Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Original Source Entertainment, Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001500198 |
Current Fiscal Year End Date | '--12-31 |
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 | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Common Stock, Shares Outstanding | 6,573,000 |
Original_Source_Entertainment_
Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $608 | $1,118 |
Total Current Assets | 608 | 1,118 |
TOTAL ASSETS | 608 | 1,118 |
Current Liabilities | ' | ' |
Related party payables | 952 | 952 |
Accrued interest payable | 1,454 | 403 |
Notes payable - current | 26,500 | 17,000 |
Total Current Liabilities | 28,906 | 18,355 |
Total Liabilities | 28,906 | 18,355 |
Stockholders' Equity | ' | ' |
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 45,000,000 shares authorized; 6,573,000 shares issued and outstanding | 5,073 | 5,073 |
Additional paid-in capital | 44,577 | 28,077 |
Deficit accumulated during the development stage | -77,948 | -50,387 |
Total Stockholders' Equity | -28,298 | -17,237 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $608 | $1,118 |
Original_Source_Entertainment_1
Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 49 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Royalty revenue | $252 | $23 | $1,109 | $561 | $8,993 |
Cost of sales | 0 | 0 | 0 | 0 | 2,138 |
Gross profit | 252 | 23 | 1,109 | 561 | 6,855 |
Operating Expenses: | ' | ' | ' | ' | ' |
General and administrative | 4,982 | 4,754 | 23,619 | 12,927 | 79,349 |
Total operating expenses | 4,982 | 4,754 | 23,619 | 12,927 | 79,349 |
Gain (loss) from operations | -4,730 | -4,731 | -22,510 | -12,366 | -72,494 |
Other income (expense): | ' | ' | ' | ' | ' |
Interest expense | -401 | -49 | -1,051 | -169 | -1,454 |
Interest expense - beneficial conversion feature | 0 | 0 | -4,000 | 0 | -4,000 |
Total other income (expense) | -401 | -49 | -5,051 | -169 | -5,454 |
Income (loss) before provision for income taxes | -5,131 | -4,780 | -27,561 | -12,535 | -77,948 |
Provision for income tax | 0 | 0 | 0 | 0 | 0 |
Net Income (loss) | ($5,131) | ($4,780) | ($27,561) | ($12,535) | ($77,948) |
Net income (loss) per share (Basic and fully diluted) | $0 | $0 | $0 | $0 | ' |
Weighted Average Number of Common Shares Outstanding | 4,500,000 | 4,500,000 | 4,500,000 | 4,500,000 | ' |
Original_Source_Entertainment_2
Original Source Entertainment, Inc. (A Development Stage Company) - Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 49 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income (loss) during the development stage | ($27,561) | ($12,535) | ($77,948) |
Adjustment to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Related party payables | 0 | 0 | 952 |
Accrued payables | 1,051 | 169 | 1,454 |
Interest expense - beneficial conversion feature | 4,000 | 0 | 4,000 |
Compensatory stock issuances | 0 | 0 | 3,000 |
Net cash provided by (used for) operating activities | -22,510 | -12,366 | -68,542 |
Cash Flows From Investing Activities: | ' | ' | ' |
Net cash provided by (used for) investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities: | ' | ' | ' |
Notes payable - borrowings | 9,500 | 0 | 26,500 |
Paid in capital | 12,500 | 0 | 12,500 |
Sale of common stock | 0 | 0 | 30,150 |
Net cash provided by (used for) financing activities | 22,000 | 0 | 69,150 |
Net Increase (Decrease) in Cash | -510 | -12,366 | 608 |
Cash Balance at beginning of period | 1,118 | 13,851 | 0 |
Cash Balance at end of period | 608 | 1,485 | 608 |
Schedule of Non-Cash Investing and Financing Activities | ' | ' | ' |
The Company in 2013 recorded $4,000 in paid in capital from a beneficial conversion feature on notes payable | 0 | 0 | 0 |
Supplemental Disclosure | ' | ' | ' |
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income taxes | $0 | $0 | $0 |
Note_1_Organization_Operations
Note 1. Organization, Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Note 1. Organization, Operations and Summary of Significant Accounting Policies: | ' |
NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
Original Source Entertainment, Inc. (the “Company”), was incorporated in the State of Nevada on August 20, 2009. The Company plans to license songs to the television and music industry for use in television shows or movies. | |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | |
Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect 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. | |
Net income (loss) per share | |
The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. | |
Income tax | |
The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
Revenue recognition | |
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectability is reasonably assured. | |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. | |
Financial Instruments | |
The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheet, approximates fair value. | |
Stock based compensation | |
The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. |
Note_1_Organization_Operations1
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Business description and basis of presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Business description and basis of presentation | ' |
Original Source Entertainment, Inc. (the “Company”), was incorporated in the State of Nevada on August 20, 2009. The Company plans to license songs to the television and music industry for use in television shows or movies. | |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Note_1_Organization_Operations2
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Note_1_Organization_Operations3
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
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 as cash equivalents. |
Note_1_Organization_Operations4
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
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 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. |
Note_1_Organization_Operations5
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Net Income (loss) Per Share | ' |
Net income (loss) per share | |
The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. |
Note_1_Organization_Operations6
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Income Tax (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Income Tax | ' |
Income tax | |
The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Note_1_Organization_Operations7
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Revenue Recognition | ' |
Revenue recognition | |
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectability is reasonably assured. |
Note_1_Organization_Operations8
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Property and Equipment (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Property and Equipment | ' |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. |
Note_1_Organization_Operations9
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Financial Instruments | ' |
Financial Instruments | |
The carrying value of the Company’s financial instruments, as reported in the accompanying balance sheet, approximates fair value. |
Recovered_Sheet1
Note 1. Organization, Operations and Summary of Significant Accounting Policies: Stock Based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Stock Based Compensation | ' |
Stock based compensation | |
The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. |