Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
31-May-14 | |
Document And Entity Information | ' |
Entity Registrant Name | 'FIRST LEVEL ENTERTAINMENT GROUP, INC. |
Entity Central Index Key | '0001503227 |
Document Type | '10-Q |
Document Period End Date | 31-May-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--08-31 |
Entity a Well-known Seasoned Issuer | 'No |
Entity a Voluntary Filer | 'No |
Entity Reporting Status Current | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 35,000,000 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2014 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | 31-May-14 | Aug. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash and equivalents | $4,245 | $253 |
Prepaid expenses | 14,000 | ' |
Total Current Assets | 18,245 | 253 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 225,000 | 1,500 |
Accrued expenses | 234,690 | 265,138 |
Advance from related parties | 30,564 | 50,000 |
Notes payable | 32,000 | ' |
Total Current Liabilities | 522,254 | 316,638 |
STOCKHOLDERS' DEFICIT: | ' | ' |
Preferred Stock, par value $.001; 10,000,000 shares authorized; 0 issued and outstanding at November 30, 2013 and August 31, 2013 | ' | ' |
Common stock , par value $.001; 500,000,000 shares authorized; 35,000,000 shares issued as of May 31, 2014 and 30,000,000 shares issued as of August 31, 2013 and | 35,000 | 30,000 |
Additional paid in capital | 1,565,000 | 1,135,000 |
Deficit accumulated during the development stage | -2,104,009 | -1,481,385 |
Total Stockholders' Deficit | -504,009 | -316,385 |
Total Liabilities and Stockholders' Deficit | $18,245 | $253 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | 31-May-14 | Aug. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value per share (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 35,000,000 | 30,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 72 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | 31-May-14 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Operating Expenses: | ' | ' | ' | ' | ' |
Advertising and Marketing | 25,045 | ' | 43,484 | ' | 43,484 |
Legal and Accounting | 4,025 | 9,073 | 13,575 | 37,793 | 122,605 |
Consulting and Software Development | 289,000 | 36,047 | 557,200 | 113,517 | 1,601,797 |
General and Administrative | 3,598 | 5,765 | 8,163 | 14,355 | 49,663 |
Total Operating Expenses | 321,668 | 50,885 | 622,422 | 165,665 | 1,817,549 |
Operating Loss | -321,668 | -50,885 | -622,422 | -165,665 | -1,817,549 |
Other Income(expense) | ' | ' | ' | ' | ' |
Interest Expense | -202 | -3,375 | -202 | -11,834 | -23,960 |
Impairment | ' | ' | ' | ' | -262,500 |
Total Other Income(Expense) | -202 | -3,375 | -202 | -11,834 | -286,460 |
Net (loss) before Income Taxes | -321,870 | -54,260 | -622,624 | -177,499 | -2,104,009 |
Provision for Income Taxes | ' | ' | ' | ' | ' |
Net (loss) | ($321,870) | ($54,260) | ($622,624) | ($177,499) | ($2,104,009) |
Basic and diluted net loss per common share (in dollars per share) | ($0.01) | $0 | ($0.02) | ($0.01) | ' |
Weighted average number of common shares outstanding (in shares) | 32,495,652 | 25,192,029 | 31,241,020 | 20,120,269 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | 72 Months Ended | |
31-May-14 | 31-May-13 | 31-May-14 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($622,624) | ($177,499) | ($2,104,009) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Impairment of intellectual assets, net | ' | ' | 262,500 |
Expenses paid on behalf of the company | 130,464 | 6,901 | 196,132 |
Stock issued for services | 249,600 | 71,408 | 1,037,182 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | -14,000 | ' | -14,000 |
Accounts payable and accrued expenses | 193,052 | 51,684 | 459,690 |
Net cash used in operating activities | -63,508 | -47,506 | -162,505 |
FINANCING ACTIVITIES: | ' | ' | ' |
Increase/(decrease) in notes payable | 32,000 | ' | 32,000 |
Cash increase due to related notes payable | ' | 43,350 | 102,150 |
Payments on related party debt | -7,500 | ' | -15,400 |
Issuance of common stock for cash | 43,000 | ' | 48,000 |
Net cash provided by (used in) financing activities | 67,500 | 43,350 | 166,750 |
NET INCREASE IN CASH | 3,992 | -4,156 | 4,245 |
CASH BEGINNING BALANCE | 253 | 4,409 | ' |
CASH ENDING BALANCE | 4,245 | 253 | 4,245 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Taxes paid | ' | ' | ' |
Interest paid | ' | ' | ' |
NON-CASH TRANSACTIONS AFFECTING OPERATING, INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Stock issued for intellectual property | ' | ' | 262,500 |
Stock issued for debt | ' | ' | 109,918 |
Stock issued for related party debt settlement | $142,400 | ' | $142,400 |
NATURE_OF_OPERATIONS_AND_BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
31-May-14 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | ' |
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
First Level Entertainment Group, Inc. (“the Company”), formerly known as Sound Kitchen Entertainment Group, Inc., is in the development stage commencing operations in February 1, 2012 and has incurred losses since entering the development stage totaling $2,104,009. The Company was incorporated on June 2, 2008 in the State of Florida and established a fiscal year end of August 31. The Company is in the entertainment business presently focusing on mobile applications. The Company has following wholly-owned subsidiaries: i) Mobile Sonars Inc.; ii) Am I There Inc.; iii) Message Attic Corp; VIP Wink Corp. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
31-May-14 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The financial statements present the consolidated balance sheet, statements of operations, stockholders’ equity and cash flows of the Company including its wholly owned subsidiaries. These consolidated financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. | |
Principles of Consolidation | |
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions within the Company and subsidiary have been eliminated upon consolidation. | |
Use of Estimates and Assumptions | |
Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |
Basic and Diluted Net Loss per Common Share | |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of May 31, 2014 or 2013 which were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. | |
Recent Accounting Pronouncements | |
The Company has evaluated all the recent accounting pronouncements through May 31, 2014 and believes that none of them, including those not yet effective, will have a material effect on the financial position or results of operations of the Company. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
31-May-14 | |
Going Concern | ' |
GOING CONCERN | ' |
NOTE 3 – GOING CONCERN | |
The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company does not have material assets, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company has funded its initial operations from inception by way of issuing common shares and through advances made by related parties. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
31-May-14 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 4 – RELATED PARTY TRANSACTIONS | |
As of August 31, 2013 the Company owed $50,000 to related parties for operating expenses paid on the Company’s behalf. During the nine months ended May, 2014 this related party paid for $130,464 of additional operating expenses on the Company’s behalf. The Company paid $7,500 in cash against the outstanding payable and paid 320,000 shares of common stock at $0.025 per share in settlement of $8,000 of the outstanding payable and 580,000 shares of common stock at $0.18 per share in settlement of $104,400 leaving an ending balance due of $30,564. All related party balances bear no interest and are due on demand. |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended |
31-May-14 | |
Notes Payable [Abstract] | ' |
NOTES PAYABLE | ' |
NOTE 5 – NOTES PAYABLE | |
On April 10, 2014, the Company entered into a note agreement with an unrelated third party to borrow a maximum amount of $150,000 (determined from time to time as advances are made) having a stated interest rate of six (6) percent and is convertible into common shares at fair market value at the discretion of the note holder both principal and interest are due April 10, 2015 and can be prepaid without penalty. At May 31 2014, the principal balance of the note outstanding was $32,000 with accrued interest of $202. |
STOCKHOLDERS_DEFICIT
STOCKHOLDERS' DEFICIT | 9 Months Ended |
31-May-14 | |
Equity [Abstract] | ' |
STOCKHOLDERS' DEFICIT | ' |
NOTE 6 – STOCKHOLDERS’ DEFICIT | |
During the year ended August 31, 2013, the Company issued 3,590,000 (post stock-split) shares of common stock valued at $0.025 per share in extinguishment of related party notes and advances payable. The total value of shares issued was $89,751 and no gain or loss on extinguishment was recognized in the transaction. The Company also issued 8,910,000 (post stock-split) shares of common stock valued at $0.025 per share for services valued at $222,749. The value of the shares was based on the most recent share price of common stock issued for cash to non-related parties. | |
On November 30, 2013 we issued 1,200,000 shares of common stock to consultants the total value of the services were $20,000. The value of the shares was based on the most recent share price of common stock issued for cash to non-related parties ($0.025 per share). | |
On April 10, 2014 we issued 1,800,000 shares of common stock to consultants the total value of the services were $45,000. The value of the shares was based on the most recent share price of common stock issued for cash to non-related parties ($0.025 per share). | |
On April 23, 2014 we issued 100,000 shares of common stock for cash at $0.18 per share proceeds received were $18,000. | |
On May 6, 2014 we issued 700,000 shares of common stock to consultants the total value of the services were $126,000. The value of the shares was based on the most recent share price of common stock issued for cash to non-related parties ($0.18 per share). | |
On May 28, 2014 we issued 1,200,000 shares of common stock to consultants the total value of the services were $216,000. The value of the shares was based on the most recent share price of common stock issued for cash to non-related parties ($0.18 per share). |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
31-May-14 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 7 – SUBSEQUENT EVENTS | |
We have evaluated events and transactions that occurred subsequent to May 31, 2014 through the date of this report, the date the consolidated financial statements were issued, for potential recognition or disclosure in the accompanying consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
31-May-14 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The financial statements present the consolidated balance sheet, statements of operations, stockholders’ equity and cash flows of the Company including its wholly owned subsidiaries. These consolidated financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany balances and transactions within the Company and subsidiary have been eliminated upon consolidation. | |
Use of Estimates and Assumptions | ' |
Use of Estimates and Assumptions | |
Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | |
Basic and Diluted Net Loss per Common Share | ' |
Basic and Diluted Net Loss per Common Share | |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common stockholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of May 31, 2014 or 2013 which were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
The Company has evaluated all the recent accounting pronouncements through May 31, 2014 and believes that none of them, including those not yet effective, will have a material effect on the financial position or results of operations of the Company. |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 9 Months Ended | 12 Months Ended | 72 Months Ended |
31-May-14 | Aug. 31, 2013 | 31-May-14 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Due to related parties | $30,564 | $50,000 | $30,564 |
Additional operating expenses | 130,464 | ' | ' |
Payments on related party debt | -7,500 | ' | -15,400 |
Stock issued for debt (in shares) | 320,000 | 3,590,000 | ' |
Stock issuance price for debt (in dollars per share) | $0.03 | $0.03 | ' |
Stock issued for debt | 8,000 | 89,751 | ' |
Stock issued for debt (in shares) | 580,000 | ' | ' |
Stock issuance price for debt (in dollars per share) | $0.18 | ' | ' |
Stock issued for debt | $104,400 | ' | ' |
NOTES_PAYABLE_Details_Narrativ
NOTES PAYABLE (Details Narrative) (USD $) | 0 Months Ended | |
Apr. 10, 2014 | 31-May-14 | |
Notes Payable [Abstract] | ' | ' |
Notes payable, maximum borrowing amount | $150,000 | ' |
Interest rate (in percent) | 6.00% | ' |
Maturity date | 10-Apr-15 | ' |
Notes payable | ' | 32,000 |
Notes payable, accrued interest | ' | $202 |
STOCKHOLDERS_DEFICIT_Details_N
STOCKHOLDERS' DEFICIT (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||
28-May-14 | 6-May-14 | Apr. 23, 2014 | Apr. 10, 2014 | Nov. 30, 2013 | 31-May-14 | Aug. 31, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Stock issued for debt (in shares) | ' | ' | ' | ' | ' | 320,000 | 3,590,000 |
Stock issuance price for debt (in dollars per share) | ' | ' | ' | ' | ' | $0.03 | $0.03 |
Stock issued for debt | ' | ' | ' | ' | ' | $8,000 | $89,751 |
Stock issued for services (in shares) | 1,200,000 | 700,000 | ' | 1,800,000 | 1,200,000 | ' | 8,910,000 |
Stock issuance price for services (in dollars per share) | $0.18 | $0.18 | ' | $0.03 | $0.03 | ' | $0.03 |
Stock issued for services | 216,000 | 126,000 | ' | 45,000 | 20,000 | ' | 222,749 |
Stock issued for cash (in shares) | ' | ' | 100,000 | ' | ' | ' | ' |
Stock issuance price (in dollars per share) | ' | ' | $0.18 | ' | ' | ' | ' |
Stock issued for cash | ' | ' | $18,000 | ' | ' | ' | ' |