Almost Never Films (HLWD) 10-K 7 Oct 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Oct. 04, 2016	Dec. 31, 2015
Document and Entity Information
Entity Registrant Name	Almost Never Films Inc.
Entity Central Index Key	1,422,768
Trading Symbol	hlwd
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		177,707,623
Entity Public Float			$ 676,111.34
Document Type	10-K
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheet

Consolidated Balance Sheet	Jun. 30, 2016USD ($)
Current Assets
Cash and cash equivalents	$ 84,967
Prepaid expense	3,126
Total Current Assets	88,093
TOTAL ASSETS	88,093
Current Liabilities
Accrued Liabilities	28,988
Payroll taxes and sales taxes payable	271,398
Due to former shareholder and officer
Notes payable - related parties
Note payable	66,613
Other payables
Total Current Liabilities	366,999
Notes payable - related parties
Total Liabilities	366,999
Stockholders' Deficit
Preferred stock, no par value, 5,000,000 shares authorized; Series A voting preferred stock, 2,000,000 shares authorized; No shares issued and outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized; 177,707,623 shares issued and outstanding	177,708
Common stock subscribed	10,000
Stock subscription receivable	(65,000)
Additional paid-in capital	424,390
Accumulated deficit	(826,004)
Total Stockholders' Deficit	(278,906)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 88,093

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical)	Jun. 30, 2016$ / sharesshares
Preferred stock, par value (in dollars per share) | $ / shares	$ 0
Preferred stock, shares authorized	5,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Common stock, shares authorized	200,000,000
Common stock, shares issued	177,707,623
Common stock, shares outstanding	177,707,623
Series A Voting Preferred stock
Preferred stock, shares authorized	2,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss	12 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
General and administrative expenses	15,161
Professional fees	58,393
Total Operating Expenses	73,554
LOSS FROM OPERATIONS	(73,554)
OTHER EXPENSE
Interest expense	(6,650)
Loss on debt settlement	(745,800)
Total	(752,450)
LOSS BEFORE INCOME TAXES	(826,004)
Provision for income taxes
NET LOSS	(826,004)
COMPREHENSIVE LOSS	$ (826,004)
BASIC AND DILUTED LOSS PER COMMON SHARE:
Net loss per share (in dollars per share) | $ / shares	$ (0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (in shares) | shares	62,171,924

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficit - 12 months ended Jun. 30, 2016 - USD ($)	Preferred Stock	Common Stock	Common Stock Subscribed	Subscription Receivable	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Jul. 08, 2015
Balance (in shares) at Jul. 08, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock issued for cash					10,000		10,000
Preferred stock issued for cash (in shares)	1,000,000
Recapitalization		$ 27,988			(620,290)		(592,302)
Recapitalization (in shares)		27,987,623
Preferred stock converted to common stock		$ 100,000			(100,000)
Preferred stock converted to common stock (in shares)	(1,000,000)	100,000,000
Common stock issued for debt		$ 49,720			944,680		994,400
Common stock issued for debt (in shares)		49,720,000
Common stock subscribed			10,000	(65,000)	190,000		135,000
Net loss						(826,004)	(826,004)
Balance at Jun. 30, 2016		$ 177,708	$ 10,000	$ (65,000)	$ 424,390	$ (826,004)	$ (278,906)
Balance (in shares) at Jun. 30, 2016		177,707,623

Consolidated Statement of Cash

Consolidated Statement of Cash Flows	12 Months Ended
	Jun. 30, 2016USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (826,004)
Adjustments to reconcile net loss to net cash from operating activities:
Loss on debt settlement	745,800
Changes in operating assets and liabilities:
Prepaid expense	3,440
Accrued liabilities	16,731
Net cash used in operating activities	(60,033)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from common share issuance	135,000
Proceeds from preferred share issuance	10,000
Net cash provided by financing activities	145,000
Net increase in cash and cash equivalents	84,967
Cash and cash equivalents - beginning of period
Cash and cash equivalents - end of period	84,967
Supplemental Cash Flow Disclosures
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activity:
Net liabilities assumed in recapitalization	(592,302)
Common stock issued for note payable	248,600
Stock subscription receivable	(65,000)
Preferred stock converted to common stock	$ 100,000

ORGANIZATION, OPERATIONS AND BA

ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING	12 Months Ended
	Jun. 30, 2016
Organization, Operations and Basis of Accounting [Abstract]
ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING	NOTE 1 - ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING Nature of the Business The Company (“Almost Never Films Inc.”) was originally incorporated in Nevada in October 2007 as Smack Sportswear (“Smack”), which originally manufactured and sold performance and lifestyle based indoor and sand volleyball apparel and accessories. The Company is now an independent film company focused on film production and production related services in connection with genre specific motion pictures with production costs in the $5.0 million to $50.0 million range. Share Exchange and Recapitalization On January 15, 2016, Smack entered into a share exchange agreement with Almost Never Films Inc., a private company incorporated in Indiana on July 8, 2015, and its two shareholders, Danny Chan and Derek Williams. Pursuant to the agreement, Smack issued 1,000,000 shares of our Series A Convertible Preferred Stock to Mr. Chan and Mr. Williams in exchange for all 100,000,000 shares of issued and outstanding common stock of Almost Never Films Inc. (Indiana). As a result of the share exchange, Almost Never Films Inc. (Indiana) became Smack’s wholly-owned subsidiary, and Mr. Chan and Mr. Williams acquired a controlling interest in the Company. The share exchange was accounted for as a "reverse acquisition," and resulted in a recapitalization. Almost Never Films Inc. (Indiana) is deemed to be the acquirer for accounting purposes. The assets acquired and liabilities assumed were $6,566 and $598,869, respectively. Consequently, the assets and liabilities and the historical operations that will be reflected in the financial statements prior to the share exchange will be those of Almost Never Films Inc. (Indiana) and will be recorded at the historical cost basis of Almost Never Films Inc. (Indiana), and the combined financial statements after completion of the share exchange include the assets and liabilities of Almost Never Films Inc. (Indiana), historical operations of Almost Never Films Inc. (Indiana), and operations of Almost Never Films Inc. (Indiana) from the closing date of the share exchange. As a result of the issuance of the shares of our Series A Convertible Preferred Stock pursuant to the share exchange, a change in control of the Company occurred as of the date of consummation of the share exchange. All share and per share information in the accompanying consolidated financial statements and footnotes has been retroactively restated to reflect the recapitalization. The Company has not yet generated any revenue since inception. On February 29, 2016, the stockholders of Smack voted to amend the Articles of Incorporation of the Company to (i) increase the authorized capital of the Company to 200,000,00 shares of common stock and (ii) to change the name of the Company to “Almost Never Films Inc.” which took effect on March 2, 2016. The new symbol of the Company is HLWD. Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying consolidated financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. During the period from July 8, 2015 to June 30, 2016, the Company incurred a net loss from continuing operations of $826,004 and cash used in operating activities was $60,033. As of June 30, 2016, the Company is delinquent in payments of $271,398 for payroll and sales taxes. The Company is also delinquent on a note payable $66,613 as of August 2016. As of June 30, 2016, the Company had a working capital deficiency of $278,906 and an accumulated deficit of $826,004. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, an additional cash infusion and an identification of new business opportunities. During the period ended June 30, 2016, the Company raised $135,000 from investors to pay past obligations and to allow the Company to continue operating in its shell status. Management believes this funding and future funding will provide the additional cash needed to meet the Company’s obligations as they become due, and will allow it to continue looking for opportunities to acquire operating companies or merge with other operational entities. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on operations, in the case of debt financing, or cause substantial dilution for our stock holders, in case of equity financing.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Team Sports Superstore (Inactive) and Almost Never Films Inc. (Indiana). All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. Significant estimates are used in valuing the fair value of common stock issued for services, among others. Actual results could differ from these estimates. Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. As of June 30, 2016, the balances reported for cash and accrued expenses approximate their fair value because of their short maturities. Notes payable are recorded at agreed values. Debt balances are stated at historical amounts less principal payments, which approximate fair market value. The Company believes interest rates in its debt agreements are commensurate with lender risk profiles for similar companies. Stock Subscription Receivable The stock subscription receivable reflects the sales of common stock in March 2016 for which the Company had not received payment as of June 30, 2016. The Company is continuing communicate with this investor and anticipates that it will receive payment in 2016. Loss per Share Calculations Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the period ended June 30, 2016, as there are no potential shares outstanding that would have a dilutive effect. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The amendments in the ASU provide guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendments in the ASU defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 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. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Jun. 30, 2016
Short-term Debt [Abstract]
NOTE PAYABLE	NOTE 3 – NOTE PAYABLE In August 2015, Smack entered into an unsecured promissory note agreement with an individual. The agreement allowed for Smack to borrow up to $66,613 at an interest rate of 10 percent per year. This $66,613 note was assumed by the Company during the recapitalization. The outstanding balance under the agreement at June 30, 2016 was $66,613. During the period ended June 30, 2016, the Company incurred $5,510 of interest expense relating to the unsecured promissory note. The outstanding principal amount and all accrued and unpaid interest is due by August 2016.

DUE TO FORMER SHAREHOLDER AND O

DUE TO FORMER SHAREHOLDER AND OFFICER	12 Months Ended
	Jun. 30, 2016
Amounts Due to Former Officer [Abstract]
DUE TO FORMER SHAREHOLDER AND OFFICER	NOTE 4 – DUE TO FORMER SHAREHOLDER AND OFFICER On January 15, 2016, $240,000 short-term loans due to two former shareholders and officers of Smack were assumed by the Company during the recapitalization. On March 8, 2016, the Company issued 49,720,000 shares of the Company’s common stock, with a fair value of $0.02 per share, in exchange for the cancellation of the above loans and accrued interest of $8,600, which resulted in a loss on loan settlement of $745,800.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Jun. 30, 2016
Equity [Abstract]
SHARE CAPITAL	NOTE 5 – SHARE CAPITAL Preferred Stock The Company has 5,000,000 authorized preferred shares with no par value. Smack issued 1,000,000 shares of our Series A Convertible Preferred Stock to the Mr. Chan and Mr. Williams in exchange for all 100,000,000 shares of issued and outstanding common stock of Almost Never Films Inc. (Indiana), with a value of $10,000. On March 4, 2016, all 1,000,000 preferred shares were converted into 100,000,000 common shares. There were no shares of preferred stock issued and outstanding as of June 30, 2016. Common Stock Prior to January 15, 2016, there were 27,987,623 common shares issued to shareholders of Smack. These 27,987,623 common shares were considered new issuance as part of the reverse acquisition. During the period from July 8, 2015 to June 30, 2016, the Company issued 6,750,000 common shares for cash in the amount of $135,000 and 49,720,000 common shares to settle notes payable and accrued interest of $248,600. In March 2016, the Company entered into three share purchase agreements with three investors for 10,000,000 common shares at $0.02 per share for total proceeds of $200,000, of which $135,000 was received by the Company prior to June 30, 2016 and $65,000 was recorded as stock subscription receivable. There were 184,457,623 shares of common stock issued and outstanding as of June 30, 2016.

INCOME TAX

INCOME TAX	12 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
INCOME TAXES	NOTE 6 – INCOME TAX The Company provides for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: Year Ended June 30, 2016 Federal income tax benefit attributable to: Current Operations $ 280,841 Less: valuation allowance (280,841 ) Net provisions for Federal income taxes $ - Net deferred tax assets consist of the following components as of: Year Ended June 30, 2016 Deferred tax asset attributable to: Net operating loss carryover $ (280,841 ) Less: valuation allowance 280,841 Net deferred tax asset $ - The following table reconciles the US statutory rates to the Company’s effective tax rate for the year ended June 30, 2016: Year Ended June 30, 2016 Effective tax rate attributable to: US statuary rate 34% Less: change in unrecognized tax benefit from uncertain tax provision (34%) Tax per Financial Statement - Due to the change in ownership provisions of the Income Tax laws of United States of America, net operating loss carry forwards of $826,004 which expire commencing in fiscal 2035, for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. The Company's officers have provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation no additional events have occurred that require disclosure.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Team Sports Superstore (Inactive) and Almost Never Films Inc. (Indiana). All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the U.S requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. Significant estimates are used in valuing the fair value of common stock issued for services, among others. Actual results could differ from these estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. As of June 30, 2016, the balances reported for cash and accrued expenses approximate their fair value because of their short maturities. Notes payable are recorded at agreed values. Debt balances are stated at historical amounts less principal payments, which approximate fair market value. The Company believes interest rates in its debt agreements are commensurate with lender risk profiles for similar companies.
Stock Subscription Receivable	Stock Subscription Receivable The stock subscription receivable reflects the sales of common stock in March 2016 for which the Company had not received payment as of June 30, 2016. The Company is continuing communicate with this investor and anticipates that it will receive payment in 2016.
Loss per Share Calculations	Loss per Share Calculations Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company’s diluted loss per share is the same as the basic loss per share for the period ended June 30, 2016, as there are no potential shares outstanding that would have a dilutive effect.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The amendments in the ASU provide guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.” The amendments in the ASU defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 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. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
Schedule of provision for income taxes	Year Ended June 30, 2016 Federal income tax benefit attributable to: Current Operations $ 280,841 Less: valuation allowance (280,841 ) Net provisions for Federal income taxes $ -
Schedule of deferred tax assets	Year Ended June 30, 2016 Deferred tax asset attributable to: Net operating loss carryover $ (280,841 ) Less: valuation allowance 280,841 Net deferred tax asset $ -
Schedule of reconciles the US statutory rates	Year Ended June 30, 2016 Effective tax rate attributable to: US statuary rate 34% Less: change in unrecognized tax benefit from uncertain tax provision (34%) Tax per Financial Statement -

ORGANIZATION, OPERATIONS AND 17

ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING (Details Textual)	Mar. 04, 2016shares	Jan. 15, 2016Shareholdershares	Jun. 30, 2016USD ($)shares
Organization Operations And Basis Of Accounting [Line Items]
Assets acquired			$ 6,566
liabilities assumed			598,869
Note payable			66,613
Payroll taxes and sales taxes payable			271,398
Accumulated deficit			(826,004)
Working capital deficiency			278,906
Investor to pay past obligations value			$ 135,000
Common Stock, Shares Authorized | shares			200,000,000
Maximum
Organization Operations And Basis Of Accounting [Line Items]
Film production costs			$ 50,000,000
Minimum
Organization Operations And Basis Of Accounting [Line Items]
Film production costs			$ 5,000,000
Share exchange agreement
Organization Operations And Basis Of Accounting [Line Items]
Number of preferred stock converted | shares	1,000,000
Number of common stock issued in conversion of preferred stock | shares	100,000,000
Series A Convertible Preferred Stock | Share exchange agreement | Mr. Chan and Mr. Williams | Smack Sportswear ("Smack")
Organization Operations And Basis Of Accounting [Line Items]
Number of preferred stock converted | shares		1,000,000
Number of common stock issued in conversion of preferred stock | shares		100,000,000
Number of shareholders | Shareholder		2

ORGANIZATION, OPERATIONS AND 18

ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING (Details textual 1)	12 Months Ended
	Jun. 30, 2016USD ($)
Organization, Operations and Basis of Accounting [Abstract]
Net loss from continuing operations	$ (826,004)
Cash used in operating activities	$ (60,033)

NOTE PAYABLE (Details Textual)

NOTE PAYABLE (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Jun. 30, 2016
Note Payable (Textual)
Note payable assumed during the recapitalization	$ 66,613
Note payable		$ 66,613
Interest Expense		$ 6,650
Unsecured promissory note
Note Payable (Textual)
Interest Expense	$ 5,510
Notes payable, maturity date	Aug. 31, 2016
Unsecured promissory note | Smack Sportswear ("Smack")
Note Payable (Textual)
Line of Credit Facility, Maximum Borrowing Capacity	$ 66,613
Note payable interest rate	10.00%

DUE TO FORMER SHAREHOLDER AND20

DUE TO FORMER SHAREHOLDER AND OFFICER (Details) - USD ($)	Mar. 08, 2016	Jun. 30, 2016	Jan. 15, 2016
Related Party Transaction [Line Items]
Loss on debt settlement		$ (745,800)
Former shareholders and officers
Related Party Transaction [Line Items]
Short-term loans due to two former shareholders and officers			$ 240,000
Number of common shares issued in exchange for cancellation of loans and accrued interest	49,720,000
Fair value of common shares issued (in dollars per share)	$ 0.02
Cancellation of accrued interest for stock issuance	$ 8,600
Loss on debt settlement	$ 745,800

SHARE CAPITAL (Details Textual)

SHARE CAPITAL (Details Textual) - USD ($)	Mar. 04, 2016	Jan. 15, 2016	Jun. 30, 2016
Conversion of Stock [Line Items]
Preferred stock, shares authorized			5,000,000
Preferred stock, par value (in dollars per share))			$ 0
Share exchange agreement
Conversion of Stock [Line Items]
Number of preferred stock converted	1,000,000
Number of common stock issued in conversion of preferred stock	100,000,000
Share exchange agreement | Series A Convertible Preferred Stock | Mr. Chan and Mr. Williams | Smack Sportswear ("Smack")
Conversion of Stock [Line Items]
Number of preferred stock converted		1,000,000
Number of common stock issued in conversion of preferred stock		100,000,000
Amount of common stock issued in conversion of preferred stock		$ 10,000

SHARE CAPITAL (Details Textual

SHARE CAPITAL (Details Textual 1)	Mar. 04, 2016shares	Jun. 30, 2016USD ($)AgreementInvestor$ / sharesshares
Class of Stock [Line Items]
Proceeds from common stock issued in subscription agreement | $		$ 135,000
Stock subscription receivable | $		$ 65,000
Common stock, shares issued (in shares)		177,707,623
Common stock, shares outstanding (in shares)		177,707,623
Common Stock [Member]
Class of Stock [Line Items]
Common shares issued to shareholders of Smack in reverse acquisition	27,987,623
Common shares issued for cash (in shares)		6,750,000
Value of common shares issued for cash | $		$ 135,000
Common shares issued in settlement of notes payable and accrued interest (in shares)		49,720,000
Value of common shares issued in settlement of notes payable and accrued interest | $		$ 248,600
Common shares issued in share subscription agreement (in shares)		10,000,000
Value of common shares issued in subscription agreement | $		$ 200,000
Stock issue price per share in subscription agreement (in dollars per share) | $ / shares		$ 0.02
Number of share purchase agreements | Agreement		3
Number of investor | Investor		3

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Jun. 30, 2016USD ($)
Federal income tax benefit attributable to:
Current Operations	$ 280,841
Less: valuation allowance	(280,841)
Income taxes at effective income tax rate

Income Taxes (Details 1)

Income Taxes (Details 1)	Jun. 30, 2016USD ($)
Deferred tax asset attributable to:
Net operating loss carryover	$ 280,841
Less: Valuation allowance	(280,841)
Net deferred tax asset

Income Taxes - (Details 2)

Income Taxes - (Details 2)	12 Months Ended
	Jun. 30, 2016
Effective tax rate attributable to:
US statuary rate	34.00%
Less: change in unrecognized tax benefit from uncertain tax provision	(34.00%)
Tax per Financial Statement

Income Taxes (Detail Textual)

Income Taxes (Detail Textual)	12 Months Ended
	Jun. 30, 2016USD ($)
Income Taxes (Textual)
U.S. federal corporate tax rate	34.00%
U.S. federal and state income tax net operating loss carryforwards	$ 826,004
U.S. federal and state income tax net operating loss carryforwards, expiration date	Dec. 31, 2035