Almost Never Films (HLWD) 10-Q 23 Sep 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2021	Sep. 07, 2021
Cover [Abstract]
Entity Registrant Name	ALMOST NEVER FILMS INC
Entity Central Index Key	0001422768
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Mar. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		5,798,765
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-53049
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	26-1665960
Entity Address Address Line 1	8605 Santa Monica Blvd #98258
Entity Address City Or Town	West Hollywood
Entity Address State Or Province	CA
Entity Address Postal Zip Code	90069-4109
City Area Code	213
Local Phone Number	296-3005
Security 12g Title	Common Stock, $.001 par vale
Trading Symbol	HLWD
Entity Interactive Data Current	No

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Current Assets
Cash and cash equivalents	$ 88,428	$ 80,510
Loan receivable- related party	0	20,000
Total Current Assets	88,428	100,510
Film costs	85,496	85,496
TOTAL ASSETS	173,924	186,006
Current Liabilities
Accounts payable and accrued expenses	73,105	64,920
Due to related party	66,927	500
Interest payable	116,643	96,662
Promissory note payable	78,820	82,797
Promissory note payable - related party	110,000	110,000
Total Current Liabilities	445,495	354,879
TOTAL LIABILITIES	445,495	354,879
Stockholders' Equity (Deficit)
Preferred stock: no par value, 5,000,000 authorized; Series A Preferred stock: 2,000,000 authorized; no shares issued and outstanding	0	0
Common stock: 25,000,000 authorized; $0.001 par value 5,798,765 shares issued and outstanding.	5,799	5,799
Additional paid in capital	1,895,486	1,895,486
Accumulated deficit	(2,170,907)	(2,068,521)
Total shareholders' deficit attributable to Almost Never Films Inc. shareholders	(269,622)	(167,236)
Noncontrolling interest	(1,949)	(1,637)
Total shareholders' deficit	(271,571)	(168,873)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 173,924	$ 186,006

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Jun. 30, 2020
Stockholders' Equity (Deficit)
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares issued	5,798,765	5,798,765
Common stock, shares outstanding	5,778,765	5,798,765
Series A Preferred Stock [Member]
Stockholders' Equity (Deficit)
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Revenues	$ 0	$ 0	$ 0	$ 343,256
Cost of Revenues	0	0	0	343,256
Gross Profit	0	0	0	0
Operating Expenses
General and administration expenses	17,576	56,612	65,115	171,627
(Recovery of) Professional fees	(10,000)	11,912	11,504	63,896
Total operating expenses	7,576	68,524	76,619	235,523
Loss from operations	(7,576)	(68,524)	(76,619)	(235,523)
Other (Expense) Income
Interest expense	(8,524)	(13,613)	(26,079)	(47,803)
Gain on modification of debt	0	0	0	19,782
Bad debt for loan receivable	0	0	0	(12,000)
Total other expense, net	(8,524)	(13,613)	(26,079)	(40,021)
Net loss before income taxes	(16,100)	(82,137)	(102,698)	(275,544)
Provision for income taxes	0	0	0	0
Net loss	(16,100)	(82,137)	(102,698)	(275,544)
Net loss attributable to:
Almost Never Films Inc.	(16,100)	(82,137)	(102,386)	(275,520)
Noncontrolling interest	0	0	(312)	(24)
Comprehensive Loss	$ (16,100)	$ (82,137)	$ (102,698)	$ (275,544)
Net Loss Per Common Share - Basic and Diluted	$ 0	$ (0.01)	$ (0.02)	$ (0.05)
Net Income Loss Per Share Attributable to Common Stockholders of the Company - Basic and Diluted	$ 0	$ (0.01)	$ (0.02)	$ (0.05)
Weighted Average Common Shares Outstanding - Basic and Diluted	5,798,765	5,798,765	5,798,765	5,792,533

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity (Deficit) (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Non-controlling Interest [Member]
Balance, shares at Jun. 30, 2019		5,778,765
Balance, amount at Jun. 30, 2019	$ 129,189	$ 5,779	$ 1,880,506	$ (1,755,486)	$ (1,610)
Common shares issued to settle interest of note payable, shares		20,000
Common shares issued to settle interest of note payable, amount	15,000	$ 20	14,980	0	0
Net loss	(102,670)	$ 0	0	(102,653)	(17)
Balance, shares at Sep. 30, 2019		5,798,765
Balance, amount at Sep. 30, 2019	41,519	$ 5,799	1,895,486	(1,858,139)	(1,627)
Balance, shares at Jun. 30, 2019		5,778,765
Balance, amount at Jun. 30, 2019	129,189	$ 5,779	1,880,506	(1,755,486)	(1,610)
Net loss	(275,544)
Balance, shares at Mar. 31, 2020		5,798,765
Balance, amount at Mar. 31, 2020	(131,355)	$ 5,799	1,895,486	(2,031,006)	(1,634)
Balance, shares at Sep. 30, 2019		5,798,765
Balance, amount at Sep. 30, 2019	41,519	$ 5,799	1,895,486	(1,858,139)	(1,627)
Net loss	(90,737)	$ 0	0	(90,730)	(7)
Balance, shares at Dec. 31, 2019		5,798,765
Balance, amount at Dec. 31, 2019	(49,218)	$ 5,799	1,895,486	(1,948,869)	(1,634)
Net loss	(82,137)	$ 0	0	(82,137)	0
Balance, shares at Mar. 31, 2020		5,798,765
Balance, amount at Mar. 31, 2020	(131,355)	$ 5,799	1,895,486	(2,031,006)	(1,634)
Balance, shares at Jun. 30, 2020		5,798,765
Balance, amount at Jun. 30, 2020	(168,873)	$ 5,799	1,895,486	(2,068,521)	(1,637)
Net loss	(50,867)	$ 0	0	(50,555)	(312)
Balance, shares at Sep. 30, 2020		5,798,765
Balance, amount at Sep. 30, 2020	(219,740)	$ 5,799	1,895,486	(2,119,076)	(1,949)
Balance, shares at Jun. 30, 2020		5,798,765
Balance, amount at Jun. 30, 2020	(168,873)	$ 5,799	1,895,486	(2,068,521)	(1,637)
Net loss	(102,698)
Balance, shares at Mar. 31, 2021		5,798,765
Balance, amount at Mar. 31, 2021	(271,571)	$ 5,799	1,895,486	(2,170,907)	(1,949)
Balance, shares at Sep. 30, 2020		5,798,765
Balance, amount at Sep. 30, 2020	(219,740)	$ 5,799	1,895,486	(2,119,076)	(1,949)
Net loss	(35,731)	$ 0	0	(35,731)	0
Balance, shares at Dec. 31, 2020		5,798,765
Balance, amount at Dec. 31, 2020	(255,471)	$ 5,799	1,895,486	(2,154,807)	(1,949)
Net loss	(16,100)	$ 0	0	(16,100)	0
Balance, shares at Mar. 31, 2021		5,798,765
Balance, amount at Mar. 31, 2021	$ (271,571)	$ 5,799	$ 1,895,486	$ (2,170,907)	$ (1,949)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (102,698)	$ (275,544)
Adjustments to reconcile net loss to net cash used in operating activities:
Consulting expense	0	89,315
Gain on modification of debt	0	(19,782)
Bad debt for loan receivable	0	12,000
Interest accrued on promissory notes payable	26,004	47,071
Changes in operating assets and liabilities:
Accounts receivable	0	188,951
Film costs	0	343,235
Accounts payable and accrued expenses	8,185	24,467
Deferred film revenue	0	(354,398)
Interest paid on promissory notes payable	(6,023)	(5,120)
Net Cash (used in) provided by Operating Activities	(74,532)	50,195
Cash Flows from Financing Activities:
Borrowing from related party	66,427	500
Repayment of note receivable - related party	20,000	0
Repayment of note payable	(3,977)	(45,000)
Net Cash provided by (used in) Financing Activities	82,450	(44,500)
Net Increase in cash and cash equivalents	7,918	5,695
Cash and Cash Equivalents, beginning of period	80,510	57,154
Cash and Cash Equivalents, end of period	88,428	62,849
Supplemental Disclosure Information:
Cash paid for interest	6,023	5,120
Cash paid for income taxes	0	0
Supplemental Non-cash Disclosure:
Promissory note issued to related party for settlement of loan arrangement	0	50,000
Conversion of debt into common stock	$ 0	$ 15,000

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	9 Months Ended
	Mar. 31, 2021
ORGANIZATION AND OPERATIONS
NOTE 1 - ORGANIZATION AND OPERATIONS

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

FILM COSTS

FILM COSTS	9 Months Ended
	Mar. 31, 2021
FILM COSTS
NOTE 3 - FILM COSTS

DEFERRED FILM REVENUE

DEFERRED FILM REVENUE	9 Months Ended
	Mar. 31, 2021
DEFERRED FILM REVENUE
NOTE 4 - DEFERRED FILM REVENUE

PROMISSORY NOTES PAYABLE

PROMISSORY NOTES PAYABLE	9 Months Ended
	Mar. 31, 2021
PROMISSORY NOTES PAYABLE
NOTE 5 - PROMISSORY NOTES PAYABLE

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
NOTE 6 - RELATED PARTY TRANSACTIONS

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Mar. 31, 2021
SHARE CAPITAL
NOTE 7 - SHARE CAPITAL

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
NOTE 8 - COMMITMENTS AND CONTINGENCIES

INCOME TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2021
INCOME TAXES
NOTE 9 - INCOME TAXES

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS
NOTE 10 - SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation
Basis of Presentation
Use of Estimates
Cash
Concentration of Risk
Film Costs
Fair Value of Financial Instruments
Revenue Recognition
Loss per Share Calculations
Recently Issued Accounting Pronouncements
COVID-19
Going Concern

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of revenue from customers

FILM COSTS (Tables)

FILM COSTS (Tables)	9 Months Ended
	Mar. 31, 2021
FILM COSTS
Schedule of film costs

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Mar. 31, 2021
INCOME TAXES
Schedule of net loss before provision for income taxes
Schedule of Net deferred tax assets

ORGANIZATION AND OPERATIONS (De

ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($)	Aug. 09, 2017	Jan. 15, 2016	Mar. 31, 2021	Feb. 29, 2016
Budget amount			$ 35,000,000
Common stock, shares authoriziation		2,500,000		5,000,000
Description of common stock reverse stock split	1 for 40
Exchange Agreement [Member]
Series A convertible preferred stock issued		1,000,000
Common stock exchange shares		$ 2,500,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MVE Productions	$ 0	$ 343,256

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net loss from operation	$ (102,698)
Working capital deficit	(357,067)
FDIC insurance coverage limit	250,000
Accumulated deficit	$ (2,170,907)	$ (2,068,521)

FILM COSTS (Details)

FILM COSTS (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
FILM COSTS
Independent Self-Produced Film Costs, Net	$ 85,496	$ 85,496

FILM COSTS (Details Narrative)

FILM COSTS (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
FILM COSTS
Capitalized film costs expensed as cost of revenues	$ 343,256	$ 343,256

DEFERRED FILM REVENUE (Details

DEFERRED FILM REVENUE (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
DEFERRED FILM REVENUE
Revenues	$ 0	$ 343,256

PROMISSORY NOTES PAYABLE (Detai

PROMISSORY NOTES PAYABLE (Details Narrative) - USD ($)	Feb. 07, 2018	Feb. 06, 2018	Jan. 04, 2018	Oct. 11, 2017	Sep. 24, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Interest payable						$ 116,643			$ 116,643		$ 96,662
Interest expense						8,524	$ 13,613		26,079	$ 47,803
Promissory note interest payable									26,004	47,071
Promissory note payable						78,820			78,820		82,797
Two new lender [Member]
Interest payable					$ 16,328	8,365			8,365		1,979
Interest expense									0	2,521
Promissory Note [Member]
Interest payable						12,726			12,726		12,726
Interest expense									12,416	6,027
Promissory note				$ 150,000
Unpaid principle								$ 4,011	5,000
Promissory note interest payable	$ 15,000							6,023	6,023
Repayment of notes payable	$ 150,000							100,000	50,000
Recorded interest over term of loan				15,000
Percentage of accrued interest	10%	10%	10%
Promissory note payable	$ 150,000	$ 100,000	$ 80,000	150,000							50,000
Proceeds from issuance of promissory note payable	150,000	100,000	$ 80,000	$ 150,000					3,977	0
Promissory Note [Member] | Chief Executive Officer [Member]
Interest payable					8,164
Promissory note		50,000			50,000	50,000			$ 50,000		50,000
October 11, 2017 [Member]
Interest rate description									Due to change of maturity date of the loan agreement to June 30, 2020, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt
January 4, 2018 [Member]
Principal note payable						73,820			$ 73,820		77,797
Interest rate description									Due to change of maturity date of the loan agreement to June 30, 2020, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of changing recognized as of gain on gain on modification of debt
February 6, 2018 [Member]
Interest payable											0
Promissory note		$ 100,000
Interest rate description									According to amendment agreement, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt
February 7, 2018 [Member]
Promissory note	$ 150,000
Interest rate description									According to general and mutual release agreement, the default interest at 22% recorded in the previous, adjusted to 10% and the effect of change recognized as of gain on modification of debt
Settlement Loan Agreement [Member]
Interest payable					$ 8,164	4,837			$ 4,837		4,011
Interest expense									826	722
Promissory note interest payable								$ 5,000	5,000
Repayment of notes payable									45,000
Percentage of accrued interest					10%
Promissory note payable					$ 50,000						50,000
Proceeds from issuance of promissory note payable					$ 50,000
Settlement Loan Agreement [Member] | September 24, 2019 [Member]
Interest payable						3,767	$ 3,767		3,767	3,767
Interest expense									0	$ 4,955
Promissory note						$ 50,000			$ 50,000		$ 50,000
Number of shares issued for conversion of debt					20,000
Value of stock issued for conversion of stock					$ 15,000
Amendment Agreement [Member] | Lender [Member]
Principal note payable					$ 80,000
Maturity date					Jun. 30, 2020

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended		9 Months Ended
	Sep. 24, 2019	Sep. 19, 2017	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Feb. 26, 2018	Feb. 06, 2018
Kruse Farm [Member] | Notes Payable, Other Payables [Member]
Promissory note		$ 350,000	$ 60,000		$ 60,000
Accured interest			70,457		65,953
Interest expense			4,504	$ 26,370
Percentage of notes payable		10%
Chief Executive Officer [Member] | Promissory Note [Member]
Promissory note	$ 50,000		50,000		50,000		$ 50,000
Accured interest	8,164		20,258		12,000
Interest expense			8,258	$ 2,589
Proceeds fro issuance of promissory note	$ 50,000
Percentage of promissory note	10%
Note receivable			$ 0		$ 20,000	$ 10,000
Additional amount						$ 10,000

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($)	1 Months Ended
	Sep. 24, 2019	Mar. 31, 2021	Jun. 30, 2020
SHARE CAPITAL
Shares issued price per share (in dollars per share)	$ 0.001
Common stock share issued		5,798,765	5,798,765
Common stock share outstanding		5,778,765	5,798,765
Common stock share authorized		25,000,000	25,000,000
Common stock par value		$ 0.001	$ 0.001
Common stock issued for settlement interest payable of notes	$ 15,000
Common stock issued for settlement interest payable of notes (in shares)	20,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Federal Income Tax benefits (expenses) attributable to Current Operation
Federal Income Tax benefits (expenses) attributable to Current Operation	$ 17,305	$ 30,084
Less: Valuation Allowance	$ (17,305)	$ (30,084)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Deferred tax assets, generated from net operating loss at statutory rates
Deferred tax assets	$ 355,242	$ 337,957
Less: Valuation Allowance	$ (355,262)	$ (337,957)

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Dec. 22, 2017	Mar. 31, 2021
INCOME TAXES
Net operating loss carry forwards		$ 1,712,019
Federal corporate income tax rate	34.00%	21.00%
NOL expiration description		Net operating losses (the “U.S. NOLs”), which begin to expire beginning in 2037
Statutory federal income tax rate		21%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jul. 12, 2021	Mar. 31, 2021
Chief Executive Officer [Member]
Cumulative amount, total		$ 31,996
Chief Creative Officer [Member] | Subsequent Event [Member]
Remaining balance payable	$ 15,124
Advances repaid	$ 83,299