Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 15, 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 | Yes | |
Document Period End Date | Sep. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 5,798,765 | |
Document Quarterly Report | true | |
Entity Interactive Data Current | No | |
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, $.001 par vale | |
Trading Symbol | HLWD |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 1,726 | $ 138,482 |
Prepaid expenses and deposits | 2,053 | 0 |
Total Current Assets | 3,779 | 138,482 |
Film costs | 85,496 | 85,496 |
TOTAL ASSETS | 89,275 | 223,978 |
Current Liabilities | ||
Accounts payable and accrued expenses | 70,919 | 75,708 |
Due to related party | 15,624 | 83,799 |
Interest payable | 115,830 | 122,673 |
Deferred film revenue - related party | 100,000 | 100,000 |
Promissory note payable | 78,820 | 78,820 |
Promissory note payable - related party | 60,000 | 60,000 |
Total Current Liabilities | 441,193 | 521,000 |
TOTAL LIABILITIES | 441,193 | 521,000 |
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 respectively. | 5,799 | 5,799 |
Additional paid in capital | 1,895,486 | 1,895,486 |
Accumulated deficit | (2,251,254) | (2,196,358) |
Total shareholders' deficit attributable to Almost Never Films Inc. shareholders | (349,969) | (295,073) |
Non-controlling interest | (1,949) | (1,949) |
Total shareholders' deficit | (351,918) | (297,022) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 89,275 | $ 223,978 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
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 | 5,798,765 | 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 - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Consolidated Statements of Operations and Comprehensive Loss | ||
Revenues | $ 0 | $ 0 |
Cost of Revenues | 0 | 0 |
Gross Profit | 0 | 0 |
Operating Expenses | ||
General and administration expenses | 15,849 | 20,977 |
Professional fees | 45,829 | 21,000 |
Total operating expenses | 61,678 | 41,977 |
Loss from operations | (61,678) | (41,977) |
Other (Expense) Income | ||
Interest expense | (5,944) | (8,890) |
Gain on interest payable waived | 12,726 | 0 |
Total other income (expense) | 6,782 | (8,890) |
Net loss before income taxes | (54,896) | (50,867) |
Provision for income taxes | 0 | 0 |
Net loss | (54,896) | (50,867) |
Net loss attributable to: | ||
Almost Never Films Inc. | (54,896) | (50,555) |
Non-controlling interest | 0 | (312) |
Comprehensive Loss | $ (54,896) | $ (50,867) |
Net Loss per share attributable to Common stockholders of the Company -Basic and Diluted | $ (0.01) | $ (0.01) |
Weighted Average Common Shares Outstanding - Basic and Diluted | 5,798,765 | 5,798,765 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders Equity (Deficit) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Non-controlling Interest [Member] |
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 profit/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, 2021 | 5,798,765 | ||||
Balance, amount at Jun. 30, 2021 | (297,022) | $ 5,799 | 1,895,486 | (2,196,358) | (1,949) |
Net profit/loss | (54,896) | $ 0 | 0 | (54,896) | 0 |
Balance, shares at Sep. 30, 2021 | 5,798,765 | ||||
Balance, amount at Sep. 30, 2021 | $ (351,918) | $ 5,799 | $ 1,895,486 | $ (2,251,254) | $ (1,949) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (54,896) | $ (50,867) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on interest payable waived | (12,726) | 0 |
Accrued interest on promissory notes payable | 5,883 | 8,881 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and deposits | (2,053) | 0 |
Accounts payable and accrued expenses | (4,789) | 2,950 |
Interest paid on promissory notes payable | 0 | (6,023) |
Net Cash used in Operating Activities | (68,581) | (45,059) |
Cash Flows from Investing Activities: | ||
Net Cash Provided by Investing Activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Borrowing from related party | 15,124 | 0 |
Repayment of note payable | 0 | (3,977) |
Repayment of related party advances | (83,299) | 0 |
Net Cash Provided used in Financing Activities | (68,175) | (3,977) |
Net decrease in cash and cash equivalents | (136,756) | (49,036) |
Cash and Cash Equivalents, beginning of period | 138,482 | 80,510 |
Cash and Cash Equivalents, end of period | 1,726 | 31,474 |
Supplemental Disclosure Information: | ||
Cash paid for interest | 61 | 6,023 |
Cash paid for income taxes | $ 0 | $ 0 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 3 Months Ended |
Sep. 30, 2021 | |
ORGANIZATION AND OPERATIONS | |
NOTE 1 - ORGANIZATION AND OPERATIONS | NOTE 1 – ORGANIZATION AND OPERATIONS Nature of the Business Almost Never Films Inc. (the “Company”) 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 focusing on film production, finance and production related services for movies under budgets of $35 million. The Company’s common stock are currently traded on OTC Pink under the symbol of “HLWD.” 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 2,500,000 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. In March 2016, the Company increased the authorized capital to 5,000,000 shares of common stock and changed the name of the Company to “Almost Never Films Inc.” upon the approval from stockholders of the company. On August 9, 2017, the Company has approved a 1-for-40 reverse split of its issued and outstanding common stock. The common stock accounts and all share related balances have been applied retroactively for all periods presented. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Team Sports Superstore (Inactive), Almost Never Films Inc. (Indiana), FWIL, LLC (Indiana), Virginia Christmas, LLC (New York), Christmas Camp, LLC (New York), and Country Christmas, LLC (Ohio). Its 90% owned subsidiaries are One HLWD KY LLC (Kentucky), Two HLWD KY LLC (Kentucky) and Three HLWD KY (Kentucky), LLC. All significant intercompany transactions and balances have been eliminated in consolidation. The Company dissolved FWIL, LLC on September 16, 2019 and Country Christmas, LLC (CXA) on October 5, 2019. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these condensed financial statements do not include all the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). 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, film costs, among others. Actual results could differ from these estimates. Film Costs, Net The Company records film costs in accordance with ASC – 926 - Entertainment – Films Revenue Recognition The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. When the Company enters into a contract, the Company analyses the services required in the contract in order to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as one single event, the sign-off by both parties that production is completed and the product (film) is ready for distribution. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied. The Company recognizes revenue when the customer confirms to the Company that all of the terms and conditions of the contract has been met, and the sign-off of the project has been completed. The Company derives its revenues from the follows: · Production Service Agreement Revenue is related to films where the Company has been engaged as an independent contractor to provide production services and other elements related to production for individual film projects. · Revenue from self-produced films is related to films where the Company has self-produced certain films along with a third party, with the expectation that these films will be distributed in the future. The Company analyses whether gross sales, or net sales should be recorded, has control over establishing price, and has control over the related costs with earning revenues. The Company has recorded all revenues at the gross price. Cash payments received are recorded as deferred revenue until the conditions, stated above, of revenue recognition have been met, specifically all obligations have been met as specified in the related customer contract. Recently Issued Accounting Pronouncements 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. 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 condensed consolidated financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. During the three months ended September 30, 2021, the Company incurred a net loss of $54,896. As of September 30, 2021, the Company had a working capital deficiency of $437,414 and an accumulated deficit of $2,251,254. 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. The Company plans on raising the required funds through completion of film projects resulting in revenues, and further potential equity and debt offerings. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable to continue as a going concern. |
FILM COSTS
FILM COSTS | 3 Months Ended |
Sep. 30, 2021 | |
FILM COSTS | |
NOTE 3 - FILM COSTS | NOTE 3 – FILM COSTS Film costs are comprised of the following: September 30, June 30, 2021 2021 Independent Self-Produced Film Costs $ 85,496 $ 85,496 Film costs include salaries and wages, and all other direct costs associated with the motion pictures and television productions. In addition, the Company qualifies for certain government programs that provide incentives earned in regard to expenditures on qualifying film production activities. The incentives are recorded as an offset to the related asset balance. |
DEFERRED FILM REVENUE
DEFERRED FILM REVENUE | 3 Months Ended |
Sep. 30, 2021 | |
DEFERRED FILM REVENUE | |
NOTE 4 - DEFERRED FILM REVENUE | NOTE 4 – DEFERRED FILM REVENUE During the year ended June 30, 2021, the Company entered into an agreement with Harley Commodity Co. (“Harley”), a related party (see Note 6), to provide certain development services in connection with a future motion picture project. As of September 30, 2021, the $100,000 from Harley, was recorded as deferred film revenue – related party as development at such date had not yet been completed. |
PROMISSORY NOTES PAYABLE
PROMISSORY NOTES PAYABLE | 3 Months Ended |
Sep. 30, 2021 | |
PROMISSORY NOTES PAYABLE | |
NOTE 5 - PROMISSORY NOTES PAYABLE | NOTE 5 – PROMISSORY NOTES PAYABLE (i) On October 11, 2017, the Company issued a $150,000 Promissory Note in exchange for receiving $150,000 proceeds. The principal of $150,000 is due fourteen (14) months from the receipt of the funds. and a total interest charge of ten percent or $15,000 is to be recorded over the term of the loan. The proceeds were used by the Company to fund the motion picture known as One HLWD KY LLC. On September 24, 2019, the Company signed amendment agreement with lender for the balance of principal note of $50,000 with new maturity date of June 30, 2020. The $50,000 principal note was paid off on June 12, 2020, and interest expense of $4,767 was recorded for the year ended June 30, 2020. 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. On August 12, 2021, the outstanding interest payable was fully waived by the lender in the amount of $12,726, which was recorded as a gain on modification of debt during the three months ended September 30, 2021. As of September 30, 2021 and June 30, 2021, interest payable was $nil and $12,726, respectively. (ii) On January 4, 2018, the Company issued a $80,000 Promissory Note in exchange for receiving $80,000 proceeds. The principal of $80,000 is due twelve (12) months from the receipt of the funds, and bears interest at 10% per annum. The proceeds were used by the Company to fund the motion picture known as River Runs Red. On September 24, 2019, the Company signed amendment agreement with lender for the principal note of $80,000 with new maturity date of June 30, 2020. The note is in default currently and accrues interest at 22% per annum. For the three months ended September 30, 2021, and 2020, interest expense of $4,093 and $4,318 were recorded, respectively. As of September 30, 2021 and June 30, 2021 interest payable were $16,507 and $12,414, respectively with the outstanding principal amount of $73,820 and $73,820, respectively. During the three months ended September 30, 2021 and 2020, the Company repaid principal of $nil and $3,977, respectively, and interest of $nil and $6,023 respectively. (iii) On September 24, 2019, the company issued a $50,000 Promissory Note in exchange of settlement loan agreement of February 6, 2018 with another lender for replacing $50,000 proceeds. The principal of $50,000 is due on June 30, 2020 and bears interest at 10% per annum. The Company did not reach an agreement with note holder for new maturity date and as of June 30, 2020, the note is in default. As of September 24, 2019, unpaid interest of $8,164 was due and transferred to a new lender. During the three months ended September 30, 2021 and 2020, interest expenses of $277 and $277, respectively was recorded. As of September 30, 2021 and June 30, 2021, unpaid principal was $5,000 and $5,000, respectively and accrued interest payable of $5,388 and $5,111, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 6 - RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS (i) During the year ended June 30, 2021, the Company’s CEO provided the Company with a series of advances, totaling $83,799. During the three months ended September 30, 2021, the Company’s CEO provided additional advances to the Company with a cumulative total of $15,124, after the Company repaid $83,299 back to the Company’s CEO, resulting in a remaining payable as of September 30, 2021 and June 30, 2021 of $15,124 and $83,799, respectively. The funds are unsecured, non-interest bearing and due on demand. (ii) On September 19, 2017 the company issued a 10% Promissory Note in exchange for receiving $350,000 from Kruse Farms, LP., a Company owned by one of the Company’s principle owners, to fund the production of a motion picture. The principal of $350,000 is due in twenty-four (24) months from receipt of the funds. On September 24, 2019, the Company and the lender have extended the maturity date to June 30, 2020. The note is in default currently. During the three months ended September 30, 2021 and 2020, the Company recorded interest expense of $1,512 and $1,512, respectively. As of September 30, 2021 and June 30, 2021, the principal balances of note were $60,000 and $60,000, respectively, with interest payable of $73,465 and $71,953 outstanding. (iii) On September 24, 2019, the company issued a $50,000 Promissory Note to the Company’s Chief Executive Officer in exchange of settlement loan agreement of February 6, 2018 with another lender for $50,000 proceeds. The principal of $50,000 is due on June 30, 2020 and bears interest at 10% per annum. As of September 24, 2019, unpaid interest of $8,164 was due and transferred to lender. The note is currently in default. As of September 30, 2021 and June 30, 2021, unpaid principal totaled nil and nil, respectively with accrued interest of $20,468 and $20,468, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 7 - 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 | 3 Months Ended |
Sep. 30, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date these consolidated financial statements were issued and determined that there were no subsequent events or transactions that require recognition or disclosures in these condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Consolidation | The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Team Sports Superstore (Inactive), Almost Never Films Inc. (Indiana), FWIL, LLC (Indiana), Virginia Christmas, LLC (New York), Christmas Camp, LLC (New York), and Country Christmas, LLC (Ohio). Its 90% owned subsidiaries are One HLWD KY LLC (Kentucky), Two HLWD KY LLC (Kentucky) and Three HLWD KY (Kentucky), LLC. All significant intercompany transactions and balances have been eliminated in consolidation. The Company dissolved FWIL, LLC on September 16, 2019 and Country Christmas, LLC (CXA) on October 5, 2019. |
Basis of Presentation | The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these condensed financial statements do not include all the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. The accompanying audited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). |
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, film costs, among others. Actual results could differ from these estimates. |
Film Costs, Net | The Company records film costs in accordance with ASC – 926 - Entertainment – Films |
Revenue Recognition | The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. When the Company enters into a contract, the Company analyses the services required in the contract in order to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as one single event, the sign-off by both parties that production is completed and the product (film) is ready for distribution. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied. The Company recognizes revenue when the customer confirms to the Company that all of the terms and conditions of the contract has been met, and the sign-off of the project has been completed. The Company derives its revenues from the follows: · Production Service Agreement Revenue is related to films where the Company has been engaged as an independent contractor to provide production services and other elements related to production for individual film projects. · Revenue from self-produced films is related to films where the Company has self-produced certain films along with a third party, with the expectation that these films will be distributed in the future. The Company analyses whether gross sales, or net sales should be recorded, has control over establishing price, and has control over the related costs with earning revenues. The Company has recorded all revenues at the gross price. Cash payments received are recorded as deferred revenue until the conditions, stated above, of revenue recognition have been met, specifically all obligations have been met as specified in the related customer contract. |
Recently Issued Accounting Pronouncements | 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. |
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 condensed consolidated financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. During the three months ended September 30, 2021, the Company incurred a net loss of $54,896. As of September 30, 2021, the Company had a working capital deficiency of $437,414 and an accumulated deficit of $2,251,254. 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. The Company plans on raising the required funds through completion of film projects resulting in revenues, and further potential equity and debt offerings. However, there is no assurance that the Company will be successful in this or any of its endeavors or become financially viable to continue as a going concern. |
FILM COSTS (Tables)
FILM COSTS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
FILM COSTS | |
Schedule of film costs | September 30, June 30, 2021 2021 Independent Self-Produced Film Costs $ 85,496 $ 85,496 |
ORGANIZATION AND OPERATIONS (De
ORGANIZATION AND OPERATIONS (Details Narrative) - USD ($) $ in Millions | Aug. 09, 2017 | Jan. 15, 2016 | Sep. 30, 2021 | Feb. 29, 2016 |
Budget amount | $ 35 | |||
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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Net loss from operation | $ 54,896 | |
Working capital deficit | 437,414 | |
Accumulated deficit | $ (2,251,254) | $ (2,196,358) |
FILM COSTS (Details)
FILM COSTS (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
FILM COSTS | ||
Independent Self-Produced Film Costs, Net | $ 85,496 | $ 85,496 |
FILM COSTS (Details Narrative)
FILM COSTS (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
FILM COSTS | ||
Capitalized film costs expensed as cost of revenues | $ 0 | $ 0 |
DEFERRED FILM REVENUE (Details
DEFERRED FILM REVENUE (Details Narrative) | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Harley [Member] | |
Related party advances | $ 100,000 |
PROMISSORY NOTES PAYABLE (Detai
PROMISSORY NOTES PAYABLE (Details Narrative) - USD ($) | Jan. 04, 2018 | Oct. 11, 2017 | Sep. 24, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Aug. 12, 2021 | Jun. 30, 2020 |
Interest payable | $ 115,830 | $ 122,673 | ||||||
Interest expense | 5,944 | $ 8,890 | ||||||
Promissory note payable | 78,820 | 78,820 | ||||||
Promissory note interest payable | 5,883 | 8,881 | ||||||
Two new lender [Member] | ||||||||
Outstanding principal balance | 50,000 | |||||||
Promissory Note [Member] | ||||||||
Interest payable | 0 | 1 | $ 12,726 | |||||
Promissory note | $ 150,000 | |||||||
Recorded interest over term of loan | 15,000 | |||||||
Percentage of accrued interest | 10 | |||||||
Promissory note payable | $ 80,000 | 150,000 | 80,000 | |||||
Proceeds from issuance of promissory note payable | $ 80,000 | $ 150,000 | ||||||
Promissory Note [Member] | Chief Executive Officer [Member] | ||||||||
Interest payable | $ 8,164 | |||||||
Promissory note | $ 50,000 | 50,000 | $ 50,000 | |||||
October 11, 2017 [Member] | ||||||||
Interest payable | $ 0 | 12,726 | ||||||
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] | ||||||||
Interest payable | $ 16,507 | 12,414 | ||||||
Interest expense | $ 4,093 | 4,318 | ||||||
Interest rate description | The note is in default currently and accrues interest at 22% per annum. | |||||||
Principal note payable | $ 73,820 | 73,820 | ||||||
Repayment of notes payable | 0 | 3,977 | ||||||
Promissory note interest payable | 0 | 6,023 | ||||||
Settlement Loan Agreement [Member] | ||||||||
Interest expense | 4,767 | |||||||
Percentage of accrued interest | 10 | |||||||
Promissory note payable | $ 50,000 | |||||||
Proceeds from issuance of promissory note payable | 50,000 | |||||||
Settlement Loan Agreement [Member] | September 24, 2019 [Member] | ||||||||
Interest payable | 5,388 | 5,111 | ||||||
Interest expense | 277 | $ 277 | ||||||
Unpaid principle | $ 5,000 | $ 5,000 | ||||||
Amendment Agreement [Member] | Lender [Member] | ||||||||
Principal note payable | $ 80,000 | |||||||
Maturity date | June 30, 2020 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 24, 2019 | Sep. 19, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (54,896) | $ (50,867) | ||||
Kruse Farm [Member] | Notes Payable, Other Payables [Member] | ||||||
Promissory note | $ 350,000 | 60,000 | $ 60,000 | |||
Accured interest | 73,465 | 71,953 | ||||
Notes Payable | $ 350,000 | |||||
Interest expense | 1,512 | $ 1,512 | ||||
Percentage of notes payable | 10 | |||||
Promissory Note [Member] | Chief Executive Officer [Member] | ||||||
Promissory note | $ 50,000 | 50,000 | $ 50,000 | |||
Advance from related party | 83,799 | |||||
Repayment of advances from related party | 83,299 | |||||
Remaining balance payable | 15,124 | 83,799 | ||||
Net loss | 15,124 | |||||
Accured interest | 8,164 | 20,468 | 20,468 | |||
Unpaid principle amount | $ 0 | $ 0 | ||||
Proceeds from issuance of promissory note | $ 50,000 | |||||
Percentage of promissory note | 10 |