Momentous Entertainment (MMEG) 10-Q 16 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 14, 2016
Document and Entity Information:
Entity Registrant Name	MOMENTOUS ENTERTAINMENT GROUP INC
Entity Trading Symbol	mmeg
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Entity Central Index Key	1,602,381
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		267,135,483
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 8	$ 14
Inventory	3,294	5,984
Deferred production costs, net of impairment of $4,964	60,825	41,131
Prepaid expenses and other assets	27,114	294
Total Current Assets	91,241	47,423
Total Assets	91,241	47,423
Current Liabilities:
Accounts payable	146,824	65,929
Accrued expenses	14,375	8,313
Due to Company President	77,089	119,745
Notes payable	2,500	7,500
Notes payable - related party	365,680	368,330
Convertible notes payable	209,500	352,000
Derivative liability	163,910	0
Total Current Liabilities	979,878	921,817
Total Liabilities	979,878	921,817
Stockholders' Deficit:
Preferred stock: $0.001 par value; 50,000,000 shares authorized; 1,000 shares issued or outstanding	1	1
Common stock: $0.001 par value; 450,000,000 shares authorized; 102,080,290 and 81,380,810 shares issued and outstanding	102,080	81,381
Paid-in capital	1,450,181	764,274
Accumulated deficit	(2,440,899)	(1,720,050)
Total Stockholders' Deficit	(888,637)	(874,394)
Total Liabilities and Stockholders' Deficit	$ 91,241	$ 47,423

BALANCE SHEETS PARENTHETICALS

BALANCE SHEETS PARENTHETICALS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Parentheticals
Net of impairment of Deferred production costs	$ 4,964	$ 0
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	1,000	1,000
Preferred Stock, shares outstanding	1,000	1,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	450,000,000	450,000,000
Common Stock, shares issued	102,080,290	81,380,810
Common Stock, shares outstanding	102,080,290	81,380,810

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue
Revenue	$ 0	$ 0	$ 2,500	$ 81
Operating Expenses:
Project Costs	0	0	0	32,504
Marketing, general and administrative	121,121	36,663	542,062	94,386
Total Operating Expenses	121,121	36,663	542,062	126,890
Loss from Operations	(121,121)	(36,663)	(539,562)	(126,809)
Other Income(Expense)
Interest Expense	6,538	4,490	289,767	8,425
Change in Derivative Liability	(69,545)	0	(108,480)	0
Total Other Income(Expense)	(63,007)	(4,490)	(181,287)	(8,425)
Net (Loss)	$ (58,114)	$ (41,153)	$ (720,849)	$ (135,234)
Net (Loss) Per Share: Basic and Diluted	$ 0	$ 0	$ (0.01)	$ 0
Weighted Average Number of Shares Outstanding: Basic and Diluted	91,454,000	73,949,450	87,142,990	71,914,973

STATEMENT OF STOCKHOLDER'S DEFI

STATEMENT OF STOCKHOLDER'S DEFICIT (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($)	Preferred Stock	Preferred Stock Amount	Common Stock	Common Stock Amount	Additional Paid-In Capital	Deficit	Total
Balance at Dec. 31, 2015	1,000	1	81,380,810	81,381	764,274	(1,720,050)	(874,394)
Issuance of shares upon conversion of debt			12,777,193	12,777	364,428		377,205
Issuance of shares for services			7,922,287	7,922	312,157		320,079
Issuance of warrants for services					9,322		9,322
Net loss						$ (720,849)	$ (720,849)
Balance. at Sep. 30, 2016	1,000	1	102,080,290	102,080	1,450,181	(2,440,899)	(888,637)

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (720,849)	$ (135,234)
Adjustments to reconcile net loss to net cash used in operating activities:
Issued stock for services	320,079	18,160
Change in deferred production costs	(19,693)	(29,918)
Derivative liability	163,910	0
Issuance of Warrant Shares..	9,322	0
Change in advances	0	(137,150)
Change in prepaid assets and other expenses	(26,820)	(10,471)
Change in inventory	2,690	(9,435)
Change in accounts payable and accrued expenses	86,956	1,694
Cash Flows Provided (Used) by Operating Activities	(184,405)	(302,354)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of convertible promissory notes	234,705	310,100
Notes payable	(5,000)	0
Payments to related parties	(45,306)	(12,560)
Cash Flows Provided by Financing Activities	184,399	322,660
NET CHANGE IN CASH	(6)	20,306
Cash, beginning of period	14	10,744
Cash, end of period	8	31,050
Non-Cash Financing Transactions:
Conversion of convertible notes	377,205	121,780
Derivative liability.	163,910	0
Issuance of warrant shares	9,322	0
Total Non-Cash Financing Transactions	$ 550,437	$ 121,780

ORGANIZATION, BASIS OF ACCOUNTI

ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies:
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies	NOTE 1–ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES Momentous Entertainment Group, Inc. (the “Company”) was founded by Kurt E. Neubauer as Financial Equity Partners, Inc., a Texas company, in 2004 and was incorporated as a C corporation under the laws of the State of Nevada as Momentous Entertainment Group, Inc. in November 2013. It had very limited activities until June 2011 when it started designing a detailed business plan focused on creating, producing and distributing quality entertainment content across various media channels utilizing direct response media marketing. The Company’s business plan includes the sponsoring of live concerts and other musical events. On March 24, 2016, it incorporated a wholly-owned subsidiary, Music One Corp., a Nevada Corporation, which will be the entity that manages these events. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in 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 financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended December 31, 2015 and notes thereto contained in the Company's Annual Report on Form 10-K. Use of Estimates and Assumptions Preparation of the 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. The Company has adopted the provisions of ASC 260. Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale date of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses, approximate their fair values because of the current nature of these instruments. Debt approximates fair value based on interest rates available for similar financial arrangements. Derivative liabilities which have been bifurcated from host convertible debt agreements are presented at fair value. Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as convertible features in convertible debts or equity instruments, and measurement of their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the binomial option-pricing model. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if these is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt, the Company will continue its evaluation process of these instruments as derivative financial instruments. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives. In addition, the fair value of freestanding derivative instruments, such as warrants, is also valued using the binomial option-pricing model. Loss per Share Net loss per common share is computed pursuant to ASC 260-10-45. Basic and diluted net income per common share has been calculated by dividing the net income for the period by the basic and diluted weighted average number of common shares outstanding assuming that the Company incorporated as of the beginning of the first period presented. There were no dilutive shares outstanding as of September 30, 2016 or December 31, 2015. Subsequent Events The Company follows the guidance in ASC 855-10-50 for the disclosure of subsequent events. The Company evaluates subsequent events from the date of the balance sheet through the date when the financial statements are issued. Pursuant to ASU 2010- 09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them with the SEC on the EDGAR system. Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2016
GOING CONCERN:
GOING CONCERN	NOTE 2–GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying financial statements, the Company has very limited financial resources, with working capital and net shareholder deficits and had generated limited revenue as of September 30, 2016. While the Company is undertaking its business plan to generate additional revenues, the Company’s cash position may not be sufficient to support the Company’s basic business plan and product development efforts. Management believes that the actions presently underway to increase the number of contracts undertaken have a realistic chance of succeeding. While the Company believes in the viability of its strategy to increase revenues and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

DEFERRED PRODUCTION COSTS

DEFERRED PRODUCTION COSTS	9 Months Ended
	Sep. 30, 2016
DEFERRED PRODUCTION COSTS:
DEFERRED PRODUCTION COSTS	NOTE 3–DEFERRED PRODUCTION COSTS The Company incurred costs of $60,825 to develop a new song for the Company’s next musical CD’s, Tim Storey Scriptures CD, the reality series with Bobby Dale Earnhardt and the reality series with Dennis Gile. These costs have been deferred and will be amortized when the finished products are available for sale. During the three month period ended September 30, 2016, we recorded an impairment charge in the amount of $4,964 against capitalized productions costs related to the Greatest Story Ever Sung CD.

CONVERTIBLE DEBT

CONVERTIBLE DEBT	9 Months Ended
	Sep. 30, 2016
CONVERTIBLE DEBT
CONVERTIBLE DEBT	NOTE 4–CONVERTIBLE DEBT Convertible debt as of September 30, 2016 and December 31, 2015, consisted of the following: Short-Term convertible debt: September 30 December 31, Description 2016 2016 Note payable, non-interest bearing due in 2016, convertible at $2.00 per share on or before maturity, subsequently converted in 2016. $ - $ 50,000 Notes payable, non-interest bearing due in 2016, convertible at $0.50 per share on or before maturity, all but $12,000 subsequently converted in 2016. - 14,000 Notes payable, non-interest bearing, due in 2016, convertible at $0.50 per share on or before maturity, subsequently converted in 2016. - 138,000 Note payable, non-interest bearing due in 2016, convertible at $0.25 per share on or before maturity, subsequently converted in 2016. - 150,000 Typenex Co-Investment tranche 1 – loan agreement described below 62,500 - LG Capital Funding tranche 1 – loan agreement described below 97,000 - T. McNeil Advisors – loan agreement described below 15,000 - Adar Bays, LLC tranche 1 – loan agreement described below 35,000 - Total $ 209,500 $ 352,000 On February 9, 2016, The Company has entered into a $317,500 Convertible Loan Agreement with TYPENEX CO-INVESTMENT, LLC, an unaffiliated entity, with the following key provisions: The Note has a 9.1% Original Issue Discount and bears interest at the rate of 10%. The conversion price is fixed at $.35 per share and is subject to reduction if the Company issues shares below the conversion price. The Company will make automatic installment payments beginning 180 days from Closing (and continuing in equal installments for the next 14 months (for a total of 15 payments) or until the balance is paid in full. The Installment Amount due on each Installment Date is equal to the sum of all accrued but unpaid interest and a principal amount equal to approximately $21,167. The Installment Amount can be paid in either cash or Common Stock. If the Company chooses to make a payment in Common Stock, such stock shall be issued at the Market Price. The Market Price of the common stock is defined as 70% of the average of the three lowest closing bid prices for the 20 consecutive trading days prior to the date on which the Market Price is measured. 70% shall be replaced with 60% if the average of the three lowest closing bid prices is less than $.10. On February 9, 2016, the Company borrowed $45,000 against this Typenex Co-Investment, LLC convertible note. On March 18, 2016, the Company entered into an Exchange Note with Typenex Co-Investment for $37,500 for termination of the Warrant as part of the exchange. The Company converted $20,000 of this debt on August 12, 2016 at a rate of $0.00275 for 7,272,727 shares of common stock. As of September 30, 2016, the Company has $62,500 outstanding against this Convertible Loan Agreement. On March 22, 2016, the Company entered into an agreement with LG Capital Funding, LLC, a New York Limited Liability Company with respect to a private investment of up to $260,000 of convertible debt securities with a 12 month term. The $260,000 convertible debt is comprised of two $65,000 front-end notes and two $65,000 back-end notes. The principal and interest outstanding under this Agreement will be convertible into shares of Common Stock of the Company at a 45% discount to the lowest closing bid price with a 20 day look back from the date converted. The notes bear interest at 8%. On March 22, 2016, the Company borrowed $65,000 on this convertible debt. On May 13, 2016, The Company borrowed $37,000 on this convertible debt. On September 26, 2016, the Company converted $5,000 of the note payable and $205 of the accrued interest to 1,577,251 shares of common stock at a rate of $0.0033/share. As of September 30, 2016, The Company borrowed a total of $97,000 against this Convertible Loan Agreement and accrued interest of $3,970 relating to this amount has been recorded. The Company has also recorded $13,600 in broker’s fees and $7,250 in legal fees associated with these borrowings. On March 22, 2016, the Company entered into an agreement with Adar Bays, LLC, a Florida Limited Company, with respect to a private investment up to $140,000 of convertible debt securities with a 12 month term. The $140,000 convertible debt is comprised of two $35,000 front-end notes and two back-end notes. The outstanding principal and accrued interest under the notes will be convertible into shares of common stock of the Company at a 45% discount to the lowest closing bid price with a 20 day look back. Until the Notes have been converted, the Company shall not consummate any convertible financing or a registered offering of securities. If the Company violates this provision, the discount rate set forth above shall be increased from 45% to 65% and the prepay premium shall be increased by 20%. The notes shall bear interest at 8%. As of September 30, 2016, the Company has borrowed $35,000 against this Convertible Loan Agreement and recorded $1,456 in accrued interest on this loan agreement. The Company also recorded $3,500 in broker’s fees and $2,000 in legal fees associated with this borrowing. On June 3, 2016, the Company entered into a Convertible Note Agreement with T. McNeil Advisors, LLC for $15,000 with interest of 8% per annum and a maturity date of June 3, 2017. The $15,000 note was issued as full consideration for three months of advisory services. The Company is entitled, at its option, at any time, to convert all or any of the outstanding principal into shares of common stock of Company at a conversion price for each share of common stock equal to 65% of the lowest trading price of the common stock as reported in the OTC Marketplace Exchange. As of September 30, 2016, the Company recorded accrued interest of $394 on this note agreement. The Company evaluated the floating conversion rates associated with the debt instruments described above and determined that each constituted an embedded derivative as its nature was not clearly and closely associated with the host instrument. As such each were required to be separately accounted for from the host instrument. In accordance with the Statement of Financial Accounting Standard ASC 820-10-35-37 Fair Value in Financial Instruments, Statement of Financial Accounting Standard ASC 815 Accounting for Derivative Instruments and Hedging Activities the Company accounts for instruments with embedded derivative features at their fair values. The Company engaged a valuation consultant to value the Typenex, LG Capital, Adar Bays and T. McNeil Advisors, LLC notes for the derivative portion of the instruments. The consultant used the Binomial model to value the derivative liability for the quarter ended September 30, 2016 at $163,910, with a derivative liability expense of $(108,480). On September 27, 2016, a convertible promissory note of $12,000 was converted into 24,000 shares of common stock at a conversion rate of $0.50 per share.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Value Disclosures	NOTE 5 – FAIR VALUE OF FINANCIAL INSTRUMENTS The following is the major category of liabilities measured at fair value on a recurring basis as of September 30, 2016, using quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): Derivative Liabilities from Convertible Notes (Level 3) $ 163,910 Total $ 163,910

LOANS

LOANS	9 Months Ended
	Sep. 30, 2016
LOANS:
LOANS	NOTE 6 – LOANS At September 30, 2016, the Company was obligated for $54,162 due to the Company President for loans made from his personal resources, the proceeds from which were to finance operations. The Company also owed the President $22,927 in interest on the demand loans at a rate of 3% per annum. At September 30, 2016, the Company owed the Company President $77,089. At September 30, 2016, the Company borrowed $2,500 non-interest bearing loan from a third party. At September 30, 2016, the Company aggregated $343,450 in demand loans to the Company President at 3% interest per annum. In addition, the Company borrowed $22,230 in non-interest bearing demand loans due to a director and officer of the Company. The note is unsecured. The total of notes payables to related parties is $365,680 at September 30, 2016. See the table below. 9/30/2016 12/31/2015 Due to Company President - Accounts Payable $ 54,162 $ 104,525 - Interest on Demand Notes 22,927 15,220 Total - Due to Company President $ 77,089 $ 119,745 Notes Payable - Third Parties $ 2,500 $ 7,500 Notes Payable - Related Party - Demand Loan - President $ 343,450 $ 343,430 - Loan - Officer 22,230 24,900 Total - Notes Payable - Related Party $ 365,680 $ 368,330

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY The Company issued 7,922,287 shares of common stock for professional services in relation to production costs and services relating to the reality television series and music production during the first nine months of 2016. The Company issued 12,777,193 shares of common stock for note conversions for the nine month period ended September 30, 2016. The Company entered into an advisory agreement with T. McNeil Advisors, LLC to perform advisory and strategic services for the Company on March 1, 2016. The term of the agreement will renew quarterly up to two years, unless the Company gives 30 days’ notice to terminate. The Company agreed to pay $60,000 in annual consulting fees at the rate of $5,000 per month, renewable on a quarterly basis. As of September 30, 2016, the Company entered into a warrant agreement that could be exercised to purchase up to 461,538 shares at a price of $0.13 per share. The warrant agreement has been recorded at its fair value using a binomial valuation of $9,322. On May 17, 2016, the Company entered into an advisory agreement with Posner McLane, LLC, to provide merger and acquisition consulting services. The Company has agreed to pay Posner McLane, LLC a monthly consulting fee equal to $20,000 per month in cash or in the form of shares of common stock of the Company to be calculated at the closing price per share of the Company’s common stock as traded on the OTCBB or on the NASDAQ on the day the payment is due. As of September 30, 2016, the Company issued 5,968,877 shares of common stock to Posner McLane, LLC at the average share price of $0.0215, equal to $80,000 with $70,000 in professional services and $10,000 in prepaid. On July 28, 2016, the Company entered into an Equity Purchase Agreement with Southridge Partners II, LLP (Southridge) in which the Company has agreed to issue and sell Southridge (the “Put Shares”) of its common stock, $0.001 par value per share from time to time for an aggregate investment price of up to $3,000,000. Southridge will pay 88% of the average of the daily volume weighted average price during the Valuation Period for put shares and the equity line terminates on the earlier of: (i) 24 months from the effective date of the registration statement filed in connection with the Equity Purchase Agreement; or (ii) the date on which Southridge has purchased shares of our common stock pursuant to the Equity Purchase Agreement for an aggregate maximum purchase price of $3,000,000. The number of shares to be purchased by Southridge under the Equity Purchase Agreement may never exceed the number of shares that, when added to the number of shares of the Company’s common stock then beneficially owned by Southridge, would exceed 9.99% of the Company’s shares of common stock outstanding. On July 28, 2016, The Company entered into a $50,000 Promissory Note with Southridge Advisors II, LLC, plus interest in the amount of 10% per annum on outstanding principal on January 31, 2017, the maturity date. The Company entered into this Promissory Note as a commission for the Equity Purchase Agreement stated above. Our only potential source of cash to pay this note is the Equity Line. If for any reason we are unable to draw funds from the Equity Line, we will be unable to satisfy the note. There are no assurances that the terms of the note can or will be modified. Following the conversions of debt into common stock described in Note 9, there were common shares outstanding.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8–RELATED PARTY TRANSACTIONS At September 30, 2016 the Company was obligated for: i. Demand loans aggregating $343,450 due to the Company’s President. The loans were made from his personal resources, the proceeds from which were used to finance operations. All demand loans made by the Company’s President bears interest at 3% per annum. At September 30, 2016, accrued interest totaled $22,927. ii. Accounts payable of $54,162 due to its President. The amount relates to payments made by the Company’s President on behalf of the Company in connection with deferred production costs for the Greatest Story Ever Sung CD, the Tim Storey Scriptures, CD, and the two reality series with Bobby Dale Earnhardt and Dennis Gile, which deferred costs will be amortized when the CD’s and the reality series are sold (Note 3), and administrative costs. iii. Demand loan payable outstanding in the principal amount of $22,230, a non-interest bearing loan which is due to a director and officer of the Company. The note is unsecured.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS:
SUBSEQUENT EVENTS	NOTE 9-SUBSEQUENT EVENTS The Company has evaluated subsequent events through November 15, 2016, the date of issuance of the financial statements and has determined it does not have any material subsequent events to disclose except: The Company received a $35,000 tranche 2 from Adar Bays, LLC on November 2, 2016, with expenses of $2,000 in legal fees and $3,500 in commission fees. Subsequent to September 30, 2016, Adar Bays, LLC converted a total of $67,799.15 of the notes payable and $1,676.76 in interest into a total of 79,668,451 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Note Balance Interest Total 10/7/16 1,090,909 $0.002750 $3,000.00 - $3,000.00 10/17/16 4,132,231 0.001210 5,000.00 - 5,000.00 10/27/16 6,065,734 0.000715 4,337.00 - 4,337.00 10/31/16 6,036,534 0.000880 5,312.15 - 5,312.15 11/1/16 7,159,091 0.000880 6,300.00 - 6,300.00 11/2/16 8,145,455 0.000825 6,720.00 - 6,720.00 11/3/16 6,068,800 0.000825 3,333.00 1,676.76 5,006.76 11/4/16 8,848,485 0.000825 7,300.00 - 7,300.00 11/8/16 9,575,758 0.000825 7,900.00 - 7,900.00 11/9/16 10,424,242 0.000825 8,600.00 - 8,600.00 11/11/16 12,121,212 0.000825 10,000.00 - 10,000.00 79,668,451 $67,799.15 $1,676.76 $69,475.91 Following these conversions, the remaining principal balance due to Adar Bays, LLC is $2,200.85. See Note 4 for terms of the note payable. Subsequent to September 30, 2016, LG Capital converted a total of $42,850 of notes payable and $2,110.54 of interest into a total of 50,070,024 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Note Balance Interest Total 10/20/16 2,065,083 $0.001265 $ 2,500 $112.33 $2,612.33 10/21/16 2,797,454 0.000935 2,500 115.62 2,615.62 10/27/16 4,702,125 0.000880 3,950 187.87 4,137.87 11/01/16 6,550,000 0.000880 5,500 264.00 5,764.00 11/04/16 6,617,840 0.000880 5,500 273.70 5,773.70 11/08/16 6,563,693 0.000880 5,500 276.05 5,776.05 11/09/16 10,384,750 0.000880 8,700 438.58 9,138.58 11/11/16 10,389,079 0.000880 8,700 442.39 9,142.39 50,070,024 $ 42,850 $2,110.54 $44,960.54 Following these conversions, the remaining principal balance due to LG Capital is $17,100. See Note 4 for terms of the note payable. Subsequent to September 30, 2016, Typenex Co-Investment LLC converted a total of $36,350 of notes payable into a total of 35,316,713 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Total 10/19/16 9,417,040 $0.001338 $ 12,600 10/28/16 11,177,754 0.000917 10,250 11/08/16 14,721,919 0.000917 13,500 35,316,713 $ 36,350 Following these conversions, the remaining principal balance due Typenex Co-Investment LLC is $26,150. See Note 4 for terms of the note payable.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (POLICIES)	9 Months Ended
	Sep. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES (POLICIES):
Use of Estimates and Assumptions	Use of Estimates and Assumptions Preparation of the 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. The Company has adopted the provisions of ASC 260.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale date of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses, approximate their fair values because of the current nature of these instruments. Debt approximates fair value based on interest rates available for similar financial arrangements. Derivative liabilities which have been bifurcated from host convertible debt agreements are presented at fair value.
Derivative Financial Instruments	Derivative Financial Instruments Fair value accounting requires bifurcation of embedded derivative instruments such as convertible features in convertible debts or equity instruments, and measurement of their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the binomial option-pricing model. In assessing the convertible debt instruments, management determines if the convertible debt host instrument is conventional convertible debt and further if these is a beneficial conversion feature requiring measurement. If the instrument is not considered conventional convertible debt, the Company will continue its evaluation process of these instruments as derivative financial instruments. Once determined, derivative liabilities are adjusted to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations as an adjustment to fair value of derivatives. In addition, the fair value of freestanding derivative instruments, such as warrants, is also valued using the binomial option-pricing model.
Loss per Share	Loss per Share Net loss per common share is computed pursuant to ASC 260-10-45. Basic and diluted net income per common share has been calculated by dividing the net income for the period by the basic and diluted weighted average number of common shares outstanding assuming that the Company incorporated as of the beginning of the first period presented. There were no dilutive shares outstanding as of September 30, 2016 or December 31, 2015.
Subsequent Events, Policy	Subsequent Events The Company follows the guidance in ASC 855-10-50 for the disclosure of subsequent events. The Company evaluates subsequent events from the date of the balance sheet through the date when the financial statements are issued. Pursuant to ASU 2010- 09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them with the SEC on the EDGAR system.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. The Company is an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
CONVERTIBLE DEBT {2}
Schedule of Debt Instruments	Convertible debt as of September 30, 2016 and December 31, 2015, consisted of the following: Short-Term convertible debt: September 30 December 31, Description 2016 2016 Note payable, non-interest bearing due in 2016, convertible at $2.00 per share on or before maturity, subsequently converted in 2016. $ - $ 50,000 Notes payable, non-interest bearing due in 2016, convertible at $0.50 per share on or before maturity, all but $12,000 subsequently converted in 2016. - 14,000 Notes payable, non-interest bearing, due in 2016, convertible at $0.50 per share on or before maturity, subsequently converted in 2016. - 138,000 Note payable, non-interest bearing due in 2016, convertible at $0.25 per share on or before maturity, subsequently converted in 2016. - 150,000 Typenex Co-Investment tranche 1 – loan agreement described below 62,500 - LG Capital Funding tranche 1 – loan agreement described below 97,000 - T. McNeil Advisors – loan agreement described below 15,000 - Adar Bays, LLC tranche 1 – loan agreement described below 35,000 - Total $ 209,500 $ 352,000

FAIR VALUE OF FINANCIAL INSTR18

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables):
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	The following is the major category of liabilities measured at fair value on a recurring basis as of September 30, 2016, using quoted prices in active markets for identical liabilities (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): Derivative Liabilities from Convertible Notes (Level 3) $ 163,910 Total $ 163,910

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2016
CONVERTIBLE DEBT {2}
Schedule of Debt	The total of notes payables to related parties is $365,680 at September 30, 2016. See the table below. 9/30/2016 12/31/2015 Due to Company President - Accounts Payable $ 54,162 $ 104,525 - Interest on Demand Notes 22,927 15,220 Total - Due to Company President $ 77,089 $ 119,745 Notes Payable - Third Parties $ 2,500 $ 7,500 Notes Payable - Related Party - Demand Loan - President $ 343,450 $ 343,430 - Loan - Officer 22,230 24,900 Total - Notes Payable - Related Party $ 365,680 $ 368,330

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2016
SUBSEQUENT EVENTS (Tables):
Schedule of Subsequent Events	The Company received a $35,000 tranche 2 from Adar Bays, LLC on November 2, 2016, with expenses of $2,000 in legal fees and $3,500 in commission fees. Subsequent to September 30, 2016, Adar Bays, LLC converted a total of $67,799.15 of the notes payable and $1,676.76 in interest into a total of 79,668,451 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Note Balance Interest Total 10/7/16 1,090,909 $0.002750 $3,000.00 - $3,000.00 10/17/16 4,132,231 0.001210 5,000.00 - 5,000.00 10/27/16 6,065,734 0.000715 4,337.00 - 4,337.00 10/31/16 6,036,534 0.000880 5,312.15 - 5,312.15 11/1/16 7,159,091 0.000880 6,300.00 - 6,300.00 11/2/16 8,145,455 0.000825 6,720.00 - 6,720.00 11/3/16 6,068,800 0.000825 3,333.00 1,676.76 5,006.76 11/4/16 8,848,485 0.000825 7,300.00 - 7,300.00 11/8/16 9,575,758 0.000825 7,900.00 - 7,900.00 11/9/16 10,424,242 0.000825 8,600.00 - 8,600.00 11/11/16 12,121,212 0.000825 10,000.00 - 10,000.00 79,668,451 $67,799.15 $1,676.76 $69,475.91 Following these conversions, the remaining principal balance due to Adar Bays, LLC is $2,200.85. See Note 4 for terms of the note payable. Subsequent to September 30, 2016, LG Capital converted a total of $42,850 of notes payable and $2,110.54 of interest into a total of 50,070,024 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Note Balance Interest Total 10/20/16 2,065,083 $0.001265 $ 2,500 $112.33 $2,612.33 10/21/16 2,797,454 0.000935 2,500 115.62 2,615.62 10/27/16 4,702,125 0.000880 3,950 187.87 4,137.87 11/01/16 6,550,000 0.000880 5,500 264.00 5,764.00 11/04/16 6,617,840 0.000880 5,500 273.70 5,773.70 11/08/16 6,563,693 0.000880 5,500 276.05 5,776.05 11/09/16 10,384,750 0.000880 8,700 438.58 9,138.58 11/11/16 10,389,079 0.000880 8,700 442.39 9,142.39 50,070,024 $ 42,850 $2,110.54 $44,960.54 Following these conversions, the remaining principal balance due to LG Capital is $17,100. See Note 4 for terms of the note payable. Subsequent to September 30, 2016, Typenex Co-Investment LLC converted a total of $36,350 of notes payable into a total of 35,316,713 shares of common stock during the dates as follows: Date Issued Shares Conversion Price Per Share Total 10/19/16 9,417,040 $0.001338 $ 12,600 10/28/16 11,177,754 0.000917 10,250 11/08/16 14,721,919 0.000917 13,500 35,316,713 $ 36,350 Following these conversions, the remaining principal balance due Typenex Co-Investment LLC is $26,150. See Note 4 for terms of the note payable.

Deferred production costs (Deta

Deferred production costs (Details)	Sep. 30, 2016USD ($)
Deferred production costs details
Incurred costs to develop a new musical song	$ 60,825

Deferred production costs-Narra

Deferred production costs-Narrative (Details)	3 Months Ended
	Sep. 30, 2016USD ($)
Deferred production costs-Narrative Details
Company recorded an impairment charge	$ 4,964

Short-term convertible debt (De

Short-term convertible debt (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Short-term convertible debt Details
Note payable, non-interest bearing due in 2016, convertible at $2.00 per share on or before maturity, subsequently converted in 2016.		$ 50,000
Notes payable, non-interest bearing due in 2016, convertible at $0.50 per share on or before maturity, all but $12,000 subsequently converted in 2016.		14,000
Notes payable, non-interest bearing, due in 2016, convertible at $0.50 per share on or before maturity, subsequently converted in 2016.		138,000
Note payable, non-interest bearing due in 2016, convertible at $0.25 per share on or before maturity, subsequently converted in 2016.		150,000
Typenex Co-Investment tranche 1 - loan agreement described below	$ 62,500
LG Capital Funding tranche 1 - loan agreement described below	97,000
T. McNeil Advisors - loan agreement described below	15,000
Adar Bays, LLC tranche 1 - loan agreement described below	35,000
Total	$ 209,500	$ 352,000

Short-term convertible debt Par

Short-term convertible debt Parentheticals (Details)	Sep. 30, 2016USD ($)$ / shares
Short-term convertible debt Parentheticals Details
Note payable, non-interest bearing due in 2016 convertible per share	$ 2
Note payable, non-interest bearing due in 2016 convertible at per share	$ 0.50
Share on or before maturity, all but subsequently converted in 2016 | $	$ 12,000
Notes payable (6), non-interest bearing due in 2016 convertible at per share	$ 0.5
Note payable, non-interest bearing due in 2016 convertible at per share on or before maturity	$ 0.25

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($)	Sep. 30, 2016	Sep. 26, 2016	Aug. 12, 2016	Jun. 03, 2016	May 13, 2016	Mar. 22, 2016	Mar. 18, 2016	Feb. 09, 2016
CONVERTIBLE DEBT Details
Company has entered into a Convertible Loan Agreement - Typenex								$ 317,500
Note has a Original Issue Discount								9.10%
Note bears interest at the rate of								10.00%
Conversion price is fixed at per share								$ 0.35
Company will make automatic installment payments days								180
Principal amount equal to								$ 21,167
Lowest closing bid prices for consecutive trading days								20
Lowest closing bid prices less than								$ 0.10
Company entered into an Exchange Note with Typenex Co-Investment for termination of the Warrant as part of the exchange.							$ 37,500
Company converted debt amount		$ 5,000	$ 20,000
Company converted debt amount at a rate of 0.00275for shares of common stock			7,272,727
Company has outstanding against this Convertible Loan Agreement	$ 62,500
Company borrowed against Convertible Loan Agreement	25,000							$ 45,000
Company recorded accrued interest on loan	1,755
Convertible debt securities with a 12 month term - LG Capital Funding						$ 260,000
Company discount to the lowest closing bid price				65.00%		45.00%
The notes will bear interest at				8.00%		8.00%
The $260,000 convertible debt is comprised of two Front end notes						$ 65,000
The $260,000 convertible debt is comprised of two back end notes						65,000
The $140,000 convertible debt is comprised of two Front end notes						35,000
The $140,000 convertible debt is comprised of two back end notes						35,000
Company borrowed on the convertible debt					$ 37,000	65,000
the note payable and $205 of the accrued interest to shares of common stock at a rate of $0.0033 per share		1,577,251
Company borrowed a total against this Convertible Loan Agreement	97,000
Company borrowed a total against this Convertible Loan Agreement and accrued interest relating to this amount has been recorded	3,970
Company borrowed against this Convertible Loan Agreement	35,000
Company borrowed against this Convertible Loan Agreement accured.	1,456
Broker's fees						13,600
Adar brokers fees	3,500					3,500
LG will deduct legal fees	2,000					7,250
Company entered into an agreement with Adar Bays, LLC, a Florida Limited Company (Adar), with respect to a private investment						140,000
Adar will deduct legal fees						$ 2,000
Company borrowed against this Convertible Loan Agreement accured interest.	756
Convertible Note Agreement with T. McNeil Advisors				$ 15,000
Accrued interest on this note	$ 394

Derivative liability (Details)

Derivative liability (Details)	3 Months Ended
	Sep. 30, 2016USD ($)
Derivative liability Details
The consultant used the Binomial model to value the derivative liability	$ 163,910
Derivative liability expense	$ (108,480)

FAIR VALUE OF FINANCIAL INSTR27

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	Sep. 30, 2016USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS Details
Derivative Liabilities from Convertible Notes (Level 3)	$ 163,910
(Level 3) Total	$ 163,910

LOANS (Details)

LOANS (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Due to Company President
Accounts Payable	$ 54,162	$ 104,525
Interest on Demand Notes	22,927	15,220
Total - Due to Company President	77,089	119,745
Notes Payable - Third Parties	2,500	7,500
Notes Payable - Related Party
Demand Loan - President	343,450	343,430
Loan - Officer	22,230	24,900
Total - Notes Payable - Related Party	$ 365,680	$ 368,330

Equity transactions (Details)

Equity transactions (Details) - USD ($)	Sep. 30, 2016	Jul. 28, 2016	May 17, 2016
Equity transactions Details
Company issued shares of common stock for professional services	7,922,287
Company issued shares of common stock for note conversions	12,777,193
Company agreed to pay per year in equal installments	$ 60,000
Company agreed to pay per year in equal installments per month	$ 5,000
Company issued warrant shares	461,538
Company issued warrant shares at an aggregate price	0.13
Fair value of warrants using a binomial valuation	$ 9,322
Company has agreed to issue and sell Southridge of its common stock for an aggregate investment price		$ 3,000,000
Company has agreed to issue and sell Southridge of its common stock for an aggregate investment price par value per share		$ 0.001
Southridge will pay the average of the daily volume weighted average price during the Valuation Period		88.00%
Southridge, would exceed the Company's shares of common stock outstanding		10.00%
The Company entered into a Promissory Note with Southridge Advisors II, LLC		$ 50,000
The Company has agreed to pay Posner McLane, LLC a monthly consulting fee per month			$ 20,000
Company issued shares of common stock to Posner McLane, LLC at the average share price of $0.0215	5,968,877
Shares of common stock to Posner McLane, LLC equal to	$ 80,000
Posner McLane, LLC professional services	70,000
Posner McLane, LLC pre paid	$ 10,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Sep. 30, 2016USD ($)
RELATED PARTY TRANSACTIONS Details
Demand loans due to the President	$ 343,450
Demand loans due to the President bears interest per annum	3.00%
Demand loans due to the President accrued interest totaled	$ 22,927
Company had accounts payable due to its President	54,162
Demand loan payable outstanding in the principal amount	$ 22,230

Subsequen Events - Adar Bays, L

Subsequen Events - Adar Bays, LLC (Details) - USD ($)	Nov. 11, 2016	Nov. 09, 2016	Nov. 08, 2016	Nov. 04, 2016	Nov. 03, 2016	Nov. 02, 2016	Nov. 01, 2016	Oct. 31, 2016	Oct. 27, 2016	Oct. 17, 2016	Oct. 07, 2016	Sep. 30, 2016
Shares
Number of shares	12,121,212	10,424,242	9,575,758	8,848,485	6,068,800	8,145,455	7,159,091	6,036,534	6,065,734	4,132,231	1,090,909	79,668,451
Conversion price per share	$ 0.000825	$ 0.000825	$ 0.000825	$ 0.000825	$ 0.000825	$ 0.000825	$ 0.000880	$ 0.000880	$ 0.000715	$ 0.001210	$ 0.002750
Note Balance	$ 10,000	$ 8,600	$ 7,900	$ 7,300	$ 3,333	$ 6,720	$ 6,300	$ 5,312.15	$ 4,337	$ 5,000	$ 3,000	$ 67,799.15
Interest					1,676.76							1,676.76
Total	$ 10,000	$ 8,600	$ 7,900	$ 7,300	$ 5,006.76	$ 6,720	$ 6,300	$ 5,312.15	$ 4,337	$ 5,000	$ 3,000	$ 69,475.91

Subsequent Events-LG Capital (D

Subsequent Events-LG Capital (Details) - USD ($)	Nov. 11, 2016	Nov. 09, 2016	Nov. 08, 2016	Nov. 04, 2016	Nov. 01, 2016	Oct. 27, 2016	Oct. 21, 2016	Oct. 20, 2016	Sep. 30, 2016
Shares:
Number of shares.	10,389,079	10,384,750	6,563,693	6,617,840	6,550,000	4,702,125	2,797,454	2,065,083	50,070,024
Conversion price per share.	$ 0.000880	$ 0.000880	$ 0.000880	$ 0.000880	$ 0.000880	$ 0.000880	$ 0.000935	$ 0.001265
Note Balance .	$ 8,700	$ 8,700	$ 5,500	$ 5,500	$ 5,500	$ 3,950	$ 2,500	$ 2,500	$ 42,850
Interest.	442.39	438.58	276.05	273.70	264	187.87	115.62	112.33	2,110.54
Total.	$ 9,142.39	$ 9,138.58	$ 5,776.05	$ 5,773.70	$ 5,764	$ 4,137.87	$ 2,615.62	$ 2,612.33	$ 44,960.54

Subsequent Events -Typenex Co-I

Subsequent Events -Typenex Co-Investment LLC (Details) - USD ($)	Nov. 08, 2016	Oct. 28, 2016	Oct. 19, 2016	Sep. 30, 2016
Shares;
Number of shares;	14,721,919	11,177,754	9,417,040	35,316,713
Conversion price per share;	$ 0.000917	$ 0.000917	$ 0.001338
Total ;	$ 13,500	$ 10,250	$ 12,600	$ 36,350