Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 22, 2016 | Dec. 31, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | STAR CENTURY PANDAHO Corp | ||
Entity Central Index Key | 1,470,550 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
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 | $ 9,536,040 | ||
Entity Common Stock, Shares Outstanding | 68,708,924 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash | $ 920 | $ 15,291 |
Prepaid expenses | 9,167 | 10,967 |
Total current assets | 10,087 | 26,258 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 156,508 | 107,303 |
Accrued compensation-related party | 867,220 | 287,693 |
Advances (including $25,000 and $44,787 due to related parties at June 30, 2016 and 2015, respectively) | 79,390 | 134,377 |
Current portion of convertible notes - related parties, net of discount of $9,792 and $0 at June 30, 2016 and 2015, respectively | 36,889 | |
Total current liabilities | 1,140,007 | 529,373 |
Long-term portion of convertible notes - related parties, net of discount of $25,150 and $0 at June 30, 2016 and 2015, respectively | 94,750 | |
Non-redeemable convertible note (including $42,551 and $35,474 due to related parties at June 30, 2016 and 2015, respectively) | 42,551 | 96,490 |
Total liabilities | 1,277,308 | 625,863 |
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding at June 30, 2016; no shares issued and outstanding at June 30, 2015 | 250 | |
Common stock; par value $0.001; 250,000,000 shares authorized; 68,708,924 and 68,252,650 issued and outstanding at June 30, 2016 and 2015, respectively | 95,709 | 95,253 |
Additional paid-in capital | 119,250,999 | 118,734,432 |
Notes receivable | 5,000,000 | 5,000,000 |
Accumulated deficiency | (115,614,179) | (114,429,290) |
Total stockholders' deficiency | (1,267,221) | (599,605) |
Total liabilities and stockholders' deficiency | 10,087 | 26,258 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding at June 30, 2016; no shares issued and outstanding at June 30, 2015 | ||
Total stockholders' deficiency | ||
Total liabilities and stockholders' deficiency | ||
Series B Preferred Stock [Member] | ||
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding at June 30, 2016; no shares issued and outstanding at June 30, 2015 | 250 | |
Total stockholders' deficiency | 250 | |
Total liabilities and stockholders' deficiency | $ 250 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Due to related parties included in current portion of advances | $ 25,000 | $ 44,787 |
Debt discount | 9,792 | 0 |
Due to related parties included in long term portion of non-redeemable convertible note | $ 42,551 | $ 35,474 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 48,900,000 | 48,900,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 68,708,924 | 68,252,650 |
Common stock, shares outstanding | 68,708,924 | 68,252,650 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series B Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 25,000 | |
Preferred stock, shares outstanding | 25,000 | |
Long-Term Portion Of Convertible Notes [Member] | ||
Debt discount | $ 25,150 | $ 0 |
Statements Of Operations
Statements Of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||
Related party commission revenue, net | $ 50,000 | |
Operating costs: | ||
Compensation-related party | 751,830 | 287,693 |
General and administrative (including related party share-based compensation of $153,993 and $2,085,000, respectively) | 249,555 | 3,480,502 |
Fair value of common shares subscribed for by in excess of purchase price - related party | 1,000,000 | |
Total operating expenses | 1,001,385 | 4,768,195 |
Loss from operations | (1,001,385) | (4,718,195) |
Other expenses: | ||
Interest expense | 118,504 | 30,602 |
Loss on settlement of debt | (65,000) | |
Total other expenses | (183,504) | (30,602) |
Net loss | $ (1,184,889) | $ (4,748,797) |
Net loss per common share-basic and diluted | $ (0.02) | $ (0.65) |
Weighted average number of common shares outstanding - basic and diluted | 68,535,640 | 7,327,171 |
Statements Of Operations (Paren
Statements Of Operations (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||
Related party share based compensation | $ 153,993 | $ 2,085,000 |
Statement Of Stockholders' Defi
Statement Of Stockholders' Deficiency - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Common Stock [Member] | ||
Balance common stock, shares | 68,252,650 | 402,650 |
Balance, value | $ 95,253 | $ 403 |
Related party | ||
Shares issued for Pandaho licensing rights, shares | 40,000,000 | |
Shares issued for Pandaho licensing rights, value | $ 40,000 | |
Fair value of shares issued to officers, shares | 650,000 | |
Fair value of shares issued to officers, value | $ 650 | |
Fair value of shares issued for subscription receivable, shares | 20,000,000 | |
Fair value of shares issued for subscription receivable, value | $ 20,000 | |
Fair value of shares issued for services, shares | 256,441 | 3,000,000 |
Fair value of shares issued for services, value | $ 256 | $ 30,000 |
Beneficial conversion feature of issued convertible notes | ||
Fair value of shares issued for settlement of compensation payable-related party, shares | 199,833 | |
Fair value of shares issued for settlement of compensation payable-related party, value | $ 200 | |
Other | ||
Other Fair value of shares issued for services, shares | 4,200,000 | |
Other Fair value of shares issued for services, value | $ 4,200 | |
Net loss | ||
Balance common stock, shares | 68,708,924 | 68,252,650 |
Balance, value | $ 95,709 | $ 95,253 |
Series B Preferred Stock [Member] | ||
Balance preferred stock, shares | ||
Balance, value | ||
Related party | ||
Shares issued for Pandaho licensing rights, value | ||
Fair value of shares issued to officers, value | ||
Fair value of shares issued for subscription receivable, value | ||
Fair value of shares issued for services, value | ||
Fair value of Series B Preferred Shares issued for settlement of debt, shares | 25,000 | |
Fair value of Series B Preferred Shares issued for settlement of debt, value | $ 250 | |
Beneficial conversion feature of issued convertible notes | ||
Fair value of shares issued for settlement of compensation payable-related party, value | ||
Other | ||
Other Fair value of shares issued for services, value | ||
Net loss | ||
Balance preferred stock, shares | 25,000 | |
Balance, value | $ 250 | |
Additional Paid-in Capital [Member] | ||
Balance, value | 118,734,432 | 109,454,282 |
Related party | ||
Shares issued for Pandaho licensing rights, value | (40,000) | |
Fair value of shares issued to officers, value | 194,350 | |
Fair value of shares issued for subscription receivable, value | 5,980,000 | |
Fair value of shares issued for services, value | 153,737 | 1,860,000 |
Fair value of Series B Preferred Shares issued for settlement of debt, value | 109,537 | |
Beneficial conversion feature of issued convertible notes | 133,493 | |
Fair value of shares issued for settlement of compensation payable-related party, value | 119,800 | |
Other | ||
Other Fair value of shares issued for services, value | 1,285,800 | |
Net loss | ||
Balance, value | 119,250,999 | 118,734,432 |
Accumulated Deficit [Member] | ||
Balance, value | (114,429,290) | (109,680,493) |
Related party | ||
Shares issued for Pandaho licensing rights, value | ||
Fair value of shares issued to officers, value | ||
Fair value of shares issued for subscription receivable, value | ||
Fair value of shares issued for services, value | ||
Fair value of Series B Preferred Shares issued for settlement of debt, value | ||
Beneficial conversion feature of issued convertible notes | ||
Fair value of shares issued for settlement of compensation payable-related party, value | ||
Other | ||
Other Fair value of shares issued for services, value | ||
Net loss | (1,184,889) | (4,748,797) |
Balance, value | (115,614,179) | (114,429,290) |
Note Receivable [Member] | ||
Balance, value | (5,000,000) | |
Related party | ||
Shares issued for Pandaho licensing rights, value | ||
Fair value of shares issued to officers, value | ||
Fair value of shares issued for subscription receivable, value | (5,000,000) | |
Fair value of shares issued for services, value | ||
Fair value of Series B Preferred Shares issued for settlement of debt, value | ||
Beneficial conversion feature of issued convertible notes | ||
Fair value of shares issued for settlement of compensation payable-related party, value | ||
Other | ||
Other Fair value of shares issued for services, value | ||
Net loss | ||
Balance, value | $ (5,000,000) | (5,000,000) |
Balance common stock, shares | 68,252,650 | |
Balance preferred stock, shares | ||
Balance, value | $ (599,605) | (225,808) |
Shares issued for Pandaho licensing rights, value | ||
Fair value of shares issued to officers, value | 195,000 | |
Fair value of shares issued for subscription receivable, value | 1,000,000 | |
Fair value of shares issued for services, value | 153,993 | 1,890,000 |
Fair value of Series B Preferred Shares issued for settlement of debt, value | 109,787 | |
Beneficial conversion feature of issued convertible notes | 133,493 | |
Fair value of shares issued for settlement of compensation payable-related party, value | 120,000 | |
Other Fair value of shares issued for services, value | 1,290,000 | |
Net loss | $ (1,184,889) | $ (4,748,797) |
Balance common stock, shares | 68,708,924 | 68,252,650 |
Balance preferred stock, shares | ||
Balance, value | $ (1,267,221) | $ (599,605) |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (1,184,889) | $ (4,748,797) |
Adjustments to reconcile net loss to net cash used in operating activities and liabilities: | ||
Accrued interest | 19,953 | 17,509 |
Amortization of debt discount | 98,551 | 13,093 |
Fair value of shares issued for services | 153,993 | 3,375,000 |
Loss on settlement of debt | (65,000) | |
Fair value of shares subscribed for in excess of purchase price | 1,000,000 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (1,800) | 9,592 |
Accounts payable and accrued expenses | 49,205 | 9,702 |
Accrued compensation-officers | 602,676 | 159,255 |
Accrued consulting-related party | 96,851 | 128,438 |
Net cash used in operating activities | (96,860) | (55,392) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of convertible notes-related parties | 144,381 | |
Payment made on non-redeemable convertible note | 61,892 | |
Proceeds from advances-related party | 44,787 | |
Proceeds from advances | 25,681 | |
Net cash provided by financing activities | 82,489 | 70,468 |
Net change in cash | (14,371) | 15,076 |
Cash beginning of year | 15,291 | 215 |
Cash end of year | 920 | 15,291 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid during period for: Interest paid | ||
Cash paid during period for: Income tax paid | ||
NON-CASH FINANCING ACTIVITIES | ||
Issuance of Series B Preferred Stock in settlement of advance due to a shareholder | 44,787 | |
Beneficial conversion feature associated with issued convertible notes | 133,493 | |
Issuance of shares of common stock to settle compensation payable-related party | 120,000 | |
Reclassification of advances to convertible notes | $ 10,200 |
Nature And Background Of Busine
Nature And Background Of Business | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature and Background of Business | NOTE 1. NATURE AND BACKGROUND OF BUSINESS Star Century Pandaho Corporation ("the Company", SCPD) was organized under the laws of the State of Nevada on May 21, 2009. The Company was established as part of the Chapter 11 reorganization of AP Corporate Services, Inc. ("AP"). In January, 2015, Star Century Entertainment, Inc acquired 53.66% of total outstanding shares of the Company. In conjunction with gaining control of the Company, Star Century Entertainment elected three individuals to be the Companys management, amended the Companys Articles of Incorporation to (i) change the name of the Company to Star Century Pandaho Corporation (ii) effect a 1-for-5,000 reverse common stock split and (iii) decrease the Companys authorized common stock to 150,000,000 shares, par value $0.001. On May 20, 2015, the Companys Board of Directors and the majority shareholder amended the Companys Articles of Incorporation to increase authorized common stock to 250,000,000 shares. All common stock share and per-share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split. Pandaho the Panda is a cartoon styled character. On May 22, 2015, the Company secured certain licensing rights to the Pandaho character andbrand though a licensing agreement with the creator of Pandaho, Ms. Liu Li. The Companys aim is to build Pandaho into a competitive cartoon brand with Pandaho-themed merchandise and multi-media exhibitions. Going concern The accompany financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended June 30, 2016, the Company had a net loss of $1,184,889 and used cash in operating activities of $96,860, and at June 30, 2016, had a working capital deficiency of $1,129,920 and stockholders deficiency of $1,267,221. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The Companys independent registered public accounting firm, in its report on our June 30, 2016 financial statements, has raised substantial doubt about the Companys ability to continue as a going concern. The Companys financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company has experienced recurring operating losses and used cash in operating activities since inception. We expect to be able to secure capital through advances from our officers or principal shareholders in order to pay expenses such as filing fees, accounting fees and legal fees. Over the next 12 months,the Company expects to expend approximately $60,000 for such filing fees, accounting fees and legal fees. The Company has not yet determined the amount of cash that will be necessary to fund its planned operations in China.We hope to be able to attract suitable investors for our business plan. The inability to obtain financing or generate sufficient cash from operations could require us to reduce or eliminate expenditures or otherwise curtail or discontinue our operations, which could have a material adverse effect on our business, financial condition and results of operations. Furthermore, to the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities may result in dilution to existing stockholders. If we raise additional funds through the issuance of debt securities, these securities may have rights, preferences and privileges senior to holders of our common stock and the terms of such debt could impose restrictions on our operations. Regardless of whether our cash assets prove to be inadequate to meet our operational needs, we may seek to compensate providers of services by issuing stock in lieu of cash, which may also result in dilution to existing stockholders. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, and the assumptions used in valuing share-based instruments issued for services. CASH AND CASH EQUIVALENTS Investments with original maturities of three months or less are considered to be cash equivalents. INCOME TAXES The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. REVENUE Revenue is recognized when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been delivered, and collectability is reasonably assured. In transactions in which the Company brokers a sale and determines that it was not the primary obligor in the arrangement, the Company records as net the commission earned from the transaction. BASIC AND DILUTED LOSS PER SHARE Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. At June 30, 2016 and 2015, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive: June 30, June 30, Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable $ 2,516,830 $ 1,940,000 Common stock issuable upon conversion of accrued compensation 14,453,671 Total $ 16,970,501 $ 1,940,000 STOCK-BASED COMPENSATION The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Options granted to non-employees are revalued each reporting period to determine the amount to be recorded as an expense in the respective period. As the options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the then current value on the date of vesting. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. The fair value of the Company's common stock option grants are estimated using the Black-Scholes-Merton option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton option pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton option pricing model could materially affect compensation expense recorded in future periods. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets: Level 1 inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The estimated fair value of certain financial instruments, including cash and cash equivalents and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates. CONCENTRATION OF CREDIT RISK Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer's financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required. During the year ended June 30, 2015, 100% of our revenue was from one customer. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases. In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Compensation And Accrued Compen
Compensation And Accrued Compensation - Related Party | 12 Months Ended |
Jun. 30, 2016 | |
Compensation Related Costs [Abstract] | |
Compensation and Accrued Compensation - Related Party | NOTE 3. COMPENSATION AND ACCRUED COMPENSATION-RELATED PARTY Compensation-related party and accrued compensation-related party represent amounts recorded for employment contracts with three executives and a consulting agreement with a shareholder. Pursuant to the terms of these agreements, total annual compensation for services is $396,000 (cash compensation), and the executives and shareholder have the option to accept shares of the Companys common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the intrinsic value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2015, the balance of accrued compensation was $287,693. During the year ended June 30, 2016, one individual elected to be paid in shares for $120,000 of accrued compensation due him. The total fair value of shares issued to the individual was $273,993, and the difference of $153,993 was recognized as stock compensation expense. During the year ended June 30, 2016, cash compensation of $396,000 was accrued and at June 30, 2016, accrued cash compensation totaled $563,693. At June 30, 2016, if the executives and shareholder elected to be paid in shares of common stock, it would result in the issuance of 14,453,671 shares of the Companys common stock with a fair value of $867,220. Accordingly, at June 30, 2016, the Company has recorded accrued compensation of $867,220. For the years ended June 30, 2016 and 2015, the Company recorded $751,830 and $287,693 of compensation expense, respectively, related to these agreements, which included $396,000 and $287,693, respectively, for the accrual of annual cash compensation, with the balance reflecting an expense for the value that could be paid in shares of common stock. |
Advances
Advances | 12 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Advances | NOTE 4. ADVANCES The Company from time to time borrows from our principal shareholders, or others, to pay expenses such as filing fees, accounting fees and legal fees. These advances are non-interest bearing, unsecured, and generally due upon demand. At June 30, 2016 and June 30, 2015, the Company was obligated for the following advances: June 30, June 30, Advances due to shareholders $ 25,000 $ 79,987 Advances due to unrelated parties 54,390 54,390 $ 79,390 $ 134,377 |
Convertible Notes-Related Parti
Convertible Notes-Related Parties | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes-Related Parties | NOTE 5. CONVERTIBLE NOTES-RELATED PARTIES June 30 June 30, Balance due on convertible notes $ 166,581 $ Unamortized note discounts (34,942 ) Current maturities (36,889 ) Long-term portion $ 94,750 $ Principal payments due on convertible notes-related party are as follows: Fiscal year ending June 30, 2017: $58,581, and fiscal year ending June 30, 2018: $108,000. During the year ended June 30, 2016, the Company issued twelve convertible notes for total proceeds of $144,381. At June 30, 2016 and 2015, the notes include accrued interest payable of $12,000 and $0, respectively. The notes are unsecured, accrue interest at 10% per annum, are due through December, 2017, and are convertible into shares of the Companys common stock at a conversion price of $0.10 per share. In addition, at June 30, 2016, $10,200 of advances due to a shareholder is included in convertible notes-related party. The advances are convertible into the Companys common stock at a conversion price of $0.10 per share, are unsecured, noninterest bearing, and due June 30, 2017. The closing price of the Companys common stock ranged from $0.08 per share to $0.81 per share on the dates the notes were issued. The Company determined that certain of the notes contained a beneficial conversion feature of $133,493 since the market price of the Companys common stock was greater than the conversion price for elevennotes when issued. The Company recorded the beneficial conversion feature as a discount (up to the face amount of the applicable note) to be amortized over the life of the related note. During the year ended June 30, 2016, $98,551of discount amortization is included in interest expense at June 30,2016, there was an unamortized discount balance of $34,942to be amortized through June 2017. |
Non-Redeemable Convertible Note
Non-Redeemable Convertible Note | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Non-Redeemable Convertible Note | NOTE 6. NON-REDEEMABLE CONVERTIBLE NOTE On February 20, 2014, the Company agreed to exchange advances due an unrelated party, the original note holder, for a note for $68,000. The note bears interest at 20% per annum, and is secured by all the assets of the Company. The note was originally due August 1, 2014 and has been was extended to August 1, 2016. The Company may prepay the note in readily available funds at any time prior to the maturity date. The Company has the right to convert the note into shares of the Companys common stock at any time prior to the maturity date at a fixed price of $0.05 per share of common stock. In January 2015, $25,000 of the $68,000 principal and accrued interest was assigned to a related party of the Company by the original note holder.On July 31, 2015, the Company repaid $61,892 of principal and interest due to the original note holder. At June 30, 2016, the face amount of the note, due to a related party, plus accrued interest was $42,551 and is convertible into 851,020 shares of common stock. As it is the Companys choice to convert the note into shares of the Companys common stock or to pay the note in cash, the note is presented below current liabilities on the accompanying balance sheets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 7. STOCKHOLDERS' EQUITY Designation and issuance of Series B Preferred stock On September 4, 2015, the Company filed a Certificate of Designation designating the rights and restrictions of 100,000 shares of Series B Preferred stock, par value $0.01 pursuant to resolutions approved by the Companys Board of Directors on June 11, 2015. The holders of Series B Preferred stock are entitled to vote together with the holders of common stock, as a single class, upon all matters submitted to holders of common stock for a vote. Each share of Series B Preferred Stock has the voting power of 5,000 shares of common stock. The Series B Preferred stock is not convertible into common stock. In the event of any liquidation, dissolution or winding up of the Company, Series B Preferred stock shall have a liquidation preference to the common stock in the amount of par value per share. On September 8, 2015, the Company issued 25,000 shares of Series B Preferred Stock in exchange for $44,787 due to Star Century Entertainment Corporation, a related party. The fair value of the Series B Preferred Stock as determined by a third party valuation expertwas determined to be $109,787. The difference between the fair value of Series B Preferred Stock of $109,787 and the $44,787 debt settled of $65,000is recorded asa loss on settlement of debt in the accompany statement of operations. At June 30, 2016, there were 68,708,924 shares of common stock outstanding. Based on the voting rights of the Series B Preferred stock of 125,000,000 shares of common stock, Star Century Entertainment has the ability to elect our directors and determine the outcome of votes by our stockholders on corporate matters, including mergers, sales of our assets, charter amendments and other matters requiring stockholder approval. Common stock Fiscal 2016 On November 16, 2015, the Company issued 456,274 shares of common stock valued at $273,933 to Mr. Peter Chin, a shareholder. 199,833 shares of common stock were issued to settle compensation payableof $120,000. The balance of 256,441 shares of common stock valued at $153,993 was for services rendered and was recognized as stock compensation expense. Fiscal 2015 On May 22, 2015, the Company issued 40,000,000 shares of common stock to Ms. Lui Lias payment for the non-exclusive licensing rights in thePandahothe Panda brand and other related names and intangibles. Immediately after the transaction Lui Li held 61.5% of the outstanding common stock of the Company. Based on Lis 61.5% ownership percentage, Li in substance controlled the Pandaho intellectual property directly after the purchase of the Pandaho IP by the Company. Given this, the value of the intellectual property recorded at the date of acquisition was carried over at the historical cost to Li of zero. On May 22, 2015, the Board authorized the issuance of 20,000,000 shares of common stock to Asia International Finance Holdings, Hong Kong for an unsecured, non-interest bearing note receivable with a face value of $6,000,000 due on December 31, 2016. The note receivable is presented in the balance sheet as a deduction from stockholders equity. The CEO of Asian International is also the President of Star Century Entertainment. On May 22, 2015 the Company issued 650,000 shares of common stock valued in the aggregate at $195,000 to three members of management assigning bonuses for their employment contracts. Effective June 30, 2016, the Company issued 3,000,000 shares of common stock valued at $1,890,000 to Mr. Peter Chin for services rendered for the Company on the merger and acquisition of the Company by Star Century Entertainment. During the year ended June 30, 2015, the Company issued 4,200,000 shares of common stock to unrelated consultants valued in aggregate at $1,290,000 for services. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8. INCOME TAXES For the years ended June 30, 2016 and 2015, our net losses were $1,184,889 and $4,748,797, respectively, and no provision for income taxes was recorded. We made no provision for income taxes due to our utilization of federal net operating loss carry forwards to offset both regular taxable income and alternative minimum taxable income. Income taxes differ from the amount that would be computed by applying the Federal statutory income tax rates of 34%as follows: Year ended Year ended Provision for income taxes: Net loss $ (1,184,889 ) $ (4,748,797 ) Adjustments: Amortization of debt discount 98,551 13,000 Share based compensation 273,993 4,375,000 (812,345 ) (360,797 ) Federal statutory income tax rate 34 % 34 % Income tax expense (benefit) (276,197 ) (122,639 ) Change in valuation allowance 276,197 122,639 $ $ Deferred tax assets and liabilities consist of the following as of June 30: 2016 2015 Deferred tax assets: Net operating loss carry forwards $ 501,389 $ 225,114 Less valuation allowance (501,389 ) (225,114 ) Net deferred tax asset $ $ The Company has provided a valuation allowance on the deferred tax assets at June 30, 2016 and 2015 to reduce such asset to zero, since there is no assurance that the Company will generate future taxable income to utilize such asset. Management will review this valuation allowance requirement periodically and make adjustments as warranted. The net change in the valuation allowance for the year ended June 30, 2015 was an increase of $276,275. The Company has net operating loss carryforwards of approximately $1.4 million for federal purposes available to offset future taxable income that expire in varying amounts through 2034. The ability to utilize the net operating loss carry forwards could be limited by Section 382 of the Internal Revenue Code which limits their use if there is a change in control (generally a greater than 50% change in ownership). The Company is subject to examination by tax authorities for all years for which a loss carry forward is utilized in subsequent periods. The Company follows FASB guidelines that address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. This guidance also provides guidance on derecognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of June 30, 2016 and 2015, the Company did not have a liability for unrecognized tax benefits, and no adjustment was required at adoption. The tax years 2011 through 2016 remain open to examination by the major taxing jurisdictions in which the Company operate The Companys policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of June 30, 2016 and 2015, the Company has no accrued interest or penalties related to uncertain tax positions. |
Summary Of Significant Accoun16
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Estimates | 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. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, and the assumptions used in valuing share-based instruments issued for services. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Investments with original maturities of three months or less are considered to be cash equivalents. |
Income Taxes | INCOME TAXES The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. |
Revenue | REVENUE Revenue is recognized when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been delivered, and collectability is reasonably assured. In transactions in which the Company brokers a sale and determines that it was not the primary obligor in the arrangement, the Company records as net the commission earned from the transaction. |
Basic and Diluted Loss Per Share | BASIC AND DILUTED LOSS PER SHARE Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. At June 30, 2016 and 2015, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive: June 30, June 30, Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable $ 2,516,830 $ 1,940,000 Common stock issuable upon conversion of accrued compensation 14,453,671 Total $ 16,970,501 $ 1,940,000 |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized as compensation expense on the straight-line basis over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Options granted to non-employees are revalued each reporting period to determine the amount to be recorded as an expense in the respective period. As the options vest, they are valued on each vesting date and an adjustment is recorded for the difference between the value already recorded and the then current value on the date of vesting. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. The fair value of the Company's common stock option grants are estimated using the Black-Scholes-Merton option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton option pricing model, and based on actual experience. The assumptions used in the Black-Scholes-Merton option pricing model could materially affect compensation expense recorded in future periods. |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets: Level 1 inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The estimated fair value of certain financial instruments, including cash and cash equivalents and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates. |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK Financial instruments, which potentially subject the Company to concentrations of credit risk, consist of cash and cash equivalents. The Company places its cash with high quality financial institutions and at times may exceed the FDIC $250,000 insurance limit. The Company does not anticipate incurring any losses related to these credit risks. The Company extends credit based on an evaluation of the customer's financial condition, generally without collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and intends to maintain allowances for anticipated losses, as required. During the year ended June 30, 2015, 100% of our revenue was from one customer. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases. In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern, Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Summary Of Significant Accoun17
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | At June 30, 2016 and 2015, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive: June 30, June 30, Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable $ 2,516,830 $ 1,940,000 Common stock issuable upon conversion of accrued compensation 14,453,671 Total $ 16,970,501 $ 1,940,000 |
Advances (Tables)
Advances (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Advances | At June 30, 2016 and June 30, 2015, the Company was obligated for the following advances: June 30, June 30, Advances due to shareholders $ 25,000 $ 79,987 Advances due to unrelated parties 54,390 54,390 $ 79,390 $ 134,377 |
Convertible Notes-Related Par19
Convertible Notes-Related Parties (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Convertible Notes-related Parties Tables | |
Schedule of Convertible Notes | June 30 June 30, Balance due on convertible notes $ 166,581 $ Unamortized note discounts (34,942 ) Current maturities (36,889 ) Long-term portion $ 94,750 $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Benefit | Income taxes differ from the amount that would be computed by applying the Federal statutory income tax rates of 34%as follows: Year ended Year ended Provision for income taxes: Net loss $ (1,184,889 ) $ (4,748,797 ) Adjustments: Amortization of debt discount 98,551 13,000 Share based compensation 273,993 4,375,000 (812,345 ) (360,797 ) Federal statutory income tax rate 34 % 34 % Income tax expense (benefit) (276,197 ) (122,639 ) Change in valuation allowance 276,197 122,639 $ $ |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following as of June 30: 2016 2015 Deferred tax assets: Net operating loss carry forwards $ 501,389 $ 225,114 Less valuation allowance (501,389 ) (225,114 ) Net deferred tax asset $ $ |
Summary Of Significant Accoun21
Summary Of Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 16,970,501 | 1,940,000 |
Common Stock Issuable Upon Conversion Of Convertible And Non-Redeemable Convertible Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,516,830 | 1,940,000 |
Common Stock Issuable Upon Conversion Of Accrued Compensation [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 14,453,671 |
Advances (Details)
Advances (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Short-term Debt [Line Items] | ||
Total Advances | $ 79,390 | $ 134,377 |
Advances [Member] | ||
Short-term Debt [Line Items] | ||
Advances due to shareholders | 25,000 | 79,987 |
Advances due to unrelated parties | 54,390 | 54,390 |
Total Advances | $ 79,390 | $ 134,377 |
Convertible Notes-Related Par23
Convertible Notes-Related Parties (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | ||
Unamortized note discounts | $ 9,792 | $ 0 |
Current maturities | 36,889 | |
Long-term portion | 94,750 | |
Convertible Notes-Related Parties [Member] | ||
Debt Instrument [Line Items] | ||
Balance due on convertible notes | 166,581 | |
Unamortized note discounts | 34,942 | |
Current maturities | 36,889 | |
Long-term portion | $ 94,750 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Benefit) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Provision for income taxes: | ||
Net loss | $ (1,184,889) | $ (4,748,797) |
Adjustments: | ||
Amortization of debt discount | (98,551) | (13,000) |
Share based compensation | (273,993) | (4,375,000) |
Tax loss | $ (812,345) | $ (360,797) |
Federal statutory income tax rate | 34.00% | 34.00% |
Income tax expense (benefit) | $ (276,197) | $ (122,639) |
Change in valuation allowance | 276,197 | 122,639 |
Total current tax provision |
Income Taxes (Schedule Of Net D
Income Taxes (Schedule Of Net Deferred Tax Assets And Liabilities) (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 501,389 | $ 225,114 |
Less valuation allowance | 501,389 | 225,114 |
Net deferred tax asset |
Nature And Background Of Busi26
Nature And Background Of Business (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2015$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015$ / sharesshares | May 20, 2015shares | |
Common stock, shares authorized | shares | 250,000,000 | 250,000,000 | ||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | ||
Working capital deficiency | $ | $ 1,129,920 | |||
Description of cash expended for legal, accounting and administrative costs | Over the next 12 months, the Company expects to expend approximately $60,000 for such filing fees, accounting fees and legal fees. | |||
Common Stock [Member] | ||||
Reverse stock split | Effect a 1-for-5,000 reverse common stock split | |||
Common stock, shares authorized | shares | 150,000,000 | 250,000,000 | ||
Common stock, par value per share | $ / shares | $ 0.001 | |||
Common Stock [Member] | Star Century Entertainment Corporation [Member] | ||||
Percentage of outstanding shares of the company acquired | 0.5366 |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2016 | |
FDIC insurance limit | $ 250,000 | |
Revenue [Member] | One Customer [Member] | ||
Revenue percentage | 100.00% |
Compensation And Accrued Comp28
Compensation And Accrued Compensation - Related Party (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||
Accrued compensation-related party | $ 867,220 | $ 287,693 |
Total fair value of shares issued to individual | 120,000 | |
Stock compensation expenses | 153,993 | 2,085,000 |
Compensation expense | 751,830 | 287,693 |
One Individual [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued compensation paid | 120,000 | |
Total fair value of shares issued to individual | 273,993 | |
Stock compensation expenses | 153,993 | |
Employment Contracts With Three Executives And A Consulting Agreement With A Shareholder [Member] | ||
Related Party Transaction [Line Items] | ||
Annual compensation for services | $ 396,000 | |
Related party agreement description | The executives and shareholder have the option to accept shares of the Companys common stock in lieu of cash based on a 50% discount to the average stock price, as defined. | |
Accrued compensation-related party | $ 563,693 | 287,693 |
Stock compensation expenses | $ 396,000 | 287,693 |
Eligible shares as compensation to executives | 14,453,671 | |
Eligible share compensation value to executives | $ 867,220 | |
Compensation expense | $ 751,830 | $ 287,693 |
Advances (Narrative) (Details)
Advances (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Advances [Member] | |
Advances description | These advances are non-interest bearing, unsecured, and generally due upon demand. |
Convertible Notes-Related Par30
Convertible Notes-Related Parties (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||
Proceeds from twelve convertible note issued | $ 144,381 | |
Beneficial conversion feature | 133,493 | |
Discount amortization | 98,551 | 13,093 |
Unamortized discount | 9,792 | 0 |
Advances [Member] | ||
Debt Instrument [Line Items] | ||
Advances to shareholders | $ 25,000 | 79,987 |
Advances description | These advances are non-interest bearing, unsecured, and generally due upon demand. | |
Advances [Member] | Shareholders [Member] | ||
Debt Instrument [Line Items] | ||
Conversion price per share | $ 0.10 | |
Advances to shareholders | $ 10,200 | |
Note maturity date | Jun. 30, 2017 | |
Advances description | The advances are unsecured, noninterest bearing | |
Convertible Notes-Related Parties [Member] | ||
Debt Instrument [Line Items] | ||
Principal payment of convertible notes - related party for fiscal year ending June 30, 2017 | $ 58,581 | |
Principal payment of convertible notes - related party for fiscal year ending June 30, 2018 | 108,000 | |
Unamortized discount | 34,942 | |
Twelve Convertible Notes-Related Parties [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from twelve convertible note issued | 144,381 | |
Accrued interest payable | $ 12,000 | $ 0 |
Note interest rate | 10.00% | |
Note maturity date description | December 2,017 | |
Conversion price per share | $ 0.10 | |
Common stock price range on the date of note issued | The closing price of the Companys common stock ranged from $0.08 per share to $0.81 per share on the dates the notes were issued | |
Beneficial conversion feature | $ 133,493 | |
Discount amortization | 98,551 | |
Unamortized discount | $ 34,942 |
Non-Redeemable Convertible No31
Non-Redeemable Convertible Note (Narrative) (Details) - USD ($) | Jul. 31, 2015 | Feb. 20, 2014 | Jan. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument [Line Items] | |||||
Note repayment of principal and interest | $ 61,892 | ||||
Note plus accrued interest outstanding | 94,750 | ||||
Non Redeemable Convertible Note - Unrelated Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Advance exchanged for a note | $ 68,000 | ||||
Note interest rate | 20.00% | ||||
Note maturity date | Aug. 1, 2014 | ||||
Extended maturity date | Aug. 1, 2016 | ||||
Debt instrument redemption description | The Company has the right to convert the note into shares of the Companys common stock at any time prior to the maturity date at a fixed price of $0.05 per share of common stock. | ||||
Conversion price per share | $ 0.05 | ||||
Note transfered to related party | $ (25,000) | ||||
Note repayment of principal and interest | $ 61,892 | ||||
Non Redeemable Convertible Note - Related Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Note transfered to related party | $ 25,000 | ||||
Note plus accrued interest outstanding | $ 42,551 | ||||
Shares eligible for converting the note and interest | 851,020 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jun. 30, 2016 | Nov. 16, 2015 | Sep. 08, 2015 | Sep. 04, 2015 | May 22, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Preferred stock shares authorized | 48,900,000 | 48,900,000 | 48,900,000 | ||||
Preferred stock par value per share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Debt amount settled | $ 44,787 | ||||||
Debt conversion of series B preferred stock | 109,787 | ||||||
Gain loss on settlement of debt | (65,000) | ||||||
Fair value of shares issued for settlement of compensation payable-related party, value | 120,000 | ||||||
Stock issued for services, value | $ 153,993 | 1,890,000 | |||||
Fair value of shares issued for note receivable, value | 1,000,000 | ||||||
Stock issued during period for signing bonus, value | $ 195,000 | ||||||
Common Stock [Member] | |||||||
Fair value of shares issued for settlement of compensation payable-related party, shares | 199,833 | ||||||
Fair value of shares issued for settlement of compensation payable-related party, value | $ 200 | ||||||
Stock issued for services, shares | 256,441 | 3,000,000 | |||||
Stock issued for services, value | $ 256 | $ 30,000 | |||||
Fair value of shares issued for note receivable, shares | 20,000,000 | ||||||
Fair value of shares issued for note receivable, value | $ 20,000 | ||||||
Stock issued during period for signing bonus, shares | 650,000 | ||||||
Stock issued during period for signing bonus, value | $ 650 | ||||||
Common Stock [Member] | Unrelated Consultants [Member] | |||||||
Stock issued for services, shares | 4,200,000 | ||||||
Stock issued for services, value | $ 1,290,000 | ||||||
Common Stock [Member] | Asia International Finance Holdings, A Company Related To President Of Star Century Entertainment [Member] | |||||||
Fair value of shares issued for note receivable, shares | 20,000,000 | ||||||
Fair value of shares issued for note receivable, value | $ 6,000,000 | ||||||
Common Stock [Member] | Acquisition Of Intellectual Property Rights - Pandaho [Member] | |||||||
Shares issued for purchase of intellectual property | 40,000,000 | ||||||
Non cash acquisition description | Immediately after the transaction Lui Li held 61.5% of the outstanding common stock of the Company. Based on Lis 61.5% ownership percentage, Li in substance controlled the Pandaho intellectual property directly after the purchase of the Pandaho IP by the Company. | ||||||
Common Stock [Member] | Mr.Peter Chin - A Shareholder [Member] | |||||||
Total shares issued to settle compensation payable and services, shares | 456,274 | ||||||
Total shares issued to settle compensation payable and services, value | $ 273,993 | ||||||
Fair value of shares issued for settlement of compensation payable-related party, shares | 199,833 | ||||||
Fair value of shares issued for settlement of compensation payable-related party, value | $ 120,000 | ||||||
Stock issued for services, shares | 3,000,000 | 256,441 | |||||
Stock issued for services, value | $ 1,890,000 | $ 153,993 | |||||
Common Stock [Member] | Three Member Of Management [Member] | |||||||
Stock issued during period for signing bonus, shares | 650,000 | ||||||
Stock issued during period for signing bonus, value | $ 195,000 | ||||||
Series B Preferred Stock [Member] | |||||||
Preferred stock shares authorized | 100,000 | 100,000 | 100,000 | 100,000 | |||
Preferred stock par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock voting rights | The holders of Series B Preferred stock are entitled to vote together with the holders of common stock, as a single class, upon all matters submitted to holders of common stock for a vote. Each share of Series B Preferred Stock has the voting power of 5,000 shares of common stock. | ||||||
Preferred stock liquidation terms | In the event of any liquidation, dissolution or winding up of the Company, Series B Preferred stock shall have a liquidation preference to the common stock in the amount of par value per share. | ||||||
Series B Preferred Stock [Member] | Debt Payable [[Member] | Star Century Entertainment Corporation [Member] | |||||||
Stock issued for exchange of debt | 25,000 | ||||||
Debt amount settled | $ 44,787 | ||||||
Debt conversion of series B preferred stock | 109,787 | ||||||
Gain loss on settlement of debt | $ (65,000) | ||||||
Controlling interest | Based on the voting rights of the Series B Preferred stock of 125,000,000 shares of common stock, Star Century Entertainment has the ability to elect our directors and determine the outcome of votes by our stockholders on corporate matters, including mergers, sales of our assets, charter amendments and other matters requiring stockholder approval. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes Narrative Details | ||
Net change in valuation allowance | $ 276,275 | |
Net operating loss carryforward | $ 14,000,000 | |
Operation loss carryforwards terms | Future taxable income that expire in varying amounts through 2034 |