Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 13, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | Original Source Entertainment, Inc. | |
Entity Central Index Key | 1,500,198 | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,073,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 371 | $ 205 |
Total Current Assets | 371 | 205 |
Total Assets | 371 | 205 |
Current Liabilities | ||
Accounts payable | $ 8,753 | 9,966 |
Accrued liabilities | 3,000 | |
Advances - related party | $ 43,251 | $ 22,628 |
Convertible notes payable - related party, net of debt discount | 5,484 | |
Total Current Liabilities | 57,488 | $ 35,594 |
Total Liabilities | $ 57,488 | $ 35,594 |
Stockholders' Deficit: | ||
Preferred stock, par value $0.001, authorized 5,000,000 shares, 0 shares issued and outstanding as of June 30, 2015 (unaudited) and December 31, 2014, respectively | ||
Common stock, par value $0.001, authorized 45,000,000 shares, 5,073,000 issued and outstanding as of June 30, 2015 (unaudited) and December 31, 2014, respectively | $ 5,073 | $ 5,073 |
Additional paid in capital | 88,723 | 76,723 |
Accumulated deficit | (150,913) | (117,185) |
Total Stockholders' Deficit | (57,117) | (35,389) |
Total Liabilities and Stockholders' Deficit | $ 371 | $ 205 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | |||
Preferred stock, par value per share | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 | |
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 CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||||
Revenues | $ 300 | $ 303 | $ 413 | $ 468 | |
Operating Expenses: | |||||
General and administrative | 18,790 | 16,322 | 28,657 | 20,385 | |
Total Operating Expenses | 18,790 | 16,322 | 28,657 | 20,385 | |
Operating Income (Loss) | (18,490) | $ (16,019) | (28,244) | (19,917) | |
Other Income (Expense) | |||||
Interest Expense | (3,655) | (5,484) | (330) | ||
Total Other Income (Expense) | (3,655) | (5,484) | (330) | ||
Net Income (Loss) Before Taxes | $ (22,145) | $ (16,019) | $ (33,728) | $ (20,247) | |
Income Tax Provision | |||||
Net Income (Loss) | $ (22,145) | $ (16,019) | $ (33,728) | $ (20,247) | |
Net income (loss) per share- basic and diluted | [1] | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted average common shares outstanding- basic and diluted | 5,073,000 | 5,073,000 | 5,073,000 | 5,073,000 | |
[1] | denotes a loss of less than $(0.01) per share. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the Period | $ (33,728) | $ (20,247) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Accretion of debt discount | 5,484 | 330 |
Changes in Operating Assets and Liabilities | ||
Accounts payable and accrued interest | $ (4,213) | 11,702 |
Accounts payable - related party | 8,370 | |
Net Cash Provided by (Used in) Operating Activities | $ (32,457) | $ 155 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net Cash Provided by (Used in) Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances - related party | $ 20,623 | |
Notes payable | 12,000 | |
Net Cash Provided by Financing Activities | 32,623 | |
Net (Decrease) Increase in Cash | 166 | $ 155 |
Cash at Beginning of Period | 205 | 525 |
Cash at End of Period | $ 371 | $ 680 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the year for: Interest | ||
Cash paid during the year for: Franchise and income taxes | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Forgiveness of convertible notes payable and accrued interest - related party | $ 6,952 | |
Forgiveness of convertible notes payable and accrued interest - related party | 23,242 | |
Forgiveness of accounts payable - related party | $ 952 |
ORGANIZATION, OPERATIONS AND SU
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
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 in television shows or movies. The Company has had limited activity and revenue to date. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is December 31. Condensed Unaudited Interim Financial Statements The accompanying condensed consolidated 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, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. 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, 2014 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. Consequently these additional disclosures are not 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, 2015, the Company had no Fair Value of Financial Instruments FASB ASC 820-10 Fair Value Measurements and Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This ASC also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. The carrying value of cash, accounts payable, accrued liabilities, advances related party and convertible notes payable - related party approximates their fair value due to their short-term maturity. 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 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. The Company had no Revenue recognition The Company recognizes revenues 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 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 months ended June 30, 2015 or 2014. Basic and Diluted Earnings (Loss) Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. During the three and six month periods ended June 30, 2015 and 2014, the Company did have potentially dilutive shares issuable under certain convertible debt instruments outstanding that have 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 all period presented and, therefore, basic and diluted loss per share are equal in all periods presented. 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 its financial condition or the results of its operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2015 | |
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. |
ADVANCES PAYABLE - RELATED PART
ADVANCES PAYABLE - RELATED PARTY | 6 Months Ended |
Jun. 30, 2015 | |
ADVANCES PAYABLE - RELATED PARTY [Abstract] | |
ADVANCES PAYABLE - RELATED PARTY | NOTE 3: ADVANCES PAYABLE - RELATED PARTY In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. During the twelve months ended December 31, 2014 a related party advanced to the Company $ 22,628 22,628 The $ 952 During the six months ended June 30, 2015, a related party advanced the Company an additional $ 20,623 43,251 |
CONVERTIBLE NOTES PAYABLE - REL
CONVERTIBLE NOTES PAYABLE - RELATED PARTY | 6 Months Ended |
Jun. 30, 2015 | |
CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract] | |
CONVERTIBLE NOTES PAYABLE - RELATED PARTY | NOTE 4. CONVERTIBLE NOTES PAYABLE - RELATED PARTY June 30, 2015 December 31, 2014 Convertible Note A Principal $ 3,225 $ 3,225 Debt discount (1,843 ) (3,225 ) Convertible Note B Principal 6,000 - Debt discount (3,398 ) - Convertible Note C Principal 6,000 - Debt discount (4,500 ) - Total $ 5,484 $ - Convertible Note A On December 31, 2014, a former related party loaned the Company $ 3,225 6 0.001 3,225 February 28, 2016 3,225 Convertible Note B On January 21, 2015 a former related party loaned the Company $ 6,000 6 0.001 6,000 January 31 2016 6,000 Convertible Note C On March 31, 2015 a former related party loaned the Company $ 6,000 6 0.001 6,000 March 30, 2016 6,000 |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS' DEFICIT [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 5. STOCKHOLDERS' DEFICIT Preferred Stock The Company is authorized to issue 5,000,000 0.001 No shares of preferred stock were issued and outstanding during the three and six months ended June 30, 2015 and 2014. Common Stock The Company is authorized to issue 45,000,000 0.001 During the three and six month periods ended June 30, 2015 and 2014, the Company issued no shares of common stock. As at June 30, 2015 there were 5,073,000 Additional Paid in Capital During the last fiscal year ended December 31, 2014, related party shareholders forgave Company liabilities totaling $ 28,146 During the six months ended June 30, 2015, the Company issued two 6,000 0.001 12,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 to the date these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
ORGANIZATION, OPERATIONS AND 12
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is December 31. Condensed Unaudited Interim Financial Statements The accompanying condensed consolidated 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, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. 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, 2014 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. Consequently these additional disclosures are not 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, 2015, the Company had no |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820-10 Fair Value Measurements and Disclosures defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This ASC also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. The carrying value of cash, accounts payable, accrued liabilities, advances related party and convertible notes payable - related party approximates their fair value due to their short-term maturity. |
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 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. The Company had no |
Revenue recognition | Revenue recognition The Company recognizes revenues 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 |
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 months ended June 30, 2015 or 2014. |
Basic and Diluted Earnings (Loss) Per Share | Basic and Diluted Earnings (Loss) Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. During the three and six month periods ended June 30, 2015 and 2014, the Company did have potentially dilutive shares issuable under certain convertible debt instruments outstanding that have 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 all period presented and, therefore, basic and diluted loss per share are equal in all periods presented. |
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 its financial condition or the results of its operations. |
CONVERTIBLE NOTES PAYABLE - R13
CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
CONVERTIBLE NOTES PAYABLE - RELATED PARTY [Abstract] | |
Schedule of Convertible Notes Payable | June 30, 2015 December 31, 2014 Convertible Note A Principal $ 3,225 $ 3,225 Debt discount (1,843 ) (3,225 ) Convertible Note B Principal 6,000 - Debt discount (3,398 ) - Convertible Note C Principal 6,000 - Debt discount (4,500 ) - Total $ 5,484 $ - |
ORGANIZATION, OPERATIONS AND 14
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) None in scaling factor is -9223372036854775296 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||
Accounts receivable | ||||
Tax assets (liabilities) | ||||
Advertising cost |
ADVANCES PAYABLE - RELATED PA15
ADVANCES PAYABLE - RELATED PARTY (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
ADVANCES PAYABLE - RELATED PARTY [Abstract] | |||
Advances from related party | $ 20,623 | $ 22,628 | |
Amount outstanding | $ 43,251 | 22,628 | |
Gain on forgiveness of related party debt | $ 952 |
CONVERTIBLE NOTES PAYABLE - R16
CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Schedule of Convertible Notes Payable) (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Jan. 21, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||
Principal | $ 6,000 | |||
Total | 5,484 | |||
Convertible Note A [Member] | ||||
Related Party Transaction [Line Items] | ||||
Principal | 3,225 | $ 3,225 | ||
Debt discount | (1,843) | $ (3,225) | ||
Convertible Note B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Principal | 6,000 | $ 6,000 | ||
Debt discount | (3,398) | |||
Convertible Note C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Principal | 6,000 | $ 6,000 | ||
Debt discount | $ (4,500) |
CONVERTIBLE NOTES PAYABLE - R17
CONVERTIBLE NOTES PAYABLE - RELATED PARTY (Details) - USD ($) | Mar. 31, 2015 | Jan. 21, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||
Amount of loan | $ 6,000 | |||
Conversion price | $ 0.001 | |||
Beneficial conversion feature | $ 12,000 | |||
Convertible notes payable | 5,484 | |||
Convertible Note A [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of loan | 3,225 | $ 3,225 | ||
Interest rate | 6.00% | |||
Conversion price | $ 0.001 | |||
Convertible notes payable | 3,225 | |||
Beneficial conversion feature | $ 3,225 | |||
Due date | Feb. 28, 2016 | |||
Convertible Note B [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of loan | $ 6,000 | $ 6,000 | ||
Interest rate | 6.00% | |||
Conversion price | $ 0.001 | |||
Convertible notes payable | 6,000 | |||
Beneficial conversion feature | $ 6,000 | |||
Due date | Jan. 31, 2016 | |||
Convertible Note C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of loan | $ 6,000 | $ 6,000 | ||
Interest rate | 6.00% | |||
Conversion price | $ 0.001 | |||
Convertible notes payable | 6,000 | |||
Beneficial conversion feature | $ 6,000 | |||
Due date | Mar. 30, 2016 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) | 6 Months Ended | ||
Jun. 30, 2015USD ($)item$ / sharesshares | Jun. 30, 2014shares | Dec. 31, 2014USD ($)$ / sharesshares | |
Preferred Stock | |||
Authorized | 5,000,000 | 5,000,000 | |
Par value per share | $ / shares | $ 0.001 | $ 0.001 | |
Issued | 0 | 0 | 0 |
Outstanding | 0 | 0 | 0 |
Common Stock | |||
Authorized | 45,000,000 | 45,000,000 | |
Par value per share | $ / shares | $ 0.001 | $ 0.001 | |
Issued during the period | 0 | 0 | |
Issued | 5,073,000 | 5,073,000 | |
Outstanding | 5,073,000 | 5,073,000 | |
Additional Paid in Capital | |||
Amount of notes payable, convertible notes payable and the related accrued interest forgave by related party shareholder | $ | $ 28,146 | ||
Number of debt instruments issued | item | 2 | ||
Amount of Convertible notes | $ | $ 6,000 | ||
Conversion price of convertible notes | $ / shares | $ 0.001 | ||
Beneficial conversion feature of convertible notes | $ | $ 12,000 |