Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'Original Source Entertainment, Inc. | ' |
Entity Central Index Key | '0001500198 | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,073,000 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash | $680 | $525 |
Total current assets | 680 | 525 |
Total Assets | 680 | 525 |
Current liabilities | ' | ' |
Accounts payable - related party | 8,370 | 952 |
Note payable - related party | ' | 22,000 |
Convertible notes payable - related party | ' | 6,000 |
Accrued expenses | 11,702 | ' |
Accrued interest payable - related party | ' | 1,864 |
Total current liabilities | 20,072 | 30,816 |
Total Liabilities | 20,072 | 30,816 |
Stockholders' Deficit | ' | ' |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | ' | ' |
Common stock, $0.001 par value; 45,000,000 shares authorized; 5,073,000 shares issued and outstanding as at June 30, 2014 and December 31, 2013, respectively | 5,073 | 5,073 |
Additional paid in capital | 76,723 | 45,577 |
Retained deficit | -101,188 | -80,941 |
Total Stockholders' Deficit | -19,392 | -30,291 |
Total Liabilities and Stockholders' Deficit | $680 | $525 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 5,073,000 | 5,073,000 |
Common stock, shares outstanding | 5,073,000 | 5,073,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 58 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
CONDENSED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' | ' |
Revenue earned during the development stage | $303 | $451 | $468 | $857 | $9,601 |
Cost of revenue | ' | ' | ' | ' | 2,138 |
Gross profit | 303 | 451 | 468 | 857 | 7,463 |
Operating Expenses: | ' | ' | ' | ' | ' |
General and administrative | 16,322 | 15,246 | 20,385 | 18,637 | 102,457 |
Total operating expenses | 16,322 | 15,246 | 20,385 | 18,637 | 102,457 |
Income (Loss) from Operations | -16,019 | -14,795 | -19,917 | -17,780 | -94,994 |
Other and interest income (expense) | ' | -4,327 | -330 | -4,650 | -6,194 |
Income (loss) before provision for income taxes | -16,019 | -19,122 | -20,247 | -22,430 | -101,188 |
Income tax provision | ' | ' | ' | ' | ' |
Net Loss | ($16,019) | ($19,122) | ($20,247) | ($22,430) | ($101,188) |
Net Loss Per Common Share: | ' | ' | ' | ' | ' |
Net loss per common share - Basic and Diluted | $0 | $0 | $0 | $0 | ' |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 5,073,000 | 4,500,000 | 5,073,000 | 4,500,000 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS CHANGES IN STOCKHOLDERS' DEFICIT (USD $) | Total | Common Stock [Member] | Paid in Capital [Member] | Retained (Deficit) [Member] |
Balance at Aug. 29, 2009 | ' | ' | ' | ' |
Balance, shares at Aug. 29, 2009 | ' | ' | ' | ' |
Common stock issued for services | 3,000 | 3,000 | ' | ' |
Common stock issued for services, shares | 1,000 | 3,000,000 | ' | ' |
Common stock issued for cash | ' | 1,000 | ' | ' |
Common stock issued for cash, shares | ' | 1,000,000 | ' | ' |
Net income (loss) for the year | -2,779 | ' | ' | -2,779 |
Balance at Dec. 31, 2009 | -1,221 | 4,000 | ' | -2,779 |
Balance, shares at Dec. 31, 2009 | ' | 4,000,000 | ' | ' |
Common stock issued for cash | 500 | 500 | ' | ' |
Common stock issued for cash, shares | ' | 500,000 | ' | ' |
Net income (loss) for the year | -6,044 | ' | ' | -6,044 |
Balance at Dec. 31, 2010 | -4,323 | 4,500 | ' | -8,823 |
Balance, shares at Dec. 31, 2010 | ' | 4,500,000 | ' | ' |
Common stock issued for cash | 28,650 | 573 | 28,077 | ' |
Common stock issued for cash, shares | ' | 573,000 | ' | ' |
Net income (loss) for the year | -27,604 | ' | ' | -27,604 |
Balance at Dec. 31, 2011 | -3,277 | 5,073 | 28,077 | -36,427 |
Balance, shares at Dec. 31, 2011 | ' | 5,073,000 | ' | ' |
Net income (loss) for the year | -13,960 | ' | ' | -13,960 |
Balance at Dec. 31, 2012 | -17,237 | 5,073 | 28,077 | -50,387 |
Balance, shares at Dec. 31, 2012 | ' | 5,073,000 | ' | ' |
Capital contribution from shareholder | 13,500 | ' | 13,500 | ' |
Beneficial conversion feature of convertible note payable | 4,000 | ' | 4,000 | ' |
Net income (loss) for the year | -30,554 | ' | ' | -30,554 |
Balance at Dec. 31, 2013 | -30,291 | 5,073 | 45,577 | -80,941 |
Balance, shares at Dec. 31, 2013 | 5,073,000 | 5,073,000 | ' | ' |
Forgiveness of convertible notes payable and accrued interest related party | 6,952 | ' | 6,952 | ' |
Forgiveness of notes payable and accrued interest related party | 23,242 | ' | 23,242 | ' |
Forgiveness of accounts payable related party | 952 | ' | 952 | ' |
Net income (loss) for the year | -20,247 | ' | ' | -20,247 |
Balance at Jun. 30, 2014 | ($19,392) | $5,073 | $76,723 | ($101,188) |
Balance, shares at Jun. 30, 2014 | 5,073,000 | 5,073,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 58 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Operating Activities: | ' | ' | ' |
Net Loss | ($20,247) | ($22,430) | ($101,188) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Accretion of debt discount | 330 | 4,000 | 4,330 |
Changes in Operating Assets and Liabilities- | ' | ' | ' |
Accounts payable and accrued liabilities | 11,702 | 650 | 13,566 |
Accounts payable - related party | 8,370 | ' | 9,322 |
Net Cash Provided by (Used in) Operating Activities | 155 | -17,780 | -73,970 |
Investing Activities: | ' | ' | ' |
Net Cash Used in Investing Activities | ' | ' | ' |
Financing Activities: | ' | ' | ' |
Notes payable related party | ' | 8,000 | 22,000 |
Notes payable | ' | ' | 6,000 |
Proceeds from issuance of common stock | ' | 10,000 | 33,150 |
Capital contribution from shareholder | ' | ' | 13,500 |
Net Cash Provided by Financing Activities | ' | 18,000 | 74,650 |
Net Change in Cash | 155 | 220 | 680 |
Cash - Beginning of Period | 525 | 1,118 | ' |
Cash - End of Period | 680 | 1,338 | 680 |
Non-cash Financing and Investing Activities: | ' | ' | ' |
Forgiveness of convertible notes payable and accrued interest related party | 6,952 | ' | 6,952 |
Forgiveness of notes payable and accrued interest related party | 23,242 | ' | 23,242 |
Forgiveness of accounts payable related party | 952 | ' | 952 |
Supplemental Disclosures | ' | ' | ' |
Cash paid in interest | ' | ' | ' |
Cash paid for income taxes | ' | ' | ' |
ORGANIZATION_OPERATIONS_AND_SU
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
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 ("Inception"). The Company's intent is to license songs to the television and music industry for use for use in television shows or movies. The Company has had limited activity and revenue and is in the developmental stage at this time. | |
On March 5, 2014, Ms. Walker and E. Lynn Atwood, a former director, sold an aggregate of 3,500,000 shares of our common stock, representing approximately 69% of our issued and outstanding shares of common stock, to Amer Samad. As a result, Mr. Samad was appointed our Chief Executive Officer, and Ms. Walker resigned from all officer positions but remained a director subject to her resignation as such 10 days after the filing of a Schedule 14-F by the Company with the Securities and Exchange Commission. | |
Basis of Presentation | |
The accompanying unaudited financial statements of Original Source Entertainment, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2013 included in our Form 10-K filed with the SEC. | |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. and its sole wholly owned subsidiary, Original Source Music, Inc. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Development Stage Company | |
The Company is in the development stage as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-205 "Development-Stage Entities," and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, movement in stockholders' equity (deficit) and cash flows disclosed activity since the date of our inception (August 20, 2009) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has not elected to early adopt these provisions and consequently these additional disclosures are included in these financial statements. | |
Cash and cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. | |
Accounts receivable | |
The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. At June 30, 2014 and December 31, 2013, the Company had no balance of accounts receivable. | |
Financial Instruments | |
The Company's financial instruments consist of cash, accounts payable related party and accrued expenses. The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments | |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life. | |
Long-Lived Assets | |
In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. | |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. | |
The Company accounts for income taxes under the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, "Accounting for Income Taxes". It prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the Company has applied a more-likely-than-not recognition threshold for all tax uncertainties. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. The Company is subject to taxation in the United States. All of the Company's tax years are subject to examination by Federal and state jurisdictions. | |
The Company classifies penalties and interest related to income taxes as income tax expense in the Statements of Operations. | |
Revenue recognition | |
The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, "Revenue Recognition" ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. | |
Products and services, geographic areas and major customers | |
The Company derives revenue from the licensing of songs to the television and music industry. All fee revenues each year were domestic and to external customers. | |
Advertising costs | |
Advertising costs are expensed as incurred. The Company incurred no advertising costs during the three and six months ended June 30, 2014 or 2013. | |
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. | |
The Company did not have a stock compensation plan in operation during the three and six month periods ended June 30, 2014 or 2013. | |
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. During the three and six month periods ended June 30, 2014 and 2013, the Company did have potentially dilutive debt instruments outstanding that has been excluded from the earnings per share calculation, as such an inclusion would have been anti-dilutive due to losses incurred by the Company in both periods. | |
Recent Accounting Pronouncements | |
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations other than in respect of the adoption of the new regulations relating to Development Stage Entities as discussed above. | |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2014 | |
GOING CONCERN [Abstract] | ' |
GOING CONCERN | ' |
NOTE 2. GOING CONCERN | |
The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. | |
The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of licensing songs to the television and music industry for use for use in television shows or movies on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. There is no assurance that these events will be satisfactorily completed. |
NOTES_PAYABLE_RELATED_PARTY
NOTES PAYABLE - RELATED PARTY | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
NOTES PAYABLE - RELATED PARTY [Abstract] | ' | ||||||||
NOTES PAYABLE - RELATED PARTY | ' | ||||||||
NOTE 3. NOTE PAYABLE - RELATED PARTY | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance due to a shareholder, unsecured, bears no interest until June 1, 2011, and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at June 1, 2012. | $ | - | $ | 1,500 | |||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2012 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. | - | 20,500 | |||||||
Total | $ | - | $ | 22,000 | |||||
Effective March 5, 2014, both of these notes payable - related party, together with accrued interest of $1,242, were forgiven by the holder. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital. | |||||||||
CONVERTIBLE_NOTES_PAYABLE_RELA
CONVERTIBLE NOTES PAYABLE - RELATED PARTY | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract] | ' | ||||||||
CONVERTIBLE NOTES PAYABLE - RELATED PARTY | ' | ||||||||
NOTE 4. CONVERTIBLE NOTES PAYABLE - RELATED PARTY | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2010 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. The principal balance is convertible at the option of the holder into shares of the Company's common stock at 50% of the lowest bid price of the Company's common stock in the 5 days prior to conversion, if quoted on an exchange, or if not quoted, at double the par value. | $ | - | $ | 2,000 | |||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2013 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. Any unpaid balance of principal or interest is convertible at the option of the holder into shares of the Company's common stock at $0.01 per share | - | 4,000 | |||||||
Total | $ | - | $ | 6,000 | |||||
The convertible feature of the convertible note payable issued in the twelve months ended December 31, 2013 was valued at $16,000 on an intrinsic value basis. The valuation was based on the fact that 400,000 shares were issuable under the terms of note at $0.01 per share compared to the last cash price for the sale of the shares of $0.05. However, as the debt discount cannot exceed the face value of the loan note, $4,000 was recognized as a debt discount and amortized over the life of the loan note. | |||||||||
Effective March 5, 2014, both of these convertible notes payable - related party, together with accrued interest of $952, were forgiven by the holder. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital. |
STOCKHOLDERS_DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended | ||
Jun. 30, 2014 | |||
STOCKHOLDERS' DEFICIT [Abstract] | ' | ||
STOCKHOLDERS' DEFICIT | ' | ||
NOTE 5. STOCKHOLDERS' DEFICIT | |||
Preferred Stock | |||
The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001 per share. | |||
No shares of preferred stock were issued and outstanding during the three and six months ended June 30, 2014 and 2013. | |||
Common Stock | |||
The Company is authorized to issue 45,000,000 shares of common stock with a par value of $0.001 per share. | |||
During the three and six month periods ended June 30, 2014 the Company issued no shares of common stock. | |||
As at June 30, 2014 there were 5,073,000 shares of common stock issued and outstanding. | |||
Additional Paid in Capital | |||
Effective March 5, 2014: | |||
- | the holder of both notes payable - related party forgave repayment of the principal balances of $22,000, together with accrued interest of $1,242. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital. | ||
- | the holder of both of these convertible notes payable - related party forgave repayment of the principal balances of $6,000, together with accrued interest of $952. The gain arising on forgiveness of these liabilities has been recognized in additional paid in capital. | ||
- | the creditor owning the balance of $952 of accounts payable related party forgave repayment of this liability. The gain arising on forgiveness of this liability has been recognized in additional paid in capital. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 6. SUBSEQUENT EVENTS | |
In accordance with ASC 855-10. "Subsequent Events" the Company has analyzed its operations subsequent to June 30, 2014 to the date these financial statements were available to be issued on August 14, 2014 and has determined that it does not have any material subsequent events to disclose in these financial statements. |
ORGANIZATION_OPERATIONS_AND_SU1
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements of Original Source Entertainment, Inc. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three and six month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2013 included in our Form 10-K filed with the SEC. | |
Principles of consolidation | ' |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Original Source Entertainment, Inc. and its sole wholly owned subsidiary, Original Source Music, Inc. All intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Development Stage Company | ' |
Development Stage Company | |
The Company is in the development stage as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-205 "Development-Stage Entities," and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, movement in stockholders' equity (deficit) and cash flows disclosed activity since the date of our inception (August 20, 2009) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has not elected to early adopt these provisions and consequently these additional disclosures are included in these financial statements. | |
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. | |
Accounts receivable | ' |
Accounts receivable | |
The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. At June 30, 2014 and December 31, 2013, the Company had no balance of accounts receivable. | |
Financial Instruments | ' |
Financial Instruments | |
The Company's financial instruments consist of cash, accounts payable related party and accrued expenses. The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments | |
Property and equipment | ' |
Property and equipment | |
Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. | |
The Company accounts for income taxes under the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, "Accounting for Income Taxes". It prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the Company has applied a more-likely-than-not recognition threshold for all tax uncertainties. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. The Company is subject to taxation in the United States. All of the Company's tax years are subject to examination by Federal and state jurisdictions. | |
The Company classifies penalties and interest related to income taxes as income tax expense in the Statements of Operations. | |
Revenue recognition | ' |
Revenue recognition | |
The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, "Revenue Recognition" ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. | |
Products and services, geographic areas and major customers | ' |
Products and services, geographic areas and major customers | |
The Company derives revenue from the licensing of songs to the television and music industry. All fee revenues each year were domestic and to external customers. | |
Advertising costs | ' |
Advertising costs | |
Advertising costs are expensed as incurred. The Company incurred no advertising costs during the three and six months ended June 30, 2014 or 2013. | |
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. | |
The Company did not have a stock compensation plan in operation during the three and six month periods ended June 30, 2014 or 2013. | |
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. During the three and six month periods ended June 30, 2014 and 2013, the Company did have potentially dilutive debt instruments outstanding that has been excluded from the earnings per share calculation, as such an inclusion would have been anti-dilutive due to losses incurred by the Company in both periods. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations other than in respect of the adoption of the new regulations relating to Development Stage Entities as discussed above. |
NOTES_PAYABLE_RELATED_PARTY_Ta
NOTES PAYABLE - RELATED PARTY (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
NOTES PAYABLE - RELATED PARTY [Abstract] | ' | ||||||||
Schedule of Notes Payable | ' | ||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance due to a shareholder, unsecured, bears no interest until June 1, 2011, and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at June 1, 2012. | $ | - | $ | 1,500 | |||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2012 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. | - | 20,500 | |||||||
Total | $ | - | $ | 22,000 |
CONVERTIBLE_NOTES_PAYABLE_RELA1
CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract] | ' | ||||||||
Schedule of Convertible Notes Payable | ' | ||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2010 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. The principal balance is convertible at the option of the holder into shares of the Company's common stock at 50% of the lowest bid price of the Company's common stock in the 5 days prior to conversion, if quoted on an exchange, or if not quoted, at double the par value. | $ | - | $ | 2,000 | |||||
Balance due to a shareholder, unsecured, bears no interest until December 31, 2013 and 6% compounded monthly thereafter, with principal and interest due to be repaid in full at December 31, 2013. Any unpaid balance of principal or interest is convertible at the option of the holder into shares of the Company's common stock at $0.01 per share | - | 4,000 | |||||||
Total | $ | - | $ | 6,000 | |||||
ORGANIZATION_OPERATIONS_AND_SU2
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 05, 2014 | Dec. 31, 2013 | |
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' |
Advertising cost | ' | ' | ' | ' | ' | ' |
Potentially dilutive debt or equity instruments | ' | ' | ' | ' | ' | ' |
Number of shares sold by former director | ' | ' | ' | ' | 3,500,000 | ' |
Percentage of issued and outstanding shares of common stock | ' | ' | ' | ' | 69.00% | ' |
NOTES_PAYABLE_RELATED_PARTY_De
NOTES PAYABLE - RELATED PARTY (Details) (USD $) | Jun. 30, 2014 | Mar. 05, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Related Party Note Payable One [Member] | Related Party Note Payable One [Member] | Related Party Note Payable Two [Member] | Related Party Note Payable Two [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Notes payable | ' | ' | $22,000 | ' | $1,500 | ' | $20,500 |
Interest rate | ' | ' | ' | 6.00% | ' | 6.00% | ' |
Due date | ' | ' | ' | 1-Jun-12 | ' | 31-Dec-13 | ' |
Forgiven accrued interest on related party notes payable | ' | $1,242 | ' | ' | ' | ' | ' |
CONVERTIBLE_NOTES_PAYABLE_RELA2
CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Details) (USD $) | Jun. 30, 2014 | Mar. 05, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Related Party Convertible Note Payable One [Member] | Related Party Convertible Note Payable One [Member] | Related Party Convertible Note Payable Two [Member] | Related Party Convertible Note Payable Two [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Convertible notes payable | ' | ' | $6,000 | ' | $2,000 | ' | $4,000 |
Interest rate | ' | ' | ' | 6.00% | ' | 6.00% | ' |
Due date | ' | ' | ' | 31-Dec-13 | ' | 31-Dec-13 | ' |
Forgiven accrued interest on related party convertible notes payable | ' | 952 | ' | ' | ' | ' | ' |
Percentage of lowest bid price | ' | ' | ' | 50.00% | ' | ' | ' |
Number of days prior to conversion | ' | ' | ' | '5 days | ' | ' | ' |
Shares issuable upon conversion | ' | ' | ' | ' | ' | 400,000 | ' |
Conversion price | ' | ' | ' | ' | ' | $0.01 | ' |
Price per share for the sale of shares | ' | ' | ' | ' | ' | $0.05 | ' |
Beneficial conversion feature | ' | ' | ' | ' | ' | 16,000 | ' |
Debt discount | ' | ' | ' | ' | ' | $4,000 | ' |
STOCKHOLDERS_DEFICIT_Details
STOCKHOLDERS' DEFICIT (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Mar. 05, 2014 | Dec. 31, 2013 | |
Preferred Stock | ' | ' | ' |
Authorized | 5,000,000 | ' | 5,000,000 |
Par value per share | $0.00 | ' | $0.00 |
Issued | 0 | ' | 0 |
Outstanding | 0 | ' | 0 |
Common Stock | ' | ' | ' |
Authorized | 45,000,000 | ' | 45,000,000 |
Par value per share | $0.00 | ' | $0.00 |
Issued | 5,073,000 | ' | 5,073,000 |
Outstanding | 5,073,000 | ' | 5,073,000 |
Additional Paid in Capital | ' | ' | ' |
Forgiven accrued interest on related party convertible notes payable | ' | $952 | ' |
Forgiven accrued interest on related party notes payable | ' | 1,242 | ' |
Amount of notes payable forgiven | 22,000 | ' | ' |
Amount of convertible notes payable forgiven | 6,000 | ' | ' |
Forgiveness of accounts payable related party | $952 | ' | ' |