Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Oct. 15, 2013 | |
Document And Entity Information | ||
Entity Registrant Name | Global Karaoke Network, Inc. | |
Entity Central Index Key | 1451797 | |
Document Type | 10-K | |
Document Period End Date | 30-Jun-13 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
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 Public Float | $4,273,920 | |
Entity Common Stock, Shares Outstanding | 938,880,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2012 |
Balance_Sheets
Balance Sheets (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
CURRENT ASSETS | ||
Cash | $637 | |
Total Current Assets | 637 | |
Asset of discontinued operations | 2,218 | |
TOTAL ASSETS | 2,855 | |
CURRENT LIABILITIES | ||
Accounts payable | 50,736 | 59,393 |
Bank overdraft | 12 | |
Loan payable - related party | 92,740 | 25,000 |
Total Current Liabilities | 143,488 | 84,393 |
TOTAL LIABILIITES | 143,488 | 84,393 |
STOCKHOLDERS DEFICIT | ||
Common stock, $0.00001 par value, 2,000,000,000 shares authorized, 938,880,000 shares issued and outstading | 9,388 | 9,388 |
Common stock to be issued, 0 and 182,400,000 shares, respectively | 1,824 | |
Additional paid-in capital | 376,985 | 375,161 |
Deficit accumulated during the development stage | -529,861 | -467,911 |
Total Stockholders Deficit | -143,488 | -81,538 |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | $2,855 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Perferred stock, issued and outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, issued and outstanding | 938,880,000 | 938,880,000 |
Common stock, to be issued | 0 | 182,400,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 70 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
REVENUES | |||
OPERATING EXPENSES | |||
Professional fees | 48,391 | 66,673 | 328,741 |
General and administrative | 2,346 | 4,820 | 7,166 |
Total Operating Expenses | 50,737 | 71,493 | 335,907 |
OPERATING LOSS | -50,737 | -71,493 | -335,907 |
LOSS FROM CONTINUING OPERATIONS | -50,737 | -71,493 | -335,907 |
DISCONTINUED OPERATIONS | |||
Loss from discontinued operations | -9,448 | -12,337 | -192,189 |
NET LOSS | ($61,950) | ($83,830) | ($529,861) |
BASIC AND DILUTED LOSS PER COMMON SHARE - CONTINUING AND DISCONTINUED | $0 | $0 | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 1,121,280,000 | 958,869,042 |
Statement_of_Stockholders_Equi
Statement of Stockholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit During the Development Stage | Total |
Beginning balance, amount at Sep. 09, 2007 | ||||
Common stock issued to acquire subsidiary, shares | 777,600,000 | |||
Common stock issued to acquire subsidiary, amount | $7,776 | ($14,908) | ($7,132) | |
Common stock issued for cash, shares | 161,280,000 | |||
Common stock issued for cash, amount | 1,612 | 25,268 | 26,880 | |
Net loss | -81,194 | -81,194 | ||
Ending balance, amount at Jun. 30, 2008 | 9,388 | 10,360 | -81,194 | -61,446 |
Ending balance, shares at Jun. 30, 2008 | 938,880,000 | |||
Net loss | -104,186 | -104,186 | ||
Ending balance, amount at Jun. 30, 2009 | 9,388 | 10,360 | -185,380 | -165,632 |
Ending balance, shares at Jun. 30, 2009 | 938,880,000 | |||
Net loss | -104,164 | -104,164 | ||
Ending balance, amount at Jun. 30, 2010 | 9,388 | 10,360 | -289,544 | -269,796 |
Ending balance, shares at Jun. 30, 2010 | 938,880,000 | |||
Net loss | -94,537 | -94,537 | ||
Ending balance, amount at Jun. 30, 2011 | 9,388 | 10,360 | -384,081 | -364,333 |
Beginning balance, shares at Jun. 30, 2011 | 93,888,000 | |||
Forgiveness of debt to related party | 364,357 | 364,357 | ||
Common stock to be issued for license agreement, shares | 182,400,000 | |||
Common stock to be issued for license agreement, amount | 1,824 | 444 | 2,268 | |
Net loss | -83,830 | -83,830 | ||
Ending balance, amount at Jun. 30, 2012 | 11,212 | 375,161 | -467,911 | -81,538 |
Ending balance, shares at Jun. 30, 2012 | 1,121,280,000 | |||
Cancellation of common stock for license agreement, shares | -182,400,000 | |||
Cancellation of common stock for license agreement, amount | -1,824 | 1,824 | ||
Net loss | -61,950 | -61,950 | ||
Ending balance, amount at Jun. 30, 2013 | $9,388 | $376,985 | ($529,861) | ($143,488) |
Ending balance, shares at Jun. 30, 2013 | 938,880,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 70 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
OPERATING ACTIVITIES | |||
Net loss | ($61,950) | ($83,830) | ($529,861) |
Amortization expense | 453 | 50 | 503 |
Changes in operating assets and liabilities: | |||
Accounts payable | -8,657 | 56,163 | 50,736 |
Net Cash Used in Continuing Operating Activities | -70,154 | -27,617 | -478,622 |
Net Cash Provided by Discontinued Operating Activities | 1,765 | 1,094 | 281,226 |
INVESTING ACTIVITIES | |||
Cash included in the sale of discontinued operations | -364 | -364 | |
Net Cash Used in Continuing Investing Activities | -364 | -364 | |
Net Cash Used in Discontinued Investing Activities | -1,223 | ||
FINANCING ACTIVITIES | |||
Proceeds from loan payable - related party | 67,740 | 25,000 | 92,740 |
Bank overdraft | 12 | 12 | |
Net Cash Provided by Continuing Financing Activities | 67,752 | 25,000 | 92,752 |
Net Cash Provided by Discontinued Financing Activities | 660 | 106,231 | |
NET DECREASE IN CASH | -637 | -1,227 | |
CASH AT BEGINNING OF PERIOD | 637 | 1,864 | |
CASH AT END OF PERIOD | 637 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR: | |||
Interest | |||
Income Taxes | |||
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING ACTIVITY: | |||
Gain on sale of subsidiaries | 364,357 | 364,357 | |
(Cancellation of) Common stock to be issued for license | ($1,842) | ($1,842) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Nature of Business |
Anchorage International Holdings Corp. (the “Company”) was incorporated as MojoRepublik, Inc. in the state of Delaware on September 10, 2007. On October 1, 2008, the Company changed its name to Republik Media and Entertainment, Ltd. The Company conducted business through its two wholly-owned subsidiaries, MojoRepublik, LLC and LiveBrew.com, LLC. MojoRepublik, LLC, a wholly-owned subsidiary of the Company, was organized on June 14, 2007 in the State of Nevada. MojoRepublik, LLC was in the business of developing and promoting a website, www.mojorepublik.com. LiveBrew.com, LLC, a wholly-owned subsidiary of the Company, was organized on May 23, 2008 in the State of Nevada. LiveBrew.com, LLC was in the business of organizing and promoting live events. | |
As reported in the Form 8-K filed on August 4, 2011, effective August 3, 2011, and upon the prior approval of the Company’s board of directors and a majority of its shareholders, the Company’s corporate name was changed to “Global Karaoke Network, Inc.” Contemporaneously with the name change, the Company decided to stop pursuing its former business plans. | |
On September 26, 2011, the Company agreed to transfer all membership units owned in its two wholly-owned subsidiaries to a former officer of the Company who is also the Company’s former majority stockholder in exchange for the assumption of all liabilities relating to the subsidiaries and for the cancellation of outstanding promissory notes. | |
On November 17, 2011, the Company’s majority shareholder sold all of his shares in the Company to an individual who now holds 82.82% of the Company’s total issued and outstanding stock. | |
On May 21, 2012, the Company entered into a license and revenue sharing agreement for an exclusive worldwide license to access, use, market and promote the Internet website MeAndMic.com (the “Agreement”) as further discussed in Note 8. | |
Effective August 26, 2013, the Company's name was changed to "Anchorage International Holdings Corp." Contemporaneously with the name change, the Company decided to stop pursuing its former business plans and agreed to a contract termination of its license and revenue sharing agreement related to the website MeAndMic.com. The Company is currently evaluating alternative business plans. | |
Basis of Presentation | |
The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The Company is currently in the development stage and has not realized significant sales through June 30, 2013. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant. | |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash Equivalents | |
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents at June 30, 2013 and 2012. | |
Fair Value of Financial Instruments | |
The carrying amounts reported in the balance sheets for accounts payable and loans payable – related party approximate their fair market value based on the short-term maturity of these instruments. | |
Valuation of Intangible Asset | |
Definite-lived intangible assets are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. During the year ended June 30, 2013, the parties to the Agreement abandoned the contract, resulting in impairment of the related license. Therefore, the Company realized an impairment expense of $1,765 for the year ended June 30, 2013. There was no impairment recorded for the year ended June 30, 2012. | |
Income Taxes | |
The Company accounts for income taxes in accordance with FASB ASC 740, "Income Taxes," which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. | |
The Company applies the provisions of ASC 740-10-05, “Accounting for Uncertainty in Income Taxes”. The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not identify any material uncertain tax positions on returns that have been filed or that will be filed. The Company did not recognize any interest or penalties for unrecognized tax benefits during the years ended June 30, 2013 and 2012. | |
Loss per Common Share | |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. Common shares to be issued of 182,400,000 have been included in the computation of basic and fully diluted loss per share as of June 30, 2012 as if they had been issued on May 21, 2012, in connection with the acquisition of the license agreement as discussed in Note 8. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of June 30, 2013 or 2012. | |
Subsequent Events | |
The Company’s management reviewed all material events through the date of this filing. | |
Recent 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
GOING CONCERN | 12 Months Ended |
Jun. 30, 2013 | |
Notes to Financial Statements | |
GOING CONCERN | The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has incurred operating losses since inception. The Company has realized net losses from inception totaling $529,861 and has a working capital deficiency of $143,488. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Notes to Financial Statements | |||||||||||||
DISCONTINUED OPERATIONS | On September 26, 2011, the Company agreed to transfer all membership units owned in its two wholly-owned subsidiaries, MojoRepublik, LLC and LiveBrew.com, LLC, to a former officer of the Company who is also the Company’s former majority stockholder, in consideration for the cancellation of all outstanding promissory notes held by the former officer and the assumption of other liabilities related to the subsidiaries. The former officer agreed to cancel and/or assume a total of $364,721 which included accounts payable, accrued interest and notes payable. The former officer also received fixed assets which had no carrying value on the date of sale as well as the bank account of one subsidiary with cash of $364. The Company did not recognize a gain on the transaction and recognized the net book deficiency of the subsidiaries sold as an increase in the Company’s additional paid-in-capital of $364,357. | ||||||||||||
On August 26, 2013, the Company made the decision to abandon the contract for the website MeAndMic.com. The operation pertaining to this business plan has been discontinued, and the related operating results have been reflected as discontinued operations. | |||||||||||||
In accordance with ASC 205, “Presentation of Financial Statements”, all results of operations related to the subsidiaries and the contract for the website MeAndMic.com, have been reclassified to loss from discontinued operations. Historical operations related to discontinued operations have also been retroactively reclassified to loss from discontinued operations to be presented separately from results of operations from continuing operations. The statements of cash flows have been retroactively reclassified to separate cash flow activity into cash flows from continuing operations and cash flows from discontinued operations. | |||||||||||||
Asset of discontinued operations consisted of the following as of June 30, 2013 and 2012: | |||||||||||||
June 30, | June 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Intangible asset | $ | — | $ | 2,218 | |||||||||
Asset of discontinued operations | $ | — | $ | 2,218 | |||||||||
Loss from discontinued operations consisted of the following for the years ended June 30, 2013 and 2012: | |||||||||||||
From Inception | |||||||||||||
on September 10, | |||||||||||||
For the Year Ended | For the Year Ended | 2007 Through | |||||||||||
June 30, | June 30, | June 30, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Revenues from discontinued operations | $ | — | $ | — | $ | 8,523 | |||||||
OPERATING EXPENSES | |||||||||||||
Professional fees | 5,899 | 10,821 | 72,715 | ||||||||||
General and administrative | 3,549 | 422 | 113,401 | ||||||||||
Impairment of intangible asset | 1,765 | — | 1,765 | ||||||||||
Total operating expenses of discontinued operations | 11,213 | 11,243 | 187,881 | ||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||
Other income | — | — | 104 | ||||||||||
Interest expense | — | (1,094 | ) | (14,700 | ) | ||||||||
Total other income and expense from discontinued operations | — | (1,094 | ) | (14,596 | ) | ||||||||
LOSS FROM DISCONTINUED OPERATIONS | $ | -11,213 | $ | (12,337 | ) | $ | (193,954 | ) | |||||
INTANGIBLE_ASSET
INTANGIBLE ASSET | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
INTANGIBLE ASSET | The Company’s intangible asset was comprised of the following on June 30, 2013 and 2012: | ||||||||
2013 | 2012 | ||||||||
License Agreement | $ | 2,268 | $ | 2,268 | |||||
Accumulated Amortization | (503 | ) | (50 | ) | |||||
1,765 | 2,218 | ||||||||
Impairment of License Agreement | (1,765 | ) | — | ||||||
Intangible Assets, Net | $ | — | $ | 2,218 | |||||
Amortization expense for the years ended June 30, 2013 and 2012, was $453 and $50, respectively. | |||||||||
The parties to the Agreement abandoned the contract, resulting in the impairment of the intangible asset. As a result of this, the Company realized an impairment expense on the intangible asset of $1,765 for the year ended June 30, 2013, which is included in discontinued operations. There was no impairment recorded for the year ended June 30, 2012. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Various expenses of the Company as well as loans for operating purposes have been paid for or made by the Company's sole officer and director. Loan payable – related party totals $92,740 and $25,000 as of June 30, 2013 and 2012, respectively. The loan does not bear interest, is due on demand and is unsecured. |
During the years ended June 30, 2013 and 2012, office space was provided by the Company’s sole officer and director. No rent is charged for the use of the space. |
STOCKHOLDERS_DEFICIT
STOCKHOLDERS DEFICIT | 12 Months Ended |
Jun. 30, 2013 | |
Equity [Abstract] | |
STOCKHOLDERS DEFICIT | Stock Split |
Effective August 3, 2011, the Company’s board of directors and a majority of the Company’s stockholders approved a 90 for 1 forward split of the Company’s common stock. | |
Effective August 11, 2013, the Company’s board of directors and a majority of the Company’s stockholders approved a 2 for 1 forward split of the Company’s common stock. All share figures and results are reflected in the Company’s financial statements on a post-split basis | |
Authorized Shares | |
Effective June 22, 2010, the Company’s board of directors and a majority of the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to increase the total authorized common stock of the Company from 100,000,000 shares to 500,000,000 shares. | |
Effective June 1, 2012, the Company’s board of directors and a majority of the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to increase the total authorized common stock of the Company from 500,000,000 shares to 1,000,000,000 shares. | |
The Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to increase the total authorized common stock of the Company from 1,000,000,000 shares to 2,000,000,000 shares. | |
Preferred Stock | |
The Company has designated 10,000,000 shares of the Company’s authorized capital stock as preferred stock with the Board of Directors authorized to fix the number of shares of any series of preferred stock and to determine the designation of any such series, including the authority to determine the designation of any such series, including the authority to determine the rights, preferences, privileges and restrictions on any such series of preferred stock. | |
Issuances of Common Stock | |
On May 21, 2012, the Company entered into a license and revenue sharing agreement whereby it agreed to issue 182,400,000 shares of common stock. The shares were valued at $2,268 based on estimated fair market value of the shares on the date of issuance. Effective August 26, 2013, the agreement was terminated and the related shares will not be issued. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
INCOME TAXES | The Company’s provision for income taxes was $-0- for both of the years ended June 30, 2013 and 2012, respectively, since the Company incurred taxable losses and deferred tax assets recognized are offset by a full valuation allowance in each fiscal year. | ||||||||
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In management's opinion, it is uncertain whether the Company will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a full valuation allowance equal to the deferred tax asset has been recorded. The total deferred tax asset is calculated by multiplying a 39% marginal tax rate by the cumulative Net Operating Loss (“NOL”). | |||||||||
At June 30, 2013, the Company has available $529,861 of NOLs which expire in various years beginning in 2028 and carrying forward through 2033. | |||||||||
As discussed in Note 3 to these financial statements, a change in ownership of more than 50% occurred during the year ended June 30, 2012. Therefore, the annual utilization of the Company’s NOLs is subject to certain limitations under Section 382 of the Internal Revenue Code, as amended and other limitations under State tax laws. The Company is currently in the process of analyzing and calculating these limitations. | |||||||||
The tax effects of significant items comprising the Company's net deferred taxes as of June 30, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Cumulative NOL | $ | 529,861 | $ | 467,420 | |||||
Deferred Tax assets: | |||||||||
Net operating loss carry forwards | 206,646 | 182,485 | |||||||
Valuation allowance | (206,646 | ) | (182,485 | ) | |||||
$ | — | $ | — | ||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to net loss before provision for income taxes for the following reasons: | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at U. S. federal statutory rates: | $ | (24,161 | ) | $ | (32,694 | ) | |||
Change in valuation allowance | 24,161 | 32,694 | |||||||
$ | — | $ | — | ||||||
The Company files federal and Nevada income tax returns subject to statutes of limitations. The years ended June 30, 2013, 2012, and 2011 are subject to examination by federal and state tax authorities. |
SIGNIFICANT_AGREEMENTS
SIGNIFICANT AGREEMENTS | 12 Months Ended |
Jun. 30, 2013 | |
Notes to Financial Statements | |
SIGNIFICANT AGREEMENTS | On May 21, 2012, the Company entered into a license and revenue sharing agreement for an exclusive world-wide license to access, use, market and promote the Internet website MeAndMic.com. In consideration for this license the Company agreed to issue 182,400,000 shares of common stock, which have not been issued. The license was valued at $2,268 per share based on the estimated fair market value of the shares on the date of issuance. |
The parties to the Ageeement abandoned the contract. As a result, the 182,400,000 shares of common stock will not be issued and the license was fully impaired. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Anchoarge International Holdings Corp. (the “Company”) was incorporated as MojoRepublik, Inc. in the state of Delaware on September 10, 2007. On October 1, 2008, the Company changed its name to Republik Media and Entertainment, Ltd. The Company conducted business through its two wholly-owned subsidiaries, MojoRepublik, LLC and LiveBrew.com, LLC. MojoRepublik, LLC, a wholly-owned subsidiary of the Company, was organized on June 14, 2007 in the State of Nevada. MojoRepublik, LLC was in the business of developing and promoting a website, www.mojorepublik.com. LiveBrew.com, LLC, a wholly-owned subsidiary of the Company, was organized on May 23, 2008 in the State of Nevada. LiveBrew.com, LLC was in the business of organizing and promoting live events. | |
As reported in the Form 8-K filed on August 4, 2011, effective August 3, 2011, and upon the prior approval of the Company’s board of directors and a majority of its shareholders, the Company’s corporate name was changed to “Global Karaoke Network, Inc.” Contemporaneously with the name change, the Company decided to stop pursuing its former business plans. On September 26, 2011, the Company agreed to transfer all membership units owned in its two wholly-owned subsidiaries to a former officer of the Company who is also the Company’s former majority stockholder in exchange for the assumption of all liabilities relating to the subsidiaries and for the cancellation of outstanding promissory notes. | |
On November 17, 2011, the Company’s majority shareholder sold all of his shares in the Company to an individual who now holds 82.82% of the Company’s total issued and outstanding stock. | |
On May 21, 2012, the Company entered into a license and revenue sharing agreement for an exclusive worldwide license to access, use, market and promote the Internet website MeAndMic.com (the “Agreement”) as further discussed in Note 8. | |
Effective August 26, 2013, the Company's name was changed to "Anchorage International Holdings Corp." Contemporaneously with the name change, the Company decided to stop pursuing its former business plans and agreed to a contract termination of its license and revenue sharing agreement related to the website MeAndMic.com. The Company is currently evaluating alternative business plans. | |
Basis of Presentation | Basis of Presentation |
The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The Company is currently in the development stage and has not realized significant sales through June 30, 2013. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and even if planned principal operations have commenced, revenues are insignificant. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents at June 30, 2013 and 2012. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The carrying amounts reported in the balance sheets for accounts payable and loans payable – related party approximate their fair market value based on the short-term maturity of these instruments. | |
Valuation of Intangible Asset | Definite-lived intangible assets are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. During the year ended June 30, 2013, the parties to the Agreement abandoned the contract, resulting in impairment of the related license. Therefore, the Company realized an impairment expense of $1,765 for the year ended June 30, 2013. There was no impairment recorded for the year ended June 30, 2012. |
Income Taxes | Income Taxes |
The Company accounts for income taxes in accordance with FASB ASC 740, "Income Taxes," which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when it is more likely than not that some or all deferred tax assets will not be realized. | |
The Company applies the provisions of ASC 740-10-05, “Accounting for Uncertainty in Income Taxes”. The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not identify any material uncertain tax positions on returns that have been filed or that will be filed. The Company did not recognize any interest or penalties for unrecognized tax benefits during the years ended June 30, 2013 and 2012. | |
Loss per Common Share | Loss per Common Share |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. Common shares to be issued of 182,400,000 have been included in the computation of basic and fully diluted loss per share as of June 30, 2012 as if they had been issued on May 21, 2012, in connection with the acquisition of the license agreement as discussed in Note 8. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of June 30, 2013 or 2012. | |
Subsequent Events | Subsequent Events |
The Company’s management reviewed all material events through the date of this filing. | |
Recent Accounting Pronouncements | Recent 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. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Notes to Financial Statements | |||||||||||||
SCHEDULE OF ASSETS FROM DISCONTINUED OPERATIONS | June 30, | June 30, | |||||||||||
2013 | 2012 | ||||||||||||
Intangible asset | $ | — | $ | 2,218 | |||||||||
Asset of discontinued operations | $ | — | $ | 2,218 | |||||||||
SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS | From Inception | ||||||||||||
on September 10, | |||||||||||||
For the Year Ended | For the Year Ended | 2007 Through | |||||||||||
June 30, | June 30, | June 30, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Revenues from discontinued operations | $ | — | $ | — | $ | 8,523 | |||||||
OPERATING EXPENSES | |||||||||||||
Professional fees | 5,899 | 10,821 | 72,715 | ||||||||||
General and administrative | 3,549 | 422 | 113,401 | ||||||||||
Impairment of intangible asset | 1,765 | — | 1,765 | ||||||||||
Total operating expenses of discontinued operations | 11,213 | 11,243 | 187,881 | ||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||
Other income | — | — | 104 | ||||||||||
Interest expense | — | (1,094 | ) | (14,700 | ) | ||||||||
Total other income and expense from discontinued operations | — | (1,094 | ) | (14,596 | ) | ||||||||
LOSS FROM DISCONTINUED OPERATIONS | $ | -11,213 | $ | (12,337 | ) | $ | (193,954 | ) | |||||
INTANGIBLE_ASSET_Tables
INTANGIBLE ASSET (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
SCHEDULE OF INTANGIBLE ASSETS | 2013 | 2012 | |||||||
License Agreement | $ | 2,268 | $ | 2,268 | |||||
Accumulated Amortization | (503 | ) | (50 | ) | |||||
1,765 | 2,218 | ||||||||
Impairment of License Agreement | (1,765 | ) | — | ||||||
Intangible Assets, Net | $ | — | $ | 2,218 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Deferred Tax Asset | 2013 | 2012 | |||||||
Cumulative NOL | $ | 529,861 | $ | 467,420 | |||||
Deferred Tax assets: | |||||||||
Net operating loss carry forwards | 206,646 | 182,485 | |||||||
Valuation allowance | (206,646 | ) | (182,485 | ) | |||||
$ | — | $ | — | ||||||
Federal Income Tax | 2013 | 2012 | |||||||
Income tax benefit at U. S. federal statutory rates: | $ | (24,161 | ) | $ | (32,694 | ) | |||
Change in valuation allowance | 24,161 | 32,694 | |||||||
$ | — | $ | — |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 12 Months Ended | 70 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Accounting Policies [Abstract] | |||
Date of Incorporation | 10-Sep-07 | ||
Amount Of Stock Majority Shareholder Owns | 8282.00% | ||
Impairment Of Intangible Asset | $1,765 | $1,765 | |
Common Stock to be Issued | $91,200,000 |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | Jun. 30, 2009 | Jun. 30, 2008 |
Notes to Financial Statements | ||||||
Deficit accumulated during the development stage | $529,861 | $467,911 | ||||
Total Stockholders Deficit | ($143,488) | ($81,538) | ($364,333) | ($269,796) | ($165,632) | ($61,446) |
DISCONTINUED_OPERATIONS_SCHEDU
DISCONTINUED OPERATIONS - SCHEDULE OF ASSETS FROM DISCONTINUED OPERATIONS (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Notes to Financial Statements | ||
Intangible asset | $2,218 | |
Assets of discontinued operations - current | $2,218 |
DISCONTINUED_OPERATIONS_SCHEDU1
DISCONTINUED OPERATIONS - SCHEDULE OF LOSS FROM DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | 70 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Notes to Financial Statements | |||
Revenues from discontinued operations | $8,523 | ||
OPERATING EXPENSES | |||
Professional fees | 5,899 | 10,821 | 57,733 |
General and administrative | 3,549 | 422 | 109,852 |
Impairment of intangible asset | 1,765 | 1,765 | |
Total operating expenses of discontinued operations | 11,213 | 11,243 | 187,881 |
OTHER INCOME AND EXPENSES | |||
Other income | 104 | ||
Interest expense | -1,094 | -14,700 | |
Total other income and expense from discontinued operations | -1,094 | -14,596 | |
LOSS FROM DISCONTINUED OPERATIONS | ($11,231) | ($12,337) | ($193,954) |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details Narrative) (USD $) | 12 Months Ended | 70 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Sep. 26, 2011 | |
Notes to Financial Statements | ||||
Former officers assumption of accounts payable, accrued interest and notes payable | $364,721 | |||
Cash Acquired From Acquisition | 364 | |||
Gain on sale of subsidiaries | $364,357 | $364,357 |
INTANGIBLE_ASSET_SCHEDULE_OF_I
INTANGIBLE ASSET - SCHEDULE OF INTANGIBLE ASSETS (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
License Agreement | $2,268 | $2,268 |
Accumulated Amortization | -503 | -50 |
Intangible Assets, Gross | 1,765 | 2,218 |
Impairment of License Agreement | -1,765 | |
Intangible Assets, Net | $2,218 |
INTANGIBLE_ASSET_Details_Narra
INTANGIBLE ASSET (Details Narrative) (USD $) | 12 Months Ended | 70 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $453 | $50 | $503 |
Impairment of intangible asset | $1,765 | $1,765 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transactions [Abstract] | ||
Loan payable - related party | $92,740 | $25,000 |
STOCKHOLDERS_DEFICIT_Details_N
STOCKHOLDERS DEFICIT (Details Narrative) (USD $) | Aug. 11, 2013 | Aug. 10, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 01, 2012 | 31-May-12 | 21-May-12 | Aug. 03, 2011 | Jun. 22, 2010 | Jun. 21, 2010 |
Equity [Abstract] | ||||||||||
Stock Split Ratio | 90:01:00 | |||||||||
Common Stock, Shares Authorized | 2,000,000,000 | 10,000,000 | 2,000,000,000 | 2,000,000,000 | 1,000,000,000 | 500,000,000 | 500,000,000 | 100,000,000 | ||
Prefered Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Shares issued pursuant to license and revenue sharing agreement, shares | 182,400,000 | |||||||||
Shares issued pursuant to license and revenue sharing agreement, value | $2,268 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Asset (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ||
Cumulative NOL | $529,861 | $467,420 |
Net operating loss carry forwards | 206,646 | 182,485 |
Valuation allowance | -206,646 | -182,485 |
Net deferred tax asset |
INCOME_TAXES_Federal_Income_Ta
INCOME TAXES - Federal Income Tax (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at U. S. federal statutory rates: | ($24,161) | ($32,694) |
Change in valuation allowance | 24,161 | 32,694 |
Total tax expense |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | $0 | $0 |
Effective Income Tax Rate | 39.00% | |
Operating Loss Carryforwards | $529,861 | |
Carryforward Beginning Date | 1-Jan-28 | |
Carryforward Expiration Date | 1-Jan-33 | |
Ownership Change | 50.00% |
SIGNIFICANT_AGREEMENTS_Details
SIGNIFICANT AGREEMENTS (Details Narrative) (USD $) | Jun. 30, 2013 | 21-May-12 |
Notes to Financial Statements | ||
Shares issued pursuant to license and revenue sharing agreement, shares | 182,400,000 | |
Shares issued pursuant to license and revenue sharing agreement, value | $2,268 | |
Shares not issued due to agreement abandoned by licensee | 182,400,000 |