Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information | |
Entity Registrant Name | Global Seed Corp |
Entity Central Index Key | 1524829 |
Document Type | 10-Q |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -24 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 5,000,000 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2015 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Current Assets: | ||
Cash & Cash Equivalent | $5,569 | $16,744 |
Total Assets | 5,569 | 16,744 |
Note Payable | ||
Total current Liabilities | ||
STOCKHOLDER'S EQUITY | ||
Preferred Stock 9,989,886,988, par Value $0.0001; -0- issued and outstanding | ||
Common Stock 8,999,886,999 shares authorized: $0.0001 par value; 5,000,000 shares issued and outstanding as of December 31, 2014 and June 30, 2014 | 500 | 500 |
Additional Paid-in Capital | 49,500 | 49,500 |
Accumulated Deficit | -44,431 | -33,256 |
Total stockholder's Equity | 5,569 | 16,744 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $5,569 | $16,744 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred Stock shares authorized | 9,989,886,988 | 9,989,886,988 |
Preferred Stock par Value | $0.00 | $0.00 |
Preferred Stock shares issued | 0 | 0 |
Preferred Stock shares Outstanding | 0 | 0 |
Common Stock shares authorized | 8,999,886,999 | 8,999,886,999 |
Common Stock par value | $0.00 | $0.00 |
Common Stock shares issued | 5,000,000 | 5,000,000 |
Common Stock shares Outstanding | 5,000,000 | 5,000,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING EXPENSE: | ||||
General and Administrative Expenses | $5,400 | $11,740 | $11,175 | $13,240 |
Total Expenses | 5,400 | 11,740 | 11,175 | 13,240 |
Net Profit ( Loss) | ($5,400) | ($11,740) | ($11,175) | ($13,240) |
PROFIT ( LOSS) PER COMMON SHARES-BASIC AND DILUTED | $0 | $0 | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | ||
Net Profit (Loss) | ($11,175) | ($13,240) |
Change in operating assets and liabilities: | ||
Increase (decrease) Account Payable | ||
Net Cash used by Operating Activities | -11,175 | -13,240 |
Proceeds from the sale of common stock | ||
Net Cash provided by Financing Activities | ||
Net Increase (Decrease) of Cash: | -11,175 | -13,240 |
Cash at Beginning of Period: | 16,744 | 44,814 |
Cash at End of Period: | 5,569 | 31,574 |
SUPPLEMENTAL CASH FLOW DISCLOSURE: | ||
Interest paid | ||
Taxes paid |
BUSINESS_AND_CONTINUED_OPERATI
BUSINESS AND CONTINUED OPERATIONS | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
BUSINESS AND CONTINUED OPERATIONS | NOTE 1 – BUSINESS AND CONTINUED OPERATIONS |
ORGANIZATION | |
Global Seed Corporation (the “Company”). was incorporated on July 13, 2010 in the State of Texas. The initial operations have included organization and incorporation, target market identification, new business development, marketing plans, fund raising, and capital formation. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the Asian communities in Houston, Texas. | |
The fiscal year end of the Company is June 30. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION | ||
The accompanying interim financial statements and related notes as of and for the six months ended December 31, 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The 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 fiscal year presented. | ||
The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. | ||
USE OF ESTIMATES | ||
The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. | ||
CASH EQUIVALENTS | ||
The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
REVENUE RECOGNITION | ||
The Company recognizes revenue from the sale of advertising services in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 104 (“SAB 104”), “Revenue Recognition in Financial Statements.” Revenue will consist of selling of adverting services and will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed, and collectivity is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied will be recorded as unearned revenue. The Company's financial statements are prepared under the accrual method of accounting. Revenues will be recognized in the period the publication is provided and costs are recorded in the period incurred rather than paid. | ||
FAIR VALUE MEASUREMENTS | ||
The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||
The estimated fair value of certain financial instruments, including cash and cash equivalents, deposits, prepaid expenses, notes payable, and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. | ||
ASC 820 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. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | ||
* | Level 1 - quoted prices in active markets for Identical assets or liabilities | |
* | Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable | |
* | Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | |
INCOME TAXES | ||
The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when in the opinion of management, it is “more likely-than-not” that a deferred tax asset will not be realized. | ||
The Company generated a deferred tax credit through net operating loss carryforward. However, a valuation allowance of 100% has been established. Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | ||
BASIC AND DILUTED NET LOSS PER SHARE | ||
Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. | ||
As of December 31, 2014, the Company had no potentially dilutive securities. | ||
INTANGIBLE ASSETS | ||
When an intangible is purchased from another entity, its value equals the cash or fair market value of the consideration given. The present value of payments on the liability incurred or the fair value of the stock issued may also be used to value externally acquired intangible. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
GOING CONCERN | NOTE 3-GOING CONCERN |
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had a net operating loss of $11,175 in the six months ended December 31, 2014. Management’s plans to continue as a going concern include raising additional capital through sales of common stock. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
RECENTLY_ISSUED_ACCOUNTING_PRO
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 4 -RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company currently has no revenues and does not expect any impact of adopting this guidance. | |
On June 10, 2014, the Financial Accounting Standards Board (“FASB”) issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholder’s equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. | |
In June 2014, the FASB issued ASU 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period.” This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the adoption of this guidance to have a material impact on the financial statements. | |
August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40)”, which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2014 and the Company will continue to assess the impact on its financial statements. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – COMMITMENTS AND CONTINGENCIES |
The Company does not have any commitments or contingencies. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS |
There were no related party transactions for the period ended December 31, 2014. |
CAPITAL_STOCK
CAPITAL STOCK | 6 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 7 – CAPITAL STOCK |
No stock was issued in the six months ended December 31, 2014. |
LITIGATION
LITIGATION | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
LITIGATION | NOTE 8 – LITIGATION |
There were no legal proceedings against the Company with respect to matters arising in the ordinary course of business. Neither the Company nor any of its officers or directors is involved in any other litigation either as plaintiffs or defendants, and have no knowledge of any threatened or pending litigation against them or any of the officers or directors. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
BASIS OF PRESENTATION | BASIS OF PRESENTATION | |
The accompanying interim financial statements and related notes as of and for the six months ended December 31, 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The 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 fiscal year presented. | ||
The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. | ||
USE OF ESTIMATES | USE OF ESTIMATES | |
The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. | ||
CASH EQUIVALENTS | CASH EQUIVALENTS | |
The company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
REVENUE RECOGNITION | REVENUE RECOGNITION | |
The Company recognizes revenue from the sale of advertising services in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 104 (“SAB 104”), “Revenue Recognition in Financial Statements.” Revenue will consist of selling of adverting services and will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed, and collectivity is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are satisfied will be recorded as unearned revenue. The Company's financial statements are prepared under the accrual method of accounting. Revenues will be recognized in the period the publication is provided and costs are recorded in the period incurred rather than paid. | ||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |
The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. | ||
The estimated fair value of certain financial instruments, including cash and cash equivalents, deposits, prepaid expenses, notes payable, and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. | ||
ASC 820 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. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: | ||
* | Level 1 - quoted prices in active markets for Identical assets or liabilities | |
* | Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable | |
* | Level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) | |
INCOME TAXES | INCOME TAXES | |
The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when in the opinion of management, it is “more likely-than-not” that a deferred tax asset will not be realized. | ||
The Company generated a deferred tax credit through net operating loss carryforward. However, a valuation allowance of 100% has been established. Interest and penalties on tax deficiencies recognized in accordance with ASC accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | ||
BASIC AND DILUTED NET LOSS PER SHARE | BASIC AND DILUTED NET LOSS PER SHARE | |
Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. | ||
As of December 31, 2014, the Company had no potentially dilutive securities. | ||
INTANGIBLE ASSETS | INTANGIBLE ASSETS | |
When an intangible is purchased from another entity, its value equals the cash or fair market value of the consideration given. The present value of payments on the liability incurred or the fair value of the stock issued may also be used to value externally acquired intangible. |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Net operating loss | $11,175 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narative) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Related Party Transactions | $0 |