Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information | |
Entity Registrant Name | BLUE SKY MEDIA CORP |
Entity Central Index Key | 1604930 |
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 Public Float | $1,100,500 |
Entity Common Stock, Shares Outstanding | 10,851,500 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2014 |
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 | |
Income Statement [Abstract] | ||||
Sales | $14,300 | $42,073 | $37,800 | $43,273 |
Total Revenue | 14,300 | 42,073 | 37,800 | 43,273 |
Cost of Goods Sold | ||||
Gross Profit | 14,300 | 42,073 | 37,800 | 43,273 |
General and Administrative Expenses | ||||
Equipment/Filming | 500 | 1,109 | 1,015 | 1,034 |
Fees | 18 | 3 | 21 | 713 |
Consulting Fees | 7,000 | 3,200 | 12,000 | 3,200 |
Professional Fees | 5,450 | 19,000 | ||
Marketing Expense | 1,168 | 1,297 | 930 | 626 |
APP Development | 7,000 | 7,000 | ||
Travel | 187 | 2,553 | 425 | 3,084 |
Office expenses | 2,546 | 607 | 5,046 | 982 |
Total Expenses | -23,869 | -8,769 | -45,437 | 9,639 |
Net Operating Income/Loss | -9,569 | 33,303 | -7,636 | 33,633 |
Other Income/Expense | 200 | 200 | ||
Net Income/Loss | ($9,569) | $33,503 | ($7,636) | $33,833 |
Basic and Diluted Loss Per Common Share | $0 | $0 | $0 | $0 |
Weighted Average Shares Outstanding | 10,851,500 | 7,092,000 | 10,851,000 | 10,851,500 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | ||||
Net Income\loss | ($9,569) | $33,503 | ($7,636) | $33,833 |
Accounts receivable | 8,000 | 0 | 8,000 | 0 |
Accounts payable | 0 | 0 | 0 | 0 |
Net Cash Provided by Operating Activities | -1,569 | 33,503 | ||
Cash Flows From Investing Activities | ||||
Net Cash Provided by Investing Activities | -2,521 | |||
Net Cash Provided by Financing Activities | ||||
Increase in Cash | -1,569 | 30,981 | ||
Cash at Beginning of Period | 42,584 | 598 | ||
Cash at End of Period | $41,015 | $31,581 | $41,015 | $31,581 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Cash | $54,151 | $41,015 |
Accounts receivable | 7,500 | 4,500 |
Total Current Assets | 61,651 | 45,515 |
Film Assets | 27,360 | 27,360 |
Film Equipment | 1,889 | 1,889 |
Total Other Assets | 29,248 | 29,248 |
Furniture and Equipment | 988 | 988 |
Total Fixed Assets | 988 | 988 |
Total Assets | 91,887 | 75,751 |
Accounts payable | 8,500 | |
Total Current Liabilities | 8,500 | |
Total Liabilities | 8,500 | |
Common stock $0.001 par value 75,000,000 shares authorized 10,851,500 shares issued and outstanding at December 31, 2014 and June 30, 2014, respectively | 10,851 | 10,851 |
Additional paid in capital | 136,048 | 136,048 |
Accumulated Deficit | -63,513 | -71,148 |
Total Stockholders' Equity (Deficit) | 83,386 | 75,751 |
Total Liabilities and Stockholders' Equity (Deficit) | $91,887 | $75,751 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) | Dec. 31, 2014 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock $0.001 par value 75,000,000 shares authorized | 75,000,000 | 75,000,000 |
Commom Stock Issued and Outstanding | 10,851 | 10,851 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. | |
BUSINESS AND BASIS OF PRESENTATION | |
Blue Sky Media Corporation. ("BSM") was incorporated under the laws of the State of Wyoming on March 20, 2013. | |
BSM was formed as a Media Company engaging in commercial film production, film acquisition, film distribution and APP development. Within those frameworks the Company also acquires film treatments, scripts and film trailers for resale and/or production. | |
BASIS OF PRESENTATION | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of December 31, 2014. | |
ESTIMATES | |
The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts. Accordingly, actual results could differ from those estimates. | |
CASH AND CASH EQUIVALENTS | |
The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2014 and December 31, 2013. | |
PROPERTY AND EQUIPMENT | |
The Company values its investment in property and equipment at cost less accumulated depreciation. Depreciation is computed primarily by the straight line method over the estimated useful lives of the assets ranging from three to five years. As of December 31, 2014 and June 30, 2014 the company had no depreciation expense. | |
INVENTORY | |
Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. | |
F-5 | |
ACCOUNTS RECEIVABLE | |
Trade receivables are carried at original invoice amount. We recognize revenue from sales or services rendered when the following four criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts. Recoveries of trade receivables previously written off are recorded when received. | |
FAIR VALUE OF FINANCIAL INSTRUMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS | |
We have adopted Accounting Standards Codification regarding Disclosure About Derivative Financial Instruments and Fair Value of Financial Instruments. The carrying amounts of cash, accounts payable, accrued expenses, and other current liabilities approximate fair value because of the short maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments in the management of foreign exchange, commodity price or interest rate market risks. | |
FEDERAL INCOME TAXES | |
Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with Accounting Standards Codification regarding Accounting for Income Taxes, which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred taxes are provided for the estimated future tax effects attributable to temporary differences and carryforwards when realization is more likely than not. | |
NET INCOME PER SHARE OF COMMON STOCK | |
We have adopted Accounting Standards Codification regarding Earnings per Share, which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings per share of common stock is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. We do not have a complex capital structure requiring the computation of diluted earnings per share. | |
INTERNAL WEBSITE DEVELOPMENT COSTS | |
Under ASC350-50, Website Development Costs , costs and expenses incurred during the planning and operating stages of the Company's website are expensed as incurred. Under ASC 350-50, costs incurred in the website application and infrastructure development stages are capitalized by the Company and amortized to expense over the website's estimated useful life or period of benefit. | |
IMPAIRMENT OF LONG-LIVED ASSETS | |
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. | |
F-6 | |
STOCK BASED COMPENSATION | |
The Company recognizes stock-based compensation in accordance with ASC Topic 718 "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, we have adopted ASC Topic 505 "Equity-Based Payments to Non-Employees", which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
As of December 31, 2014 and June 30, 2014, the Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations. | |
Uncertainty_going_concern
Uncertainty, going concern | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Uncertainty, going concern | Note 2 - Uncertainty, going concern: |
The Company's financial statements are prepared using generally accepted accounting principles 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 has not yet established an ongoing source of revenues sufficient to cover its operating costs to allow it to continue as a going concern. As of December 31, 2014 the Company had an accumulated deficit of $71,149. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. | |
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. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
We account for income taxes in accordance with FASB ASC 740, Income Taxes which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |
CommonStock
CommonStock | 3 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
CommonStock | In 2013 the Company authorized the issuance of 6,500,000 founder shares at par value. In addition 250,000 shares were acquired for $250.00 by Hannah Grabowski in 2013. In 2014 the Company issued 3,000,000 shares at $.10 per share to the Company's newly appointed President, Wayne Berian. |
On May 10, 2013 the Company issued 342,000 shares to Ocean Pure Media Corporation, which were issued to the shareholders of Ocean Pure Media Corporation per a contract whereby the Company acquired the rights to certain film media. | |
On May 12, 2014 the company authorized the issuance of 450,000 shares to MMT, Inc. at a value of $.10 per share for the development of a film APP. (For Transaction Details See: (Description of Business-APP Research and Development, p. 19) | |
At the year end June 30, 2014 the Company had issued 94,500 shares to investors via a Private Offering of the company's shares at $.10 per share. | |
In June of 2014 the Company issued 215,000 shares at a value of $.10 per share for marketing services. |
Assets
Assets | 3 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Assets | Assets |
The Company has acquired the rights to five films . all of which are in the initial stages of pre-production, from Ocean Pure Media Corporation for $34,200.00. 300,000 shares valued at $.10 per share were issued to Hector Medina and 42,000 shares valued at $.10 per share were issued to 42 shareholders of Ocean Pure Media Corporation. The acquisition was done on a flat rate basis; meaning that there was no consideration of value placed on each individual film. | |
We plan to either market the rights to each individual film or possibly produce films contingent on the proper financing (as noted in the section Description of Business). | |
We have sold the rights to one film, "Two Sevens ClashÓ for $26,000.00 | |
Films acquired: | |
"Badlands", (a Horror genre) | |
"Life of a third World Surfer", (Documentary) | |
"The Trestles" (Documentary) | |
"Two Sevens Clash", (the film rights were sold) | |
"Beirut-Beirut" ( Drama story) | |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
The Company incurred expenses of $36,800 for salaries to its officers. Restricted shares in the amount of 9,500,000 shares were issued in lieu of cash. 6,500,000 shares were issued to Hannah Grabowski at a par value of $.001 per share and 3,000,000 shares were issued to Wayne Berian at par value of $.10 per share. |
ReStatement
ReStatement | 3 Months Ended | ||
Dec. 31, 2014 | |||
Equity [Abstract] | |||
ReStatement | Note 3 – Restatement: | ||
The financial statements have been revised to correct an error in accounting for the following line items. In accordance with applicable Generally Accepted Accounting Principles (GAAP), the Company calculated and recognized adjustments accordingly. | |||
Restated 6/30/2014 | Original 6/30/2014 | ||
Film Assets | 27,360 | 34,200 | |
Cost of Goods Sold | 6,840 | 21,500 | |
Salaries | 30,300 | 3,300 | |
App Development | 53,500 | 8,500 | |
Marketing Services | 21,500 | - | |
Total Expenses | 149,148 | 55,648 | |
Net Loss | -57,031 | 21,809 | |
From Statement of Cash Flow | |||
Stock issued for services | 96,500 | - | |
Additional Paid in Capital | 136,048 | 109,049 | |
Accumulated Deficit | -63,513 | 15,327 | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Management has reviewed events between December 31, 2014 to the date that the financials were issued, January , 2015, and there were no significant events identified for disclosure. |
ReStatement_Tables
ReStatement (Tables) | 3 Months Ended | ||
Dec. 31, 2014 | |||
Equity [Abstract] | |||
Restatement | Restated 6/30/2014 | Original 6/30/2014 | |
Film Assets | 27,360 | 34,200 | |
Cost of Goods Sold | 6,840 | 21,500 | |
Salaries | 30,300 | 3,300 | |
App Development | 53,500 | 8,500 | |
Marketing Services | 21,500 | - | |
Total Expenses | 149,148 | 55,648 | |
Net Loss | -57,031 | 21,809 | |
From Statement of Cash Flow | |||
Stock issued for services | 96,500 | - | |
Additional Paid in Capital | 136,048 | 109,049 | |
Accumulated Deficit | -63,513 | 15,327 |
CommonStock_Details_Narrative
CommonStock (Details Narrative) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Share Value | $136,048 | $136,048 | |
Common Stock [Member] | |||
Founder Shares-2 | 6,500,000 | ||
Par Value Common Stock [Member] | |||
Founder Shares-2 | 250,000 | ||
Par Value Stock Paid [Member] | |||
Share Value | 250 | ||
Founder Shares 2 [Member] | |||
Founder Shares-2 | 3,000,000 | ||
Acquisition Shares [Member] | |||
Founder Shares-2 | 342,000 | ||
Services Shares [Member] | |||
Founder Shares-2 | 450,000 | ||
Invesstor Shares [Member] | |||
Share Value | $94,500 | ||
Marketing Shares [Member] | |||
Founder Shares-2 | 215,000 |
Assets_Details_Narrative
Assets (Details Narrative) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Acquisition Shares [Member] | ||
Asset Cost In Shares | 300,000 | |
Acqusition Shares Dividend [Member] | ||
Asset Cost In Shares | 42,000 | |
Asset Cost [Member] | ||
Asset Cost | 34,200 | |
Assets Sold [Member] | ||
Assets Sold | $26,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
Salaries Common Stock | 10,851 | 10,851 |
Salaries Shares [Member] | ||
Salaries Common Stock | 9,500,000 | |
Salaries [Member] | ||
Salaries | 36,800 |
ReStatement_Restatement_Detail
ReStatement - Restatement (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Cost of Goods Sold | |||||
App Development | 7,000 | 7,000 | |||
Total Expenses | -23,869 | -8,769 | -45,437 | 9,639 | |
Additional Paid in Capital | 136,048 | 136,048 | 136,048 | ||
Accumulated Deficit | -63,513 | -63,513 | -71,148 | ||
Restated 6/30/2014 | |||||
Film Assets | 27,360 | ||||
Cost of Goods Sold | 6,840 | ||||
Salaries | 30,300 | 30,300 | |||
App Development | 53,500 | ||||
Marketing Services | 21,500 | ||||
Total Expenses | 149,148 | ||||
Net Loss | -57,031 | ||||
Stock issued for services | 96,500 | ||||
Additional Paid in Capital | 136,048 | ||||
Accumulated Deficit | -63,513 | ||||
Original 6/30/2014 | |||||
Film Assets | 34,200 | ||||
Cost of Goods Sold | 21,500 | ||||
Salaries | 3,300 | 3,300 | |||
App Development | 8,500 | ||||
Marketing Services | |||||
Total Expenses | 55,648 | ||||
Net Loss | 21,809 | ||||
Stock issued for services | |||||
Additional Paid in Capital | 109,049 | ||||
Accumulated Deficit | $15,327 |