Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Original Source Entertainment, Inc. | |
Entity Central Index Key | 1,500,198 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | OSOK | |
Entity Common Stock, Shares Outstanding | 5,073,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 0 | $ 0 |
Assets from discontinued operations | 4,277 | 1,838 |
Total Assets | 4,277 | 1,838 |
Current liabilities | ||
Accounts payable | 21,284 | 10,857 |
Advances - related party | 66,429 | 52,652 |
Liabilities from discontinued operations | 21,807 | 19,821 |
Total current liabilities | 109,520 | 83,330 |
Total Liabilities | 109,520 | 83,330 |
Stockholders' Deficit | ||
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; 5,073,000 shares issued and outstanding | 5,073 | 5,073 |
Additional paid in capital | 45,577 | 45,577 |
Equity from discontinued operations | 63,523 | 47,906 |
Retained deficit | (219,416) | (180,048) |
Total Stockholders' Deficit | (105,243) | (81,492) |
Total Liabilities and Stockholders' Deficit | $ 4,277 | $ 1,838 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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 |
Preferred stock, shares outstanding | 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 STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses: | ||||
General and administrative | 5,711 | 2,589 | 24,204 | 22,087 |
Professional fees | 0 | 0 | ||
Total Operating Expenses | 5,711 | 2,589 | 24,204 | 22,087 |
Income (Loss) from Operations | (5,711) | (2,589) | (24,204) | (22,087) |
Other Income (Expense) | ||||
Income (Loss) before Provision for Income Taxes | (5,711) | (2,589) | (24,204) | (22,087) |
Income Tax Provision | 0 | 0 | 0 | 0 |
Net loss from continuing operations | (5,711) | (2,589) | (24,204) | (22,087) |
Net income (loss) from discontinued operations | 0 | (7,477) | (15,164) | (21,706) |
Net Income (Loss) | $ (5,711) | $ (10,066) | $ (39,368) | $ (43,793) |
Net loss per common share basic and diluted from continuing operations (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss per common share basic and diluted from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Net Income Per Share: | ||||
Net loss per common share basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of common shares Outstanding- Basic and diluted (in shares) | 5,073,000 | 5,073,000 | 5,073,000 | 5,073,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net Income For The Period | $ (39,368) | $ (43,793) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity from discontinued operations | 15,617 | 15,260 |
Changes in Operating Assets and Liabilities- | ||
Assets from discontinued operations | (2,439) | (4) |
Liabilities from discontinued operations | 7,788 | 6,524 |
Accounts payable and accrued liabilities | 4,625 | (1,863) |
Net Cash Used in Operating Activities | (13,777) | (23,876) |
Cash Flows From Investing Activities: | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Cash Flows From Financing Activities: | ||
Advances - related party | 13,777 | 23,876 |
Notes payable - related parties | 0 | 0 |
Net Cash Provided by Financing Activities | 13,777 | 23,876 |
Net Increase (Decrease) in Cash | 0 | 0 |
Cash - Beginning of Period | 0 | 0 |
Cash - End of Period | 0 | 0 |
Non-Cash Financing and Investing Activities: | ||
Gain on forgiveness or related party notes payable | 0 | 0 |
Supplemental Disclosures | ||
Cash paid in interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
ORGANIZATION, OPERATIONS AND SU
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
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 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. Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016. Discontinued Operation On February 5, 2014, the board of directors of the Company authorized the spin-off of Original Source Music, Inc. (“Original Source Music”), the Company’s wholly-owned subsidiary which holds all of its operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, Original Source Music’s common shares, par value $ 0.001 100 On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 of Original Source Music and the Form 10’s effectiveness 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. Income Taxes Deferred income tax assets and liabilities are recognized based on differences between the financial statement and tax basis of assets and liabilities using presently enacted tax rates. At each balance sheet date, the Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred tax assets, and records a valuation allowance that reduces the deferred tax assets to an amount that represents management’s best estimate of the amount of such deferred tax assets that more likely than not will be realized. 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 nine months ended September 30, 2016 and 2015, 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 period and, therefore, basic and diluted earnings (loss) per share are equal in both periods. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
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 | 9 Months Ended |
Sep. 30, 2016 | |
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. As of September 30, 2016 and December 31, 2015, the amount outstanding was $ 66,429 52,652 |
SPIN-OFF
SPIN-OFF | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
SPIN-OFF | NOTE 4 SPIN-OFF On February 5, 2014, the board of directors of Original Source Entertainment authorized the spin-off of the Company to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, the Company’s common shares, par value $ 0.001 100 On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 and the Form 10’s effectiveness. The prior financial statements have been revised to reflect the completed spin-off. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5. SUBSEQUENT EVENTS In accordance with ASC 855-10, “Subsequent Events” the Company has analyzed its operations subsequent to September 30, 2016 to the date these financial statements were available to be issued. During this period, we did not have any significant subsequent events. |
ORGANIZATION, OPERATIONS AND 11
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016. |
Discontinued Operation | Discontinued Operation On February 5, 2014, the board of directors of the Company authorized the spin-off of Original Source Music, Inc. (“Original Source Music”), the Company’s wholly-owned subsidiary which holds all of its operations, to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, Original Source Music’s common shares, par value $ 0.001 100 On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 of Original Source Music and the Form 10’s effectiveness |
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. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are recognized based on differences between the financial statement and tax basis of assets and liabilities using presently enacted tax rates. At each balance sheet date, the Company evaluates the available evidence about future taxable income and other possible sources of realization of deferred tax assets, and records a valuation allowance that reduces the deferred tax assets to an amount that represents management’s best estimate of the amount of such deferred tax assets that more likely than not will be realized. |
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 nine months ended September 30, 2016 and 2015, 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 period and, therefore, basic and diluted earnings (loss) per share are equal in both periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above. |
ORGANIZATION, OPERATIONS AND 12
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Feb. 05, 2014 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
ADVANCES PAYABLE - RELATED PA13
ADVANCES PAYABLE - RELATED PARTY (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Amount outstanding | $ 66,429 | $ 52,652 |
SPIN-OFF (Details Textual)
SPIN-OFF (Details Textual) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Feb. 05, 2014 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |