Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Image International Group, Inc. | |
Entity Central Index Key | 1,578,523 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 14,059,000 | |
Trading Symbol | IMGL | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash | $ 1,832 | $ 12,994 |
Amounts receivable | 4,868 | |
Due from related party (Note 4) | 1,093 | |
Total Assets | 2,925 | 17,862 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 5,615 | 1,772 |
Loans payable (Note 3) | 92,677 | 92,677 |
Due to related parties (Note 4) | 267,000 | 267,000 |
Total Liabilities | 365,292 | 361,449 |
Nature of operations and continuance of business (Note 1) | ||
Stockholder's Deficit | ||
Common stock, 1,000,000,000 shares authorized, $0.001 par value 14,059,000 shares issued and outstanding | 14,059 | 14,059 |
Additional paid-in capital | 784,941 | 784,941 |
Deficit | (1,161,367) | (1,142,587) |
Total Stockholder's Deficit | (362,367) | (343,587) |
Total Liabilities and Stockholder's Deficit | $ 2,925 | $ 17,862 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 14,059,000 | 14,059,000 |
Common stock, shares outstanding | 14,059,000 | 14,059,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Expenses | ||
Consulting fees | $ 18,500 | |
Foreign exchange loss (gain) | (11) | 1,072 |
General and administrative | 1,802 | 1,278 |
Management fees (Note 4) | 22,500 | |
Professional fees | 3,846 | 3,930 |
Transfer agent and filing fees | 13,143 | 28,179 |
Total Expenses | 18,780 | 75,459 |
Net Loss and Comprehensive Loss | $ (18,780) | $ (75,459) |
Net Loss Per Share, Basic and Diluted | $ (0.01) | |
Weighted Average Shares Outstanding | 14,059,000 | 14,059,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Activities | ||
Net loss | $ (18,780) | $ (75,459) |
Changes in operating assets and liabilities: | ||
Amounts receivable | 4,868 | |
Prepaid expenses | 1,000 | |
Accounts payable and accrued liabilities | 3,843 | (2,442) |
Due to/from related parties | (1,093) | 22,500 |
Net Cash Used In Operating Activities | (11,162) | (54,401) |
Financing Activities | ||
Proceeds from loans payable | 59,700 | |
Net Cash Provided by Financing Activities | 59,700 | |
Increase (Decrease) in Cash | (11,162) | 5,299 |
Cash, Beginning of Period | 12,994 | 1,921 |
Cash, End of Period | 1,832 | 7,220 |
Supplemental Disclosures: | ||
Interest paid | ||
Income taxes paid |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying interim condensed consolidated financial statements of Image International Group, Inc. (the Company) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2016. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at June 30, 2016, the Company has a working capital deficiency of $362,367 and has accumulated losses of $1,161,367 since inception. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation. (b) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Loans Payable
Loans Payable | 3 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Loan Payable | 3. Loans Payable As at June 30, 2016, the Company owed $92,667 (March 31, 2016 - $92,667) to non-related parties, which is non-interest bearing, unsecured, and due on demand. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions (a) As at June 30, 2016, the Company owes $144,000 (March 31, 2016 - $144,000) to a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. (b) As at June 30, 2016, the Company owes $123,000 (March 31, 2016 - $123,000) to a company controlled by the Chief Financial Officer of the Company which is non-interest bearing, unsecured, and due on demand. (c) As at June 30, 2016, the Company is owed $1,093 (March 31, 2016 - $nil) from the Chief Financial Officer of the Company which is non-interest bearing, unsecured, and due on demand. (d) During the three months ended June 30, 2016, the Company incurred management fees of $nil (2015 - $12,000) to a company controlled by the President of the Company. (e) During the three months ended June 30, 2016, the Company incurred management fees of $nil (2015 - $10,500) to a company controlled by the Chief Financial Officer of the Company. |
Significant Accounting Polici10
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation. |
Recent Accounting Pronouncements | (b) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficiency | $ 362,367 | |
Accumulated losses | $ 1,161,367 | $ 1,142,587 |
Loans Payable (Details Narrativ
Loans Payable (Details Narrative) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Loan payable | $ 92,677 | $ 92,677 |
Non-Related Parties [Member] | ||
Loan payable | $ 92,677 | $ 92,677 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Management fees | $ 22,500 | ||
President [Member] | |||
Company owes amount | 144,000 | $ 144,000 | |
Management fees | 12,000 | ||
Chief Financial Officer [Member] | |||
Company owes amount | 123,000 | 123,000 | |
Company owed amount | 1,093 | ||
Management fees | $ 10,500 |