadcast into digitally-enabled movie theaters, TV and mobile streaming providers. On August 19, 2013, the Company acquired certain software through the purchase of 100% of Amiga Games Inc. in exchange for 500,000 shares. Amiga Games Inc. became WRIT’s wholly-owned subsidiary. Amiga Games Inc. licenses classic pre-Windows computer game libraries and adapts and republishes the most popular titles for smartphones, modern game consoles, PCs, tablets, and other television streaming devices. WRIT also established a new company, Retro Infinity Inc., to publish and brand games that were not originally released for Amiga brand computers. The two companies tap into the growing “retro gaming” marketplace, building on the "Amiga", “Atari”, and “MS-DOS” brands, delivering retro-gaming titles adapted for modern devices as well as merchandise featuring brands and characters from the games. On January 22, 2014, the Company changed the name of the corporation to WRIT Media Group, Inc. On June 20, 2016, WRIT Media Group, Inc. acquired Pandora Venture Capital Corp, a Florida based company that develops digital currency, Blockchain technology, and digital currency trading software. The Company acquired Pandora Venture Capital Corp through the issuance of 14,000,000 restricted shares of its common stock to the shareholders of Pandora, in exchange for all issued and outstanding shares of Pandora, making Pandora a wholly-owned subsidiary of WRIT Media Group, Inc. On August 2, 2017, Pandora Venture Capital Corp. changed its corporate name to Skylab USA, Inc. On October 17, 2017 the Company approved a special stock dividend distribution for 1,250,000 shares of common stock of Skylab USA, Inc., its wholly-owned subsidiary, with shareholders of record date of November 14, 2017 and a distribution date of November 28, 2017. The fair value of the 1,250,000 shares at par value of $0.0001 was determined to be $125. On November 20, 2017, a temporary injunction was entered by a New York state court to prohibit the Company and its stock transfer agent from issuing the stock dividend to Company shareholders, pending a hearing on the preliminary injunction filed against the Company by Magna Equities II, LLC and Hanover Holdings I, LLC. On January 8, 2018, the New York state court entered an order which declined the preliminary injunction and dissolved the temporary injunction. Accordingly, the Company scheduled a new issue date and the subsidiary stock dividend distribution was made on January 12, 2018.
Basis of presentation	The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2017 as filed with the SEC. 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 consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted.
Intangible assets	Intangible assets are initially measured at fair value. The intangible assets related to acquired software are amortized over its estimated useful life of three years using the straight-line method. Intangible assets subject to amortization are reviewed for impairment in accordance with FASB ASC 360. The Company determined that the intangible assets related to the acquired software are not impaired as of December 31, 2017.
Fair value measurements	The Company considers the carrying values of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued liabilities and debt to approximate the fair value of these accounts because of the short period of time since origination or the short period of timebetween origination of the instruments and their expected realization and related rates of interest approximate current market rates. The Company has no financial instruments at December 31, 2017 and March 31, 2017 that are required to be fair valued on a recurring basis.
Earnings per share	Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of shares of the Company’s stock outstanding during the period. “Diluted earnings per share” reflects the potential dilution that could occur if our share-based awards, stock warrants and convertible securities were exercised or converted into common stock. The dilutive effect of our share-based awards is computed using the treasury stock method, which assumes all share-based awards are exercised and the hypothetical proceeds from exercise are used to purchase common stock at the average market price during the period. The incremental shares (difference between shares assumed to be issued versus purchased), to the extent they would have been dilutive, are included in the denominator of the diluted EPS calculation. The dilutive effect of our convertible preferred stock, stock warrants, and convertible debentures is computed using the if-converted method, which assumes conversion at the beginning of the year. For the nine months ended December 31, 2017 and 2016, common stock equivalents related to share-based awards, stock warrants, and convertible securities are 231,010,321 and 156,817,545 respectively.
Revenue	Revenue earned by the Company is derived from three main components; transaction verification services, sale of goods, and revenue from hosting services. Revenue earned from Pelecoin processing activities (“transaction verification services”) commonly termed ‘mining’ activities, is recognized at the fair value of the crypto-currency received as consideration on the date of actual receipt. The Company generates revenue by performing computer processing activities for Pelecoin generation. The Company receives consideration for performing such transaction verification activities in the form of Pelecoins. Revenue is recorded upon the actual receipt of Pelecoins. Revenue generated from the sale of the Company’s PLCN miner hardware has two possible components; sale of the hardware directly to consumers who can take delivery of the computer hardware and use it at their own location, and a separate hosting services component if the Company provides electric power, internet service, and insurance in a commercial location. Hosting services are negotiated as a separate package with consumers and the consideration to be paid in one contract does not depend on the price or performance of the other contract, and it does not have a single performance obligation. Revenue for the sale of Pelecoin miners is recognized when the following conditions are satisfied: · Persuasive evidence of an arrangement exists · Delivery has occurred, or services have been rendered · The seller’s price to the buyer is fixed or determinable · Collectability is reasonably assured. Revenue from the sale of Pelecoin miners for the nine months ended December 31, 2017 were primarily with one customer. Hosting services revenue will be recognized when the Company satisfies its performance obligation by transferring the promised services to the customer. As of December 31, 2017, the Company has not recognized any hosting service revenue. Payments received for activities or services occurring in future fiscal periods are recorded as deferred revenue and are recognized as revenue when the goods or services have been provided. Deferred revenue as of December 31, 2017 and March 31, 2017 amounted to $1,121,645 and $55,395, respectively.
Recent accounting pronouncements	The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. In May 2014, the FASB issued ASU 2014-09--Revenue from Contracts with Customers (Topic 606). The guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB delayed the effective date to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In addition, in March and April 2016, the FASB issued new guidance intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. Both amendments permit the use of either a retrospective or cumulative effect transition method and are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early application permitted. The Company will adopt ASU 2014-09 in the first quarter of fiscal year 2019. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. The changes become effective for the Company’s fiscal year beginning April 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2017
Intangible Assets Tables
Summarizes the intangible assets	Pelecoin digital currency software platform $ 2,270,520 Digital currency trading software 1,704,080 Blockchain “smart contract” software 785,400 Total intangible assets 4,760,000 Plus: Software Development 165,788 Less – accumulated amortization (504,560 ) $ 4,421,228

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Dec. 31, 2017
Notes Payable Tables
Notes Payable	December 31, 2017 March 31, 2017 Short term: Notes payable (unsecured) $ - $ 7,500 Notes payable – related party (see Note 7)(secured) $ - $ 125,000

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Dec. 31, 2017
Equity Tables
Warrant Activity	Number of Units Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Intrinsic value Outstanding and exercisable at March 31, 2017 - $ - - $ - Issuance 1,650,000 0.05 2.0 Exercises (1,650,000 ) 0.05 - - Forfeitures - - - - Outstanding and exercisable at December 31, 2017 - $ - - $ -

ORGANIZATION, BUSINESS OPERAT19

ORGANIZATION, BUSINESS OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	1 Months Ended			9 Months Ended
	Oct. 17, 2017	Jun. 20, 2016	Aug. 19, 2013	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Date of incorporation				Mar. 9, 2007
State of incorporation				Delaware
Common stock equivalents				231,010,321		156,817,545
Deferred revenue				$ 1,121,645	$ 55,395
Skylab USA, Inc. [Member]
Common stock dividend distribution shares	1,250,000
Common stock dividend distribution shares per value	$ 0.0001
Common stock dividend fair value	$ 125
Amiga Games Inc [Member]
Ownership percentage			100.00%
Business acquisition shares			500,000
Pandora Venture Capital Corp [Member]
Ownership percentage		100.00%
Business acquisition shares		14,000,000
Software [Member]
Intangible assets estimated useful life				3 years

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Going Concern Details Narrative
Accumulated Deficit	$ (4,739,189)		$ (4,739,189)		$ (3,877,433)
Net loss	(23,971)	$ (171,370)	(861,756)	$ (514,731)
Working Capital Deficiency	$ (595,865)		$ (595,865)

ADVANCES TO SUPPLIER (Details N

ADVANCES TO SUPPLIER (Details Narrative) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Advances To Supplier Details Narrative
Advances to supplier	$ 968,575

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Intangible assets	$ 4,760,000
Plus: Software Development	165,788
Less – accumulated amortization	(504,560)	$ 0
Total intangible assets	4,421,228	$ 4,760,000
Pelecoin digital currency software platform [Member]
Intangible assets	2,270,520
Digital currency trading software [Member]
Intangible assets	1,704,080
Blockchain smart contract software [Member]
Intangible assets	$ 785,400

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 20, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Common stock shares issued		57,043,051		57,043,051		39,857,269
Amortization of intangible assets		$ 189,210		$ 504,560
Software development costs				$ 165,788
Pandora Venture Capital Corp [Member]
Common stock shares issued	14,000,000
Price per share	$ 0.34
Ownership percentage	100.00%
Business acquisition shares	14,000,000
Business acquisition, price consideration	$ 4,760,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Short term:
Notes payable (unsecured)		$ 7,500
Notes payable - related party (secured)		$ 125,000

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	Sep. 11, 2017	Aug. 04, 2017	Aug. 04, 2016	Dec. 31, 2017	Sep. 30, 2017	Aug. 17, 2017	Apr. 16, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Advances from related party									$ 140,450	$ 69,636
Repayments to related party									$ 139,720
Warrants issued				231,010,321					231,010,321	156,817,545
Interest expense									$ 42,122
Proceeds from warrant exercised									22,500
Offset amount									60,000
Due to related parties prior year advances				$ 730					730
Bluway Marketing LLC [Member]
Advances from related party							$ 60,000
Repayments to related party							$ 30,000
Maturity date							Apr. 17, 2019
Interest rate							0.00%
Amortization of debt discount						$ 42,122
Warrants issued						1,650,000	1,650,000
Warrants exercise price							$ 0.05
Warrants expiration date							Apr. 17, 2019
Stock price						$ 0.05
Expiration term						2 years
Risk free interest rate						1.21%
Fair value expected volatility rate						439.00%
Proceeds from warrant exercised						$ 82,500
Common stock shares issued exchange for warrant						1,650,000
Shares issued price per share						$ 0.05
Offset amount						$ 60,000
Cash paid						$ 22,500
Falmouth Street Holdings, LLC [Member]
Repayments to related party	$ 9,997
Principal amount paid	7,500
Interest paid	$ 2,497
EAM Delaware LLC [Member]
Advances from related party			$ 50,000
Repayments to related party									51,764
Principal amount paid									50,000
Interest paid									$ 1,764
Maturity date		Aug. 4, 2018	Aug. 5, 2017		Sep. 30, 2018			Oct. 1, 2017
Interest rate		14.00%	12.00%	14.00%				12.00%	14.00%
One-time interest payment		$ 500			$ 710
Converted note payable								$ 75,000
Due to related parties prior year advances								$ 25,452
EAM Delaware LLC [Member] | Convertaible Promissory Note [Member]
Repayments to related party				$ 77,647
Principal amount paid				75,000
Interest paid				$ 2,647

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - EAM Delaware LLC [Member] - shares	Dec. 31, 2017	Apr. 15, 2017
Series A converted preferred shares	110	110
Common shares	7,307,166	7,307,166

EQUITY (Details)

EQUITY (Details)	9 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Equity Details
Number of Units, Outstanding Beginning Balance | shares
Number Of Units, Issuance | shares	1,650,000
Number of Units, Exercises | shares	(1,650,000)
Number of Units, Forfeitures | shares
Number of Units, Outstanding Ending Balance | shares
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ / shares
Weighted-Average Exercise Price, Issuance | $ / shares	0.05
Weighted-Average Exercise Price, Exercises | $ / shares	0.05
Weighted-Average Exercise Price, Forfeitures | $ / shares
Weighted-Average Exercise Price, Outstanding Ending Balance | $ / shares
Weighted-Average Remaining Contractual Term (in years), Issuance	2 years
Intrinsic value, Outstanding Beginning Balance | $
Intrinsic value, Issuance | $
Intrinsic value, Exercises | $
Intrinsic value, Forfeitures | $

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Apr. 15, 2017
Common stock shares issued for cash, Shares	4,328,731
Common stock shares issued for cash, Value	$ 368,250
Expenses paid directly by third party investors on behalf of Company	$ 31,500
Common stock shares issued for services, Shares	1,021,500
Common stock shares issued for services, Amount	$ 162,826	$ 71,500
Eric Mitchell [Member]
Common stock shares issued for cash, Shares	2,878,385
Common stock shares issued for cash, Value	$ 361,333
EAM Delaware LLC [Member]
Series A converted preferred shares	110		110
Common shares	7,307,166		7,307,166

RELATED PARTY BALANCES AND TR29

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($)	Aug. 04, 2017	Aug. 04, 2016	Dec. 31, 2017	Dec. 18, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Advances from related party							$ 140,450	$ 69,636
Due to related parties			$ 730				730
Repayments to related party							$ 139,720
Common stock shares issued for services, Shares							1,021,500
Common stock shares issued for services, Amount							$ 162,826	$ 71,500
Patrick Arbor [Member] | Services Agreement [Member]
Common stock shares issued for services, Shares				125,000
Common stock shares issued for services, Amount				$ 12,500
Quarterly payment of services				$ 500
EAM Delaware LLC [Member]
Advances from related party		$ 50,000
Due to related parties						$ 25,452
Interest rate	14.00%	12.00%	14.00%			12.00%	14.00%
Converted note payable						$ 75,000
Maturity date	Aug. 4, 2018	Aug. 5, 2017			Sep. 30, 2018	Oct. 1, 2017
Repayments to related party							$ 51,764
Principal amount paid							50,000
Interest paid							1,764
One-time interest payment	$ 500				$ 710
EAM Delaware LLC [Member] | Convertaible Promissory Note [Member]
Repayments to related party			$ 77,647
Principal amount paid			75,000
Interest paid			2,647
Eric Mitchell [Member]
Compensation expense							319,619
Cash paid							88,000
Issuance of common stock							361,333
Accrued compensation			315,000				315,000
Accrued compensation owed			$ 449,333				$ 449,333

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jan. 12, 2018	Feb. 28, 2018	Oct. 17, 2017	Jan. 04, 2018
Skylab USA, Inc. [Member]
Common stock dividend distribution shares			1,250,000
Subsequent Event [Member]
Common stock shares issued for services cancelled				125,000
Subsequent Event [Member] | Skylab USA, Inc. [Member]
Common stock dividend distribution shares	1,250,000
Fair value of the shares	$ 125
Subsequent Event [Member] | Convertible promissory note [Member]
Convertible promissory note issued		$ 105,000
Promissory note maturity date		Feb. 28, 2019
Interest rate		10.00%
Subsequent event description		After 180 days following the date of the note, the noteholder has the right to convert all or a portion of the remaining outstanding principal amount of this note into shares of the Company’s Common Stock. The conversion price will be 60% multiplied by the lowest trading price for the Common Stock during the 15 trading day period ending on the latest complete trading day prior to the conversion date, and the conversion price cannot be less than $0.00004.
Conversion price		$ 0.00004