Document and Entity Information
Document and Entity Information | 6 Months Ended |
May 31, 2018 | |
Document And Entity Information | |
Entity Registrant Name | Empire Post Media, Inc. |
Entity Central Index Key | 1,478,682 |
Document Type | 10-12G |
Document Period End Date | May 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --11-30 |
Entity Filer Category | Smaller Reporting Company |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | May 31, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
ASSETS | |||
TOTAL ASSETS | $ 0 | $ 0 | $ 0 |
CURRENT LIABILITIES | |||
Accounts payable | 5,175 | 37,222 | 35,247 |
Judgment payable | 40,981 | 37,981 | |
TOTAL CURRENT LIABILITIES | 5,175 | 78,203 | 73,228 |
COMMITMENTS AND CONTINGENCIES, note 2 | |||
SHAREHOLDERS’ EQUITY (DEFICIT) | |||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding | |||
Common stock, $0.001 par value, 400,000,000 shares authorized, 207,837,336 shares issued and outstanding | 39,105 | 39,105 | 39,105 |
Additional paid-in capital | 116,145 | 95,145 | 95,145 |
Accumulated deficit | (160,425) | (212,453) | (207,478) |
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) | (5,175) | (78,203) | (73,228) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 0 | $ 0 | $ 0 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | May 31, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 |
Common stock, shares issued | 207,837,336 | 207,837,336 | 207,837,336 |
Common stock, shares outstanding | 207,837,336 | 207,837,336 | 207,837,336 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | |
Income Statement [Abstract] | ||||||
REVENUES | ||||||
OPERATING EXPENSES | ||||||
General and administrative | 897 | 1,250 | 1,647 | 2,000 | 4,975 | 4,975 |
TOTAL OPERATING EXPENSES | 897 | 1,250 | 1,647 | 2,000 | 4,975 | 4,975 |
OTHER INCOME | ||||||
Gain on settlement of liabilities | 53,675 | 53,675 | ||||
TOTAL OTHER INCOME | 53,675 | 53,675 | ||||
NET INCOME (LOSS) BEFORE PROVISION OF INCOME TAXES | 52,778 | (1,250) | 52,028 | (2,000) | (4,975) | (4,975) |
PROVISION FOR INCOME TAXES | ||||||
NET INCOME (LOSS) | $ 52,778 | $ (1,250) | $ 52,028 | $ (2,000) | $ (4,975) | $ (4,975) |
Basic and diluted income (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding (Basic and diluted) | 207,837,336 | 207,837,336 | 207,837,336 | 207,837,336 | 207,837,336 | 207,837,336 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Nov. 30, 2015 | $ 39,105 | $ 95,145 | $ (202,503) | $ (68,253) |
Balance, shares at Nov. 30, 2015 | 207,837,336 | |||
Net Loss | (4,975) | (4,975) | ||
Balance at Nov. 30, 2016 | $ 39,105 | 95,145 | (207,478) | (73,228) |
Balance, shares at Nov. 30, 2016 | 207,837,336 | |||
Net Loss | (4,975) | (4,975) | ||
Balance at Nov. 30, 2017 | $ 39,105 | $ 95,145 | $ (212,453) | (78,203) |
Balance, shares at Nov. 30, 2017 | 207,837,336 | |||
Net Loss | 52,028 | |||
Balance at May. 31, 2018 | $ (5,175) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income (loss) | $ 52,778 | $ (1,250) | $ 52,028 | $ (2,000) | $ (4,975) | $ (4,975) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Gain on settlement of liabilities | (53,675) | (53,675) | ||||
Changes in liabilities - increase (decrease): | ||||||
Accounts payable | 225 | 500 | 1,975 | 1,975 | ||
Judgment payable | 1,422 | 1,500 | 3,000 | 3,000 | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | ||||||
CASH AND CASH EQUIVALENTS, beginning of year | ||||||
CASH AND CASH EQUIVALENTS, end of year | ||||||
SUPPLEMENTARY DISCLOSURES: | ||||||
Interest paid in cash | ||||||
Income taxes paid in cash | ||||||
NON-CASH FINANCING ACTIVITIES | ||||||
Liabilities paid by shareholder | $ 21,000 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
May 31, 2018 | Nov. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Summary of Significant Accounting Policies | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Empire Post Media, Inc. (the “Company”) was founded in the State of Nevada on October 13, 2009 and has an office location in Woodland Hills, California. The Company was previously in the business of providing post production services to the movie and television industry. The Company ceased operations and has been inactive since 2012. The Company was a publicly-traded company listed on the OTC Bulletin Board (“pink-sheets”). The last filing that the Company made with the SEC was its Form 10-Q for the quarter ended August 31, 2012. Even though the Company has not made any further filings with the SEC since 2012, the Company has continued to have some minimal stock trading activity. The Company’s board is now considering merging with another entity that has viable operations. As such, the existing company is not going to continue as a going concern after any merger. These financial statements do not contain any adjustments that would be necessary should the Company not continue as a going concern. There is no assurance that the Company will be successful in negotiating or closing a merger or acquisition with an operating company. The unaudited condensed financial statements of the Company have been prepared in accordance with the Securities and Exchange Commission (SEC) rules for interim financial information. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. However, the information included in these interim financial statements reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full year. The balance sheet information as of November 30, 2017 was derived from the audited financial statements which are included in this Form 10. These interim financial statements should be read in conjunction with that report. Going Concern The Company has not generated revenues and has recognized net operating losses since its inception. The Company also has a negative working capital and accumulated deficit at May 31, 2018. These factors among others raise substantial doubt about going concern. Furthermore, the as discussed above, the Company will not continue as a going concern in the event of a merger. The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the carrying amount of the recorded assets or the amount of liabilities that might result from the outcome of this uncertainty. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management plans to raise additional shareholder contributions in order to fund its operations. However, there can be no assurance that the Company will be able to raise sufficient capital to continue with operations. Cash and Cash Equivalents For the purpose of the statement of cash flows, the Company considers cash equivalents to include cash and investments with an original maturity of three months or less. Income Taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes Deferred Taxes As of May 31, 2018, total deferred income tax assets consist principally of net operating loss carry forwards in amounts still to be determined. For financial reporting purposes, a valuation allowance has been recognized in an amount equal to such deferred income tax assets due to the uncertainty surrounding their ultimate realization. If not utilize, the net operating loss carryover is due to expire in 2030. Earnings (Loss) per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures Management uses its knowledge of its business in making estimates. Accordingly, actual results could differ from those estimates. Fair Value of Financial Instruments Carrying amounts reported in the balance sheet of accounts payable approximate fair value due to their short maturity. Recently Issued Accounting Pronouncements Management has assessed the recently issued accounting pronouncements and has determined that none of these pronouncements have an impact on the Company’s financial statements. | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Empire Post Media, Inc. (the “Company”) was founded in the State of Nevada on October 13, 2009 and has an office location in Woodland Hills, California. The Company was previously in the business of providing post production services to the movie and television industry. Going Concern The Company has not generated revenues and has recognized net operating losses since its inception. The Company also has a negative working capital and accumulated deficit at November 30, 2017. These factors among others raise substantial doubt about going concern. The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the carrying amount of the recorded assets or the amount of liabilities that might result from the outcome of this uncertainty. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management plans to raise additional shareholder contributions in order to fund its operations. However, there can be no assurance that the Company will be able to raise sufficient capital to continue with operations. Cash and Cash Equivalents For the purpose of the statement of cash flows, the Company considers cash equivalents to include cash and investments with an original maturity of three months or less. Income Taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes Deferred Taxes As of November 30, 2017, total deferred income tax assets consist principally of net operating loss carry forwards in amounts still to be determined. For financial reporting purposes, a valuation allowance has been recognized in an amount equal to such deferred income tax assets due to the uncertainty surrounding their ultimate realization. If not utilize, the net operating loss carryover is due to expire in 2030. Earnings (Loss) per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures Management uses its knowledge of its business in making estimates. Accordingly, actual results could differ from those estimates. Fair Value of Financial Instruments Carrying amounts reported in the balance sheet of accounts payable approximate fair value due to their short maturity. Recently Issued Accounting Pronouncements Management has assessed the recently issued accounting pronouncements and has determined that none of these pronouncements have an impact on the Company’s financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
May 31, 2018 | Nov. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 2. COMMITMENTS AND CONTINGENCIES Judgment Payable On April 3, 2014 the Company had a judgment assessed against them for $30,000. The judgment incurred interest at 10% per year. At November 30, 2017, the balance on the judgment payable, including accrued interest, totaled $40,981. On May 22, 2018, the Company agreed to settle this judgment payable totaling $42,403, including accrued interest, for $15,000. The Company’s shareholder paid for this settlement directly, resulting in a contribution from shareholder during the six months ended May 31, 2018. Legal Matters From time to time the Company may be involved in certain legal actions and claims arising in the ordinary course of business. The Company was not a party to any specific legal actions or claims at May 31, 2018. | 2. COMMITMENTS AND CONTINGENCIES Judgment Payable On April 3, 2014 the Company had a judgment assessed against them for $30,000. The judgment incurred interest at 10% per year. At November 30, 2017 and 2016, the balance on the judgment payable, including accrued interest, totaled $40,981 and 37,981, respectively. On May 22, 2018, the Company agreed to settle this judgment payable, including accrued interest, for $15,000. Legal Matters From time to time the Company may be involved in certain legal actions and claims arising in the ordinary course of business. The Company was not a party to any specific legal actions or claims at November 30, 2017. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
May 31, 2018 | Nov. 30, 2017 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 3. SUBSEQUENT EVENTS The Company has evaluated events occurring after the date of the accompanying balance sheet through June 25, 2018, the date the condensed financial statements are available to be issued. The Company did not identify any material subsequent events requiring adjustment to the accompanying condensed financial statements. | 3. SUBSEQUENT EVENTS On May 22, 2018, the Company agreed to settle the $30,000 judgment payable assess on April 3, 2014, including accrued interest, for $15,000. See note 2 above. The Company has evaluated events occurring after the date of the accompanying balance sheet through June 22, 2018, the date the financial statements are available to be issued. The Company did not identify any material subsequent events requiring adjustment to the accompanying financial statements. |
Organization and Summary of S10
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
May 31, 2018 | Nov. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Going Concern | Going Concern The Company has not generated revenues and has recognized net operating losses since its inception. The Company also has a negative working capital and accumulated deficit at May 31, 2018. These factors among others raise substantial doubt about going concern. Furthermore, the as discussed above, the Company will not continue as a going concern in the event of a merger. The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the carrying amount of the recorded assets or the amount of liabilities that might result from the outcome of this uncertainty. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management plans to raise additional shareholder contributions in order to fund its operations. However, there can be no assurance that the Company will be able to raise sufficient capital to continue with operations. | Going Concern The Company has not generated revenues and has recognized net operating losses since its inception. The Company also has a negative working capital and accumulated deficit at November 30, 2017. These factors among others raise substantial doubt about going concern. The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The financial statements do not include any adjustments relating to the recoverability of the carrying amount of the recorded assets or the amount of liabilities that might result from the outcome of this uncertainty. The accompanying financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company’s ability to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management plans to raise additional shareholder contributions in order to fund its operations. However, there can be no assurance that the Company will be able to raise sufficient capital to continue with operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purpose of the statement of cash flows, the Company considers cash equivalents to include cash and investments with an original maturity of three months or less. | Cash and Cash Equivalents For the purpose of the statement of cash flows, the Company considers cash equivalents to include cash and investments with an original maturity of three months or less. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes | Income Taxes The Company accounts for income taxes under the liability method in accordance with FASB ASC 740, Income Taxes |
Deferred Taxes | Deferred Taxes As of May 31, 2018, total deferred income tax assets consist principally of net operating loss carry forwards in amounts still to be determined. For financial reporting purposes, a valuation allowance has been recognized in an amount equal to such deferred income tax assets due to the uncertainty surrounding their ultimate realization. If not utilize, the net operating loss carryover is due to expire in 2030. | Deferred Taxes As of November 30, 2017, total deferred income tax assets consist principally of net operating loss carry forwards in amounts still to be determined. For financial reporting purposes, a valuation allowance has been recognized in an amount equal to such deferred income tax assets due to the uncertainty surrounding their ultimate realization. If not utilize, the net operating loss carryover is due to expire in 2030. |
Earnings (loss) Per Share | Earnings (Loss) per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. | Earnings (Loss) per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures Management uses its knowledge of its business in making estimates. Accordingly, actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures Management uses its knowledge of its business in making estimates. Accordingly, actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Carrying amounts reported in the balance sheet of accounts payable approximate fair value due to their short maturity. | Fair Value of Financial Instruments Carrying amounts reported in the balance sheet of accounts payable approximate fair value due to their short maturity. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management has assessed the recently issued accounting pronouncements and has determined that none of these pronouncements have an impact on the Company’s financial statements. | Recently Issued Accounting Pronouncements Management has assessed the recently issued accounting pronouncements and has determined that none of these pronouncements have an impact on the Company’s financial statements. |
Organization and Summary of S11
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Interest and penalties | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Net operating loss carryover expiration period, description | The net operating loss carryover is due to expire in 2030 | The net operating loss carryover is due to expire in 2030 |
Organization and Summary of S12
Organization and Summary of Significant Accounting Policies (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2018 | May 31, 2017 | May 31, 2018 | May 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Interest and penalities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Net operating loss carryover expiration period, description | The net operating loss carryover is due to expire in 2030 | The net operating loss carryover is due to expire in 2030 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | May 22, 2018 | Apr. 03, 2014 | May 31, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Commitments and Contingencies Disclosure [Abstract] | |||||
Judgement assessed paid | $ 30,000 | $ 30,000 | |||
Judgement interest paid, percentage per year | 10.00% | ||||
Judgment payable | 42,403 | $ 40,981 | $ 37,981 | ||
Accrued interest | $ 15,000 |
Commitments and Contingencies14
Commitments and Contingencies (Details Narrative) (10-K) - USD ($) | May 22, 2018 | Apr. 03, 2014 | May 31, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Commitments and Contingencies Disclosure [Abstract] | |||||
Judgement assessed paid | $ 30,000 | $ 30,000 | |||
Judgement interest paid, percentage per year | 10.00% | ||||
Judgment payable | 42,403 | $ 40,981 | $ 37,981 | ||
Accrued interest | $ 15,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) (10-K) - USD ($) | May 22, 2018 | Apr. 03, 2014 |
Subsequent Events [Abstract] | ||
Judgement assessed paid | $ 30,000 | $ 30,000 |
Accrued interest | $ 15,000 |