Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Nov. 19, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'Moon River Studios, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001476278 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 2,932,187,169 |
Entity Public Float | $0 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Moon_River_Studios_Inc_Balance
Moon River Studios, Inc. - Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash and Cash Equivalents | $26,002 | $0 |
Accounts Receivable | 51,588 | 2,061,000 |
Accounts Receivable - Related Party | 0 | 3,329,080 |
Deposits | 47,430 | 74,700 |
Total current assets | 125,020 | 5,464,780 |
Non-Current Assets: | ' | ' |
Film Costs, net of accumulated amortization | 10,025,343 | 21,004,258 |
Land | 22,100,000 | 22,100,000 |
Site Development Costs | 657,182 | 349,703 |
Equipment | 99,284 | 38,482 |
Accumulated Depreciation | -15,871 | -5,779 |
Total Non-Current Assets | 32,865,938 | 43,486,664 |
Total Assets | 32,990,958 | 48,951,444 |
Current liabilities | ' | ' |
Accounts Payable | 0 | 187,500 |
Accounts Payable - Related Parties | 0 | 698,623 |
Accrued Expenses | 924,783 | 1,082,020 |
Notes Payable | 1,074,893 | 5,844,000 |
Credit Line | 0 | 788,289 |
Convertible Notes | 2,735,539 | 1,583,382 |
Total Current Liabilities | 4,735,215 | 10,183,814 |
Long Term Liabilities | ' | ' |
Capital Lease Obligation | 4,251,414 | 3,635,538 |
Deferred Government Assistance | 18,464,462 | 18,464,462 |
Total Long Term Liabilities | 22,715,876 | 22,100,000 |
Total Liabilities | 27,451,091 | 32,283,814 |
Stockholders' Equity | ' | ' |
Preferred stock, 50,000,000 shares Authorized, and 50,000,000 and 10,000,000 shares Issued and Outstanding respectively | 10,040,000 | 10,000,000 |
Common stock, $0.001 Par Value. 5,000,000,000 shares Authorized, and 2,932,187,169 and 109,841,420 shares Issued and Outstanding respectively | 2,932,187 | 109,841 |
Additional Paid-In Capital | 11,118,365 | 8,167,131 |
Retained (Deficit) | -18,550,685 | -1,609,342 |
Total stockholders' equity | 5,539,867 | 16,667,630 |
Total liabilities and stockholders' equity | $32,990,958 | $48,951,444 |
Moon_River_Studios_Inc_Stateme
Moon River Studios, Inc. - Statement of Operations - For the Three and Nine Months Ended September 30, 2014 and 2013 - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income statement | ' | ' | ' | ' |
Revenue | $0 | ($38,381) | $29,143 | $1,911,619 |
Cost of Sales: | ' | ' | ' | ' |
Commission and Fees | 0 | 6,181 | 0 | 6,181 |
Amortization of film asset | 0 | 6,204 | 8,624,791 | 1,069,473 |
Total Cost of Sales | 0 | 12,385 | 8,624,791 | 1,075,654 |
Gross (loss) / income | 0 | -50,766 | -8,595,648 | 835,965 |
Operating expenses: | ' | ' | ' | ' |
Depreciation expense | 4,964 | 1,924 | 10,092 | 3,824 |
Capital Lease Obligation Accretion | 205,292 | 0 | 619,043 | 0 |
General and administrative expenses | 511,147 | 438,092 | 1,732,190 | 595,747 |
Provision for Doubtful Debts | 0 | 0 | 5,250,774 | 0 |
Licensing fees | 0 | 0 | 0 | 2,638 |
Professional fees | 190,331 | 193,839 | 584,630 | 241,589 |
Total operating expenses | 911,734 | 633,855 | 8,196,729 | 843,798 |
Other | ' | ' | ' | ' |
Write Off Investment in Subsidiary - Atlas | 0 | 0 | 126,537 | 0 |
Other (Income)/ Expense (Net) | 8,654 | 35,738 | 22,429 | 147,623 |
Taxation (Benefit) | 0 | -125,216 | 0 | 0 |
Net (loss) | ($920,388) | ($595,143) | ($16,941,343) | ($155,456) |
Earnings per share information: | ' | ' | ' | ' |
Net Profit / (loss) per common share, basic and fully diluted | $0 | ($0.02) | ($0.01) | ($0.01) |
Weighted average number of common stock outstanding, basic and diluted | 2,932,187,169 | 39,752,684 | 2,329,050,866 | 33,240,165 |
Moon_River_Studios_Inc_Stateme1
Moon River Studios, Inc. - Statement of Cash Flows - For the Nine Months Ended September 30, 2014 and 2013 - (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities | ' | ' |
Net (loss) | ($16,941,343) | ($155,456) |
Adjustments to reconcile net profit / (loss) to net cash used in operating activities: | ' | ' |
Depreciation | 10,092 | 3,824 |
Capital Lease Obligation Accretion | 619,043 | 0 |
Amortization of film costs | 10,359,872 | 1,069,473 |
Provision for Doubtful Debts | 5,390,080 | 0 |
Movement in assets and liabilities: | ' | ' |
(Increase) in Accounts Receivable | -51,588 | -1,977,067 |
Capitalization of Additions to Film Costs | 0 | -513,698 |
(Decrease) in Accounts Payable | -187,500 | -8,769 |
Other | 43,470 | -373,035 |
(Decrease) in Settlement | 0 | -385,000 |
Net cash used in operating activities | -757,874 | -2,339,728 |
Cash flows used in investing activities | ' | ' |
Purchase of fixed assets | -60,802 | -19,482 |
Site development costs | -307,479 | 0 |
Net cash provided by investing activities | -368,281 | -19,482 |
Cash flows from financing activities | ' | ' |
Increase in Credit Line | 0 | 600,000 |
Increase in Convertible Notes | 1,152,157 | 1,759,210 |
Net cash provided by financing activities | 1,152,157 | 2,359,210 |
Net increase / (decrease) in cash | 26,002 | 0 |
Cash at beginning of the year | 0 | 0 |
Cash at end of year | 26,002 | 0 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
(Decrease) in Accounts Payable - Related Parties | -698,623 | 0 |
Debt Converted to Common Stock | 5,172,287 | 0 |
Capital Lease and Government Assistance | 0 | 22,100,000 |
Decrease in Line of Credit | ($788,289) | $0 |
Note_1_Business_Basis_of_Prese
Note 1 - Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2014 | |||
Notes | ' | ||
Note 1 - Business, Basis of Presentation and Significant Accounting Policies | ' | ||
NOTE 1 - BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||
Business | |||
Moon River Studios, Inc. is a Georgia, U.S. based film production company. In 2013, the Company entered into a lease agreement with the Effingham County Industrial Development Authority (“IDA”) whereby it has beneficial ownership of 1560 acres in Effingham County. The Company plans to construct motion picture studios and other related amenities on the property for film production. These facilities will include sound stages, production and post production offices, editing suites, warehouses, mills and set fabrication facilities. We refer to this fully integrated film production campus as a “Studioplex.” | |||
Basis of Presentation | |||
The Company prepares its financial statements on the accrual basis of accounting. Management believes that all adjustments necessary for a fair presentation of the results of the three and nine months ended September 30, 2014 and 2013 respectively have been made. | |||
Significant Accounting Policies | |||
The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application. The application of accounting principles requires the estimating, matching and timing of revenue and expense. It is also necessary for management to determine, measure and allocate resources and obligations within the financial process according to those principles. The accounting policies used conform to generally accepted accounting principles which have been consistently applied in the preparation of these financial statements. | |||
The financial statements and notes are representations of the Company’s management that is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. | |||
Use of Estimates | |||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 periods. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents. | |||
Film Costs | |||
The Company acquired the rights to two completed films: Storage 24 and Yellow. Storage 24 was released in Europe in 2012 and in the United States in 2013. The Company is currently reviewing dates for domestic and international release of Yellow. | |||
Film costs include the costs of the film rights that were acquired by the Company plus additional costs incurred prior to release. The films are amortized using the individual film forecast method, and the costs are amortized pro-rata for the current period’s revenue over management’s estimate of ultimate revenue. The Company began amortizing films in the fourth quarter of 2012, when it began to recognize revenue from Storage 24. | |||
Film costs are presented as the lower of amortized cost or estimated fair value. Each film will be reviewed quarterly and if circumstances indicate that the fair value of the film (calculated as the discounted future cash flows from the film) is less than its unamortized cost, then impairment will be recorded. Estimates of future revenue are based on the best information currently available, but do involve uncertainty, and it is possible that reductions in the carrying value of the film assets may be required as a result of changes in circumstances that affect the revenue estimates for the future. | |||
Impairment of Long Lived Assets | |||
The Company evaluates, on a periodic basis, long-lived assets to be held and used for impairment in accordance with the reporting requirements of ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. The evaluation is based on certain impairment indicators, such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If these impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, then an estimate of the value of expected future discounted operating cash flows is used to determine whether the asset is recoverable and the amount of any impairment is measured as the difference between the carrying amount of the asset and its estimated fair value. The fair value is estimated using valuation techniques such as market prices for similar assets or future discounted operating cash flows. The Company reviews capitalized film costs for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable or at least once per year. As of June 30, 2014, management determined that the Company’s rights in the movies Yellow and Storage 24 were significantly impaired and accordingly wrote down the value of the film assets to what management consider the value of expected future discounted operating cash flows expected to be derived from the films. At this time, management does not believe that further impairments are required to be accounted for in the three months ended September 30, 2014. | |||
Revenue Recognition | |||
The Company recognizes revenue from the sale or licensing arrangement of a film in accordance with ASC 605-15 “Revenue Recognition”. Revenue will be recognized only when all of the following criteria have been met: | |||
Persuasive evidence of a sale or licensing arrangement with a customer exists; | |||
The film is complete and, in accordance with the terms of the arrangement, has been delivered or is available for immediate and unconditional delivery; | |||
The license period of the arrangement has begun and the customer can begin its exploitation, exhibition, or sale; | |||
The arrangement fee is fixed or determinable; | |||
Collection of the arrangement fee is reasonably assured; and | |||
A written contract with a distributor indicating the film name, territory and period is required for the recognition of revenue. | |||
Revenue is recognized when the performance criteria in the contracts have been met. | |||
Film Tax Relief Revenue | |||
Many countries make tax credits and other incentives available to encourage film production in their country. The Company benefits from the United Kingdom Film Tax Relief (“FTR”). The FTR may be treated as a reduction in the capitalized costs of the film assets financed or as revenue to the production company. The FTR is earned by the production company, assigned to the previous film rights owner, Medient Unstoppable Limited (“MUL”), and then assigned to the Company as revenue. | |||
Medient Unstoppable Limited Revenue | |||
Receivables are due to the Company from a related party, MUL, in the amount of the net proceeds from the FTR, as well as income from sales of the rights in Storage 24. MUL is an entity in which the Company’s co-founder is a director. In accordance with an intercompany agreement between the Company and MUL, all revenues earned by MUL for the movie Storage 24 are due to the Company. This includes FTR. | |||
MUL has not, as of September 30, 2014, made payment to the Company, and litigation counsel has sought recovery of the FTR and any other funds from MUL and related parties. All receivables from MUL have been fully reserved for. | |||
Earnings per Share | |||
Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company incurred a net loss during the three and nine months ended September 30, 2014 and for the three and nine months ended September 30, 2013 the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive. | |||
Comprehensive Income | |||
ASC 220 establishes standards for reporting and display of comprehensive income and its components in a full set of general purpose financial statements. For the three and nine months ended September 30, 2014 and 2013, the Company had no items of other comprehensive income. Therefore, the net loss equals the comprehensive loss for the three months then ended. | |||
Income Taxes | |||
Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment. | |||
Fair Value of Financial Instruments | |||
In accordance with the reporting requirements of ASC 820, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At September 30, 2014, the Company did not have any financial instruments. | |||
Emerging Growth Company Critical Accounting Policy Disclosure | |||
The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future. | |||
Recent Accounting Pronouncements | |||
There were various accounting standards and interpretations issued during the nine months ended September 30, 2014, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
Note_2_Capital_Lease_and_Gover
Note 2 - Capital Lease and Government Assistance | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Notes | ' | ||||
Note 2 - Capital Lease and Government Assistance | ' | ||||
NOTE 2 - CAPITAL LEASE AND GOVERNMENT ASSISTANCE | |||||
On August 21, 2013, the Company entered into a lease agreement (“Lease”) with the Effingham County Industrial Development Authority (the “IDA”). Under the Lease, the Company leased approximately 1,560 acres of land located primarily within Effingham County, Georgia. The Lease is effective from August 21, 2013 through July 1, 2033. No interest is payable and no payments are due for the first two years, with the total rent of $10 million being paid in 18 equal annual installments, commencing February 28, 2016. The Company is obligated to pay additional rent if it does not achieve the specified goals of $90 million in investment and 1,000 jobs on or before the end of year 5 (five). At the end of the Lease, the Company has the option to purchase the Property for $100. Furthermore, the State of Georgia and the IDA are providing additional cash grants, rebates, and tax incentives for the planned Studioplex. The Lease has been accounted for as a capital lease and the net present value of the minimum lease payments under the Lease is $4.3 million. | |||||
The Company obtained an independent third party appraisal on the land leased by the Company, which indicated that the land has a fair market value of $22.1 million. The difference between the net present values of the minimum lease payments and the fair market value of the land is considered the value of the government assistance under the Lease. | |||||
The $18.5 million of government assistance has been deferred on the accompanying balance sheet until such time as the Company’s obligations under the Lease have been fulfilled. During the course of the Lease, the Company has beneficial ownership of the land and can utilize the land as collateral for financing purposes. The Company incurred approximately $307,479 and $0 of site development costs on the land in the nine months ended September 30, 2014 and 2013, respectively. | |||||
The discounted rate used in calculating the present value of the minimum lease payment was 10.72%, which represented the Company’s incremental borrowing rate as of August, 2013. | |||||
A discount accretion of $615,876 and $0 has been recorded in the nine months ended September 30, 2014 and 2013 respectively, relative to the present value of the minimum lease payments. | |||||
Future interest and principal payments under the Lease are as follows: | |||||
For Period Ended | Interest | Principal | Total Payment | Balance | |
2014 | $4,158,082 | ||||
2015 | 4,622,141 | ||||
2016 | $ 465,478 | $ 90,078 | $ 555,556 | 4,532,141 | |
2017 | 455,410 | 100,146 | 555,556 | 4,431,994 | |
2018 | 444,213 | 111,343 | 555,556 | 4,320,651 | |
Thereafter | $5,034,899 | $3,298,433 | $8,333,332 | $ 0 | |
Note_3_Acquisition_of_Atlas_In
Note 3 - Acquisition of Atlas International Film GmbH | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 3 - Acquisition of Atlas International Film GmbH | ' |
NOTE 3 - ACQUISITION OF ATLAS INTERNATIONAL FILM GMBH | |
In January 2014, the Company completed the acquisition of Atlas. Under the Sale and Purchase Agreement, the Company purchased 100% of the issued and paid up capital of Euro 100,000 for $50,000, payable by issuing 5,000,000 common shares of the Company at $0.001 per share. | |
On July 7, 2014, the Company was advised that Atlas had filed for insolvency in the Munich District Court in Germany on July 4, 2014. As a result the Company lost control of Atlas, and as such, Atlas was de-consolidated. |
Note_4_Change_of_Name_and_Reve
Note 4 - Change of Name and Reverse Split | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 4 - Change of Name and Reverse Split | ' |
NOTE 4 - CHANGE OF NAME AND REVERSE SPLIT | |
On August 27, 2014 the Company announced that the Board of Directors of the Company had approved a 1 for 1,000 reverse stock split of the Company's issued and outstanding common and preferred stock. On September 30, 2014, the Company filed a Certificate of Amendment to the Articles of Incorporation to effect the reverse stock split and change the name of the Company to Moon River Studios, Inc. The reverse split will take effect upon approval by appropriate regulatory agencies. |
Note_5_Material_Agreements
Note 5 - Material Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 5 - Material Agreements | ' |
NOTE 5 – MATERIAL AGREEMENTS | |
On August 26, 2014 the Company announced that Hussey, Gay, Bell & DeYoung has been officially engaged to prepare and provide data for inclusion in the Development of Regional Impact review package. The information was submitted through Effingham County, as authority having jurisdiction, to the Coastal Regional Commission. | |
On September 24, 2014 the Company announced that the Company had engaged Choate Construction Company as the Construction Manager for the Studioplex. |
Note_6_Film_Costs
Note 6 - Film Costs | 9 Months Ended | ||
Sep. 30, 2014 | |||
Notes | ' | ||
Note 6 - Film Costs | ' | ||
NOTE 6 – FILM COSTS | |||
The Company had acquired the rights to two completed films: Storage 24 and Yellow. Storage 24 was released in Europe in 2012 in the United States in 2013. The Company had written down the residual value of Storage 24 to $0 in the three months ended June 30, 2014, Management continues to believe that Storage 24 will not generate further significant revenues. | |||
The Company is currently reviewing domestic and international release dates for Yellow. | |||
In the three months ended June 30, 2014 under its impairment analysis, management concluded that the fair value of Yellow is $10,000,000, and has written the cost of the film to reflect this amount. Management’s current impairment analysis continues to evaluate the fair value of Yellow as $10,000,000 for the three months ended September 30, 2014. | |||
A number of other films are being developed by the Company for which the capitalized cost is $25,343 for the three months ended September 30, 2014. | |||
The following presents the cost basis of each of the Company’s films: | |||
30-Sep-14 | 31-Dec-13 | ||
Yellow | $15,343,221 | $14,653,173 | |
Storage 24 | 5,500,000 | 5,500,000 | |
Films in Development | 384,064 | 34,000 | |
Film Costs, Prior to Amortization | $21,227,285 | $20,187,173 | |
Less: Accumulated Amortization and Impairment | 11,201,942 | 2,658,647 | |
Total Film Costs (net) | $10,025,343 | $17,528,526 | |
Film costs include the unamortized costs of the film rights that were acquired by the Company in addition to film costs incurred by the Company. The films are amortized using the individual film forecast method, and the costs are amortized pro-rata for the current period’s revenue over management’s estimate of ultimate revenue. | |||
Film costs are presented as the lower of amortized cost or estimated fair value. Each film will be reviewed quarterly and if circumstances indicate that the fair value of the film (calculated as the discounted future cash flows from the film) is less than its unamortized cost, then impairment will be recorded. Estimates of future revenue are based on the best information currently available, but do involve uncertainty, and it is possible that reductions in the carrying value of the film assets may be required as a result of changes in circumstances that affect the revenue estimates for the future. | |||
The Company evaluates, on a periodic basis, long-lived assets to be held and used for impairment in accordance with the reporting requirements of ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. The evaluation is based on certain impairment indicators, such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If these impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, then an estimate of the value of expected future operating cash flows is used to determine whether the asset is recoverable and the amount of any impairment is measured as the difference between the carrying amount of the asset and its estimated fair value. The fair value is estimated using valuation techniques such as market prices for similar assets or future operating cash flows. | |||
As of June 30, 2014, management determined that both major assets, Storage 24 and Yellow, were significantly impaired and accordingly has written down the value of the film assets to $0 for Storage 24 and $10,000,000 for Yellow. As of September 30, 2014 the Company continues to believe that this represents the value of expected future discounted operating cash flows expected to be derived from these assets. |
Note_7_Notes_Payable
Note 7 - Notes Payable | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Notes | ' | ||||||
Note 7 - Notes Payable | ' | ||||||
NOTE 7 – NOTES PAYABLE | |||||||
The following presents the notes payable outstanding as of September 30, 2014. | |||||||
30-Sep-14 | |||||||
Lender | Date of Loan | Due Date | Original Principal Amount | Principal Balance Only | Balance with Accrued Interest | Film | |
Tommee May | 5/18/11 | Post Release | $180,000 | $180,000 | $180,000 | Yellow | |
AMAG | 9/13/11 | 8/31/12 | 1,000,000 | 81,958 | 294,893 | Yellow | |
Derreck Lee | 5/1/11 | Post Release | 500,000 | 600,000 | 600,000 | Yellow | |
$861,958 | $1,074,893 | ||||||
Tommee May, a media investor, made a loan of $180,000 towards the production cost of the film Yellow. This liability was assumed by the Company upon the acquisition of the rights in Yellow as of October 18, 2012. No interest is payable. | |||||||
AMAG, Inc., a media investment company made a loan of $1,000,000 towards the production cost of the film Yellow. This liability was assumed by the Company upon the acquisition of the rights in Yellow and matured on August 31, 2012. The total amount due under this loan at September 30, 2104 is $294,893 (including accrued interest of $212,935). Interest is accruing at a penalty rate of 18%. In addition to repayment of principal and interest, AMAG shall receive a three percent profit participation in Yellow. The Company is in the process of negotiating an extension of the maturity date. During the three months ended September 30, 2014, $10,309 has been repaid. | |||||||
Derreck Lee, a media investor, made a loan of $500,000 towards the production cost of the film Yellow. This liability was assumed by the Company upon the acquisition of the rights in Yellow. In addition to repayment of principal and interest, Mr. Lee shall receive profit participation in the film after all other debts and equity investors in the film are paid in full. No interest is current payable. | |||||||
As of September 30, 2014, it cannot be reasonably estimated as to how much, if any, may be paid out as profit participation under these agreements and therefore, we have not accrued any amounts with respect to these liabilities (other than interest where applicable). |
Note_8_Credit_Line
Note 8 - Credit Line | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 8 - Credit Line | ' |
NOTE 8 - CREDIT LINE | |
The Company’s credit line was repaid in full on May 13, 2014 with the issuance of Convertible Notes. The Company has no other outstanding liabilities on any credit facilities. |
Note_9_Convertible_Notes
Note 9 - Convertible Notes | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 9 - Convertible Notes | ' |
NOTE 9 – CONVERTIBLE NOTES | |
During the three months ended September 30, 2014, the Company issued an aggregate of $100,309 in convertible notes (“Notes”) and retired $753,642 of Notes. The balance of the Notes as at September 30, 2014 was $2,735,539. | |
The Notes typically mature in six to 12 months, and carry an interest charge of between 0% and 12% per annum. Penalty interest is typically 18% per annum and repayment is typically at 150% of face value. | |
The Notes have conversion rights that typically are priced as follows: | |
i) Fixed price, | |
ii) At a discount to face value calculated over a period of time (ordinarily 5-10 days) prior to the date of conversion. Discounts to face value typically range from 37% to 45%. | |
iii) An option of either a fixed price or discount. | |
Accrued Interest as of September 30, 2014 on the Notes was $0 as industry practice indicates no interest is charged on conversion. |
Note_10_Screen_Actors_Guild
Note 10 - Screen Actors Guild | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 10 - Screen Actors Guild | ' |
NOTE 10 – SCREEN ACTORS GUILD | |
During the year ended December 31, 2013, the Company assumed a debt due to the Screen Actors Guild (“SAG”) which was incurred in connection with the film, Yellow, in the amount of $311,244 of which $269,244 was outstanding at December 31, 2013. The Company repaid $269,244 of the debt in the three months ended March 31, 2014. | |
The Company also has a deposit held by SAG in the amount of approximately $40,000 as of September 30, 2014. |
Note_11_Stockholders_Equity
Note 11 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 11 - Stockholders' Equity | ' |
NOTE 11 - STOCKHOLDERS' EQUITY | |
The authorized capital stock of the Company is 5,000,000,000 shares with a $0.001 par value per share. At September 30, 2014 and 2013, the Company had 2,932,187,169 and 33,856,551 shares of its common stock issued and outstanding, respectively. The Company has 50,000,000 Series A preferred shares authorized of which 50,000,000 and 10,000,000 Series A preferred shares were issued and outstanding as at September 30, 2014 and September 30, 2013, respectively. | |
During the three months ended September 30, 2014 and 2013, the Company issued 603,136,301 and 0, common stock, respectively. During the three months ended September 30, 2014 and 2013 the Company issued zero shares of Series A preferred stock respectively. |
Note_12_Income_Taxes
Note 12- Income Taxes | 9 Months Ended | ||
Sep. 30, 2014 | |||
Notes | ' | ||
Note 12- Income Taxes | ' | ||
NOTE 12- INCOME TAXES | |||
The Company has adopted ASC 740-10 that requires the use of the liability method in the computation of income tax expense and the current and deferred income taxes payable (deferred tax liability) or benefit (deferred tax asset). Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||
The cumulative tax effect at the expected tax rate of 20% of significant items comprising the Company’s net deferred tax amounts as of September 30, 2014 and December 31, 2013 are as follows: | |||
30-Sep-14 | 31-Dec-13 | ||
Prior Year | $ 321,869 | $ 48,543 | |
Tax Benefit for Period | 3,388,269 | 273,326 | |
Total Deferred Tax Asset | 3,710,138 | 321,869 | |
Less: Valuation Allowance | -3,710,138 | -321,869 | |
Net Deferred Tax Asset | $ 0 | $ 0 | |
At September 30, 2014 and at December 31, 2013, the Company had net deferred tax assets of $0 for federal income tax purposes. These assets, if not utilized to offset taxable income, will begin to expire in 2028. |
Note_13_Employee_Benefit_Plans
Note 13 - Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 13 - Employee Benefit Plans | ' |
NOTE 13 – EMPLOYEE BENEFIT PLANS | |
During the three months ended September 30, 2014 and 2013, there were no qualified or non-qualified employee pension, profit sharing, stock option, or other plans authorized for any of employees. |
Note_14_Accounts_Receivable
Note 14 - Accounts Receivable | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 14 - Accounts Receivable | ' |
NOTE 14 - ACCOUNTS RECEIVABLE | |
The amount of accounts receivable at September 30, 2014 was $51,588. |
Note_15_Commitments_and_Contin
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 15 - Commitments and Contingencies | ' |
NOTE 15 - COMMITMENTS AND CONTINGENCIES | |
As presented in Note 7, the Company has entered into participation agreements in which the Company will pay the participation holders a portion of the proceeds from films after all debt has been repaid. As of September 30, 2014, it cannot be reasonably estimated as to how much, if any, may be paid out under these agreements, and therefore, no interest has been accrued. |
Note_16_Subsequent_Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 16 - Subsequent Events | ' |
NOTE 16 - SUBSEQUENT EVENTS | |
On October 1, 2014, the Company moved its offices to 135 Goshen Road Extension, Rincon, GA 31326. The Company’s move locates it in Effingham County and closer to the Studiplex property. | |
On October 27, 2014 the master plan in relation to the development of the Studioplex property was approved by the IDA. | |
On July 2, 2014 Jay M Self (“Self”) filed a Complaint in the State Court of Chatham County against the Company relating to his alleged employment contract, including the following claims: | |
a) $50,125.65 in unpaid salary | |
b) $274.55 in unreimbursed expenses | |
c) $10,000 value of stock | |
d) Attorney fees and other expenses | |
e) All other relief to which Plaintiff may be entitled | |
The Company attended a mediation hearing on November 5, 2014 where the case was dismissed. | |
Note_1_Business_Basis_of_Prese1
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Business and Basis of Presentation | ' |
Business | |
Moon River Studios, Inc. is a Georgia, U.S. based film production company. In 2013, the Company entered into a lease agreement with the Effingham County Industrial Development Authority (“IDA”) whereby it has beneficial ownership of 1560 acres in Effingham County. The Company plans to construct motion picture studios and other related amenities on the property for film production. These facilities will include sound stages, production and post production offices, editing suites, warehouses, mills and set fabrication facilities. We refer to this fully integrated film production campus as a “Studioplex.” | |
Basis of Presentation | |
The Company prepares its financial statements on the accrual basis of accounting. Management believes that all adjustments necessary for a fair presentation of the results of the three and nine months ended September 30, 2014 and 2013 respectively have been made. |
Note_1_Business_Basis_of_Prese2
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
The Company’s management selects accounting principles generally accepted in the United States of America and adopts methods for their application. The application of accounting principles requires the estimating, matching and timing of revenue and expense. It is also necessary for management to determine, measure and allocate resources and obligations within the financial process according to those principles. The accounting policies used conform to generally accepted accounting principles which have been consistently applied in the preparation of these financial statements. | |
The financial statements and notes are representations of the Company’s management that is responsible for their integrity and objectivity. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. |
Note_1_Business_Basis_of_Prese3
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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 periods. Actual results could differ from those estimates. |
Note_1_Business_Basis_of_Prese4
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents. |
Note_1_Business_Basis_of_Prese5
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Film Costs (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Film Costs | ' |
Film Costs | |
The Company acquired the rights to two completed films: Storage 24 and Yellow. Storage 24 was released in Europe in 2012 and in the United States in 2013. The Company is currently reviewing dates for domestic and international release of Yellow. | |
Film costs include the costs of the film rights that were acquired by the Company plus additional costs incurred prior to release. The films are amortized using the individual film forecast method, and the costs are amortized pro-rata for the current period’s revenue over management’s estimate of ultimate revenue. The Company began amortizing films in the fourth quarter of 2012, when it began to recognize revenue from Storage 24. | |
Film costs are presented as the lower of amortized cost or estimated fair value. Each film will be reviewed quarterly and if circumstances indicate that the fair value of the film (calculated as the discounted future cash flows from the film) is less than its unamortized cost, then impairment will be recorded. Estimates of future revenue are based on the best information currently available, but do involve uncertainty, and it is possible that reductions in the carrying value of the film assets may be required as a result of changes in circumstances that affect the revenue estimates for the future. |
Note_1_Business_Basis_of_Prese6
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Impairment of Long Lived Assets (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Impairment of Long Lived Assets | ' |
Impairment of Long Lived Assets | |
The Company evaluates, on a periodic basis, long-lived assets to be held and used for impairment in accordance with the reporting requirements of ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets”. The evaluation is based on certain impairment indicators, such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If these impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, then an estimate of the value of expected future discounted operating cash flows is used to determine whether the asset is recoverable and the amount of any impairment is measured as the difference between the carrying amount of the asset and its estimated fair value. The fair value is estimated using valuation techniques such as market prices for similar assets or future discounted operating cash flows. The Company reviews capitalized film costs for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable or at least once per year. As of June 30, 2014, management determined that the Company’s rights in the movies Yellow and Storage 24 were significantly impaired and accordingly wrote down the value of the film assets to what management consider the value of expected future discounted operating cash flows expected to be derived from the films. At this time, management does not believe that further impairments are required to be accounted for in the three months ended September 30, 2014. |
Note_1_Business_Basis_of_Prese7
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Revenue Recognition (Policies) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Policies | ' | ||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company recognizes revenue from the sale or licensing arrangement of a film in accordance with ASC 605-15 “Revenue Recognition”. Revenue will be recognized only when all of the following criteria have been met: | |||
Persuasive evidence of a sale or licensing arrangement with a customer exists; | |||
The film is complete and, in accordance with the terms of the arrangement, has been delivered or is available for immediate and unconditional delivery; | |||
The license period of the arrangement has begun and the customer can begin its exploitation, exhibition, or sale; | |||
The arrangement fee is fixed or determinable; | |||
Collection of the arrangement fee is reasonably assured; and | |||
A written contract with a distributor indicating the film name, territory and period is required for the recognition of revenue. | |||
Revenue is recognized when the performance criteria in the contracts have been met. | |||
Film Tax Relief Revenue | |||
Many countries make tax credits and other incentives available to encourage film production in their country. The Company benefits from the United Kingdom Film Tax Relief (“FTR”). The FTR may be treated as a reduction in the capitalized costs of the film assets financed or as revenue to the production company. The FTR is earned by the production company, assigned to the previous film rights owner, Medient Unstoppable Limited (“MUL”), and then assigned to the Company as revenue. | |||
Medient Unstoppable Limited Revenue | |||
Receivables are due to the Company from a related party, MUL, in the amount of the net proceeds from the FTR, as well as income from sales of the rights in Storage 24. MUL is an entity in which the Company’s co-founder is a director. In accordance with an intercompany agreement between the Company and MUL, all revenues earned by MUL for the movie Storage 24 are due to the Company. This includes FTR. | |||
MUL has not, as of September 30, 2014, made payment to the Company, and litigation counsel has sought recovery of the FTR and any other funds from MUL and related parties. All receivables from MUL have been fully reserved for. |
Note_1_Business_Basis_of_Prese8
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Earnings Per Share | ' |
Earnings per Share | |
Earnings per share (basic) is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period covered. As the Company incurred a net loss during the three and nine months ended September 30, 2014 and for the three and nine months ended September 30, 2013 the basic and diluted loss per common share is the same amount, as any common stock equivalents would be considered anti-dilutive. |
Note_1_Business_Basis_of_Prese9
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Comprehensive Income (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Comprehensive Income | ' |
Comprehensive Income | |
ASC 220 establishes standards for reporting and display of comprehensive income and its components in a full set of general purpose financial statements. For the three and nine months ended September 30, 2014 and 2013, the Company had no items of other comprehensive income. Therefore, the net loss equals the comprehensive loss for the three months then ended. |
Recovered_Sheet1
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Income Taxes | ' |
Income Taxes | |
Provision for income taxes represents actual or estimated amounts payable on tax return filings each year. Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets, and for operating loss and tax credit carry forwards. The change in deferred tax assets and liabilities for the period measures the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws on deferred tax assets and liabilities are reflected as adjustment to the tax provision or benefit in the period of enactment. |
Recovered_Sheet2
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
In accordance with the reporting requirements of ASC 820, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. At September 30, 2014, the Company did not have any financial instruments. |
Recovered_Sheet3
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Emerging Growth Company Critical Accounting Policy Disclosure (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Emerging Growth Company Critical Accounting Policy Disclosure | ' |
Emerging Growth Company Critical Accounting Policy Disclosure | |
The Company qualifies as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company may elect to take advantage of the benefits of this extended transition period in the future. |
Recovered_Sheet4
Note 1 - Business, Basis of Presentation and Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
There were various accounting standards and interpretations issued during the nine months ended September 30, 2014, none of which are expected to have a material impact on the Company's financial position, operations or cash flows. |
Note_2_Capital_Lease_and_Gover1
Note 2 - Capital Lease and Government Assistance: Future Interest and Principal Payments Under The Lease (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Future Interest and Principal Payments Under The Lease | ' | ||||
For Period Ended | Interest | Principal | Total Payment | Balance | |
2014 | $4,158,082 | ||||
2015 | 4,622,141 | ||||
2016 | $ 465,478 | $ 90,078 | $ 555,556 | 4,532,141 | |
2017 | 455,410 | 100,146 | 555,556 | 4,431,994 | |
2018 | 444,213 | 111,343 | 555,556 | 4,320,651 | |
Thereafter | $5,034,899 | $3,298,433 | $8,333,332 | $ 0 |
Note_6_Film_Costs_Film_cost_ba
Note 6 - Film Costs: Film cost basis (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Tables/Schedules | ' | ||
Film cost basis | ' | ||
30-Sep-14 | 31-Dec-13 | ||
Yellow | $15,343,221 | $14,653,173 | |
Storage 24 | 5,500,000 | 5,500,000 | |
Films in Development | 384,064 | 34,000 | |
Film Costs, Prior to Amortization | $21,227,285 | $20,187,173 | |
Less: Accumulated Amortization and Impairment | 11,201,942 | 2,658,647 | |
Total Film Costs (net) | $10,025,343 | $17,528,526 |
Note_7_Notes_Payable_Notes_pay
Note 7 - Notes Payable: Notes payable outstanding (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Tables/Schedules | ' | ||||||
Notes payable outstanding | ' | ||||||
30-Sep-14 | |||||||
Lender | Date of Loan | Due Date | Original Principal Amount | Principal Balance Only | Balance with Accrued Interest | Film | |
Tommee May | 5/18/11 | Post Release | $180,000 | $180,000 | $180,000 | Yellow | |
AMAG | 9/13/11 | 8/31/12 | 1,000,000 | 81,958 | 294,893 | Yellow | |
Derreck Lee | 5/1/11 | Post Release | 500,000 | 600,000 | 600,000 | Yellow | |
$861,958 | $1,074,893 |
Note_12_Income_Taxes_Net_Defer
Note 12- Income Taxes: Net Deferred Tax Amounts (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Tables/Schedules | ' | ||
Net Deferred Tax Amounts | ' | ||
30-Sep-14 | 31-Dec-13 | ||
Prior Year | $ 321,869 | $ 48,543 | |
Tax Benefit for Period | 3,388,269 | 273,326 | |
Total Deferred Tax Asset | 3,710,138 | 321,869 | |
Less: Valuation Allowance | -3,710,138 | -321,869 | |
Net Deferred Tax Asset | $ 0 | $ 0 |
Note_2_Capital_Lease_and_Gover2
Note 2 - Capital Lease and Government Assistance (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Details | ' | ' | ' |
Site development costs | $0 | $307,479 | ' |
Discount accretion | ' | $615,876 | $0 |
Note_6_Film_Costs_Details
Note 6 - Film Costs (Details) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Capitalized cost of films | $25,343 |
Note_7_Notes_Payable_Details
Note 7 - Notes Payable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Details | ' |
Production cost loan | $180,000 |
Production cost loan | 1,000,000 |
Production cost loan | $500,000 |
Note_9_Convertible_Notes_Detai
Note 9 - Convertible Notes (Details) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Value of convertible notes issued | $100,309 |
Value of convertible notes retired | 753,642 |
Value of convertible notes outstanding | $2,735,539 |
Note_10_Screen_Actors_Guild_De
Note 10 - Screen Actors Guild (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Assumed debt | ' | $311,244 |
Repayments of Assumed Debt | $269,244 | ' |
Note_11_Stockholders_Equity_De
Note 11 - Stockholders' Equity (Details) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Details | ' | ' |
Development Stage Entities, Stock Issued, Shares, Issued for Cash | 603,136,301 | 0 |
Note_12_Income_Taxes_Net_Defer1
Note 12- Income Taxes: Net Deferred Tax Amounts (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Prior Year | $321,869 | $48,543 |
Tax benefit for current period | 3,388,269 | 273,326 |
Total | 3,710,138 | 321,869 |
Less: Valuation Allowance | -3,710,138 | -321,869 |
Deferred Tax Assets, Net of Valuation Allowance | $0 | $0 |
Note_14_Accounts_Receivable_De
Note 14 - Accounts Receivable (Details) (USD $) | Sep. 30, 2013 |
Details | ' |
Accounts Receivable, Net, Current | $51,588 |