Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - USD ($) | Total |
Document And Entity Information | |
Entity Registrant Name | Global Seed Corp |
Entity Central Index Key | 1,524,829 |
Document Type | 10-K |
Document Period End Date | Jun. 30, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
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 Public Float | $ 0 |
Entity Common Stock, Shares Outstanding | 5,000,000 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets: | ||
Cash & Cash Equivalent | $ 1,579 | $ 16,744 |
Total Assets | $ 1,579 | $ 16,744 |
LIABILITIES & STOCKHOLDER'S EQUITY | ||
Account Payable | ||
Total current Liabilities | ||
STOCKHOLDER'S EQUITY | ||
Common Stock 8,999,886,999 shares authorized: $0.0001 par value; 5,000,000 shares issued and Outstanding as of June 30, 2015 and 2014 | $ 500 | $ 500 |
Additional Paid-in Capital | 49,500 | 49,500 |
Accumulated Deficit | (48,421) | (33,256) |
Total stockholder's Equity | 1,579 | 16,744 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 1,579 | $ 16,744 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred Stock shares authorized | 9,989,886,988 | 9,989,886,988 |
Preferred Stock par Value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common Stock shares issued | 5,000,000 | 5,000,000 |
Common Stock shares Outstanding | 5,000,000 | 5,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||
Revenue: | ||
OPERATING EXPENSE: | ||
General and Administrative Expenses | $ 15,165 | $ 28,070 |
Total Expenses | 15,165 | 28,070 |
Profit ( Loss) from Operations | (15,165) | (28,070) |
Net Profit ( Loss) | $ (15,165) | $ (28,070) |
PROFIT ( LOSS) PER COMMON SHARES-BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 5,000,000 | 5,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net Profit (Loss) | $ (15,165) | $ (28,070) |
Change in operating assets and liabilities: | ||
Increase (decrease) Account Payable | ||
Increase ( decrease) Customer Deposit | ||
NET CASH PROVIDED BY ( USED BY) OPERATING ACTIVITIES | $ (15,165) | $ (28,070) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | ||
Net Increase (Decrease) of Cash: | (15,165) | (28,070) |
Cash at Beginning of Year: | 16,744 | 44,814 |
Cash at End of Year: | $ 1,579 | $ 16,744 |
SUPPLEMENTAL CASH FLOW DISCLOSURE: | ||
Interest paid | ||
Taxes paid |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance Share at Jun. 30, 2012 | 5,000,000 | |||
Balance Amount at Jun. 30, 2012 | $ 500 | $ 49,500 | $ (5,186) | $ 44,814 |
Net Loss | (28,070) | (28,070) | ||
Balance Share at Jun. 30, 2013 | 5,000,000 | |||
Balance Amount at Jun. 30, 2013 | $ 500 | 49,500 | (33,256) | 16,744 |
Net Loss | (15,165) | (15,165) | ||
Balance Share at Jun. 30, 2014 | 5,000,000 | |||
Balance Amount at Jun. 30, 2014 | $ 500 | $ 49,500 | $ (48,421) | $ 1,579 |
BUSINESS AND CONTINUED OPERATIO
BUSINESS AND CONTINUED OPERATIONS | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
BUSINESS AND CONTINUED OPERATIONS | NOTE 1 BUSINESS AND CONTINUED OPERATIONS ORGANIZATION Global Seed Corporation 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 Companys activities has involved developing a business plan and establishing contacts and visibility in the Asian communities in Houston, Texas. The Company is a publishing company that publishes a monthly journal called the Global Seed Journal. The fiscal year end of the Company is June 30. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of the Companys 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. Actual results could differ from those estimates. CASH AND 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 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. The Company has no other financial 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 l - 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. 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 June 30, 2015, the Company had no potentially dilutive securities. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
GOING CONCERN | NOTE 3-GOING CONCERN The Companys 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 as of liabilities in the normal course of business. The Company has accumulated operating loss of $48,421 as of June 30, 2015. The Company had a positive cash of $1,579 for cash and cash equivalent assets for the fiscal year ended June 30, 2015. Managements 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 PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Jun. 30, 2015 | |
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 standards 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 shareholders 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 June 30, 2016 and the Company will continue to assess the impact on its financial statements. |
DEFERED INCOME TAX
DEFERED INCOME TAX | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
DEFERED INCOME TAX | NOTE 5 DEFERED INCOME TAX The Company's income tax rate computed at the statutory federal rate of 34%, applied to our Net Operating Loss of $48,421 provided a deferred tax credit of $16,463, which will begin to expire in 2031 unless utilized first. An allowance of $16,463 has been established, since it is more likely than not that some or all of the deferred tax credit will not be realized. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 COMMITMENTS AND CONTINGENCIES The Company does not have any commitments nor contingencies. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 7 RELATED PARTY TRANSACTIONS There were no related party transactions for the period ended June 30, 2015. |
LITIGATION
LITIGATION | 12 Months Ended |
Jun. 30, 2015 | |
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 ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of the Companys 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. Actual results could differ from those estimates. |
CASH EQUIVALENTS | CASH AND 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 |
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. The Company has no other financial 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 l - 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. |
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 June 30, 2015, the Company had no potentially dilutive securities. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Notes to Financial Statements | |||
Net operating loss | $ 48,421 | $ (15,165) | $ (28,070) |
Cash and cash equivalent | $ 1,579 |
DEFERED INCOME TAX (Details Nar
DEFERED INCOME TAX (Details Narrative) - Jun. 30, 2015 - USD ($) | Total |
Income Tax Disclosure [Abstract] | |
Net Operating Loss | $ 48,421 |
Deferred tax | 16,463 |
Allowance | $ 16,463 |
Statutory federal rate | 34.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narative) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Notes to Financial Statements | |
Related Party Transactions | $ 0 |