Satya Worldwide (GSEG) 10-K 6 Mar 17 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 28, 2017	Feb. 03, 2017
Document And Entity Information
Entity Registrant Name	SATYA WORLDWIDE, INC.
Entity Central Index Key	1,606,069
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		60,500,000
Entity Public Float			$ 1,650,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 3,234	$ 27,888
Accounts receivable		3,637
Total current assets	3,234	31,525
Non-current assets:
Equipment, net of depreciation		1,924
Intangible assets, net		2,625
Total assets	3,234	36,074
Current liabilities:
Accounts payable and accrued expenses	46,186	16,105
Refundable subscriptions payable		4,194
Total current liabilities	46,186	20,299
Shareholders' equity:
Preferred stock $0.001 par value 20,000,000 authorized; No shares issued and outstanding at December 31, 2015, and 2014, respectively
Common stock, $0.0001 par value; 280,000,000 shares authorized; 13,972,350 issued and 12,272,350 outstanding at December 31, 2015; and 12,834,300 shares issued and outstanding at December 31, 2014	1,397	1,283
Additional paid-in capital	59,234	36,587
Accumulated deficit	(102,573)	(22,095)
Treasury stock, at cost 1,700,000 shares of common stock	(1,010)
Total stockholders' (deficiency)/ equity	(42,952)	15,775
Total liabilities and stockholders' (deficiency)/ equity	$ 3,234	$ 36,074

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Shareholders' equity:
Preferred Stock, par value	$ 0.001	$ 0.001
Peferred Stock, shares authorized	20,000,000	20,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	280,000,000	280,000,000
Common Stock, shares issued	13,972,350	12,834,300
Common Stock, shares outstanding	12,272,350	12,834,300
Treasury stock, shares	1,700,000	1,700,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements Of Operations
Revenues	$ 103	$ 3,716
Cost of revenues
Gross Profit	103	3,716
Operating expenses
Selling, general and administrative expenses	76,032	19,580
Loss on equipment disposal	1,368
Impairment of intangible assets	2,375
Depreciation and amortization expense	806	806
Total Operating Expenses	80,581	20,386
Operating loss	(80,478)	(16,670)
Net loss before Income Taxes	(80,478)	(16,670)
Provision for Income Taxes
Net loss	$ (80,478)	$ (16,670)
Basic and diluted net loss per common share	$ (0.01)	$ 0
Weighted average number of common shares outstanding	12,356,806	11,836,143

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES:
Net loss	$ (80,478)	$ (16,670)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization	250	250
Loss on equipment disposal	1,368
Depreciation	556	556
Impairment of Intangible assets	2,375
Changes in operating assets and liabilities:
Decrease in accounts receivable	3,637	(2,977)
Increase (decrease) in accounts payable and accrued expenses	30,081	6,420
Net cash used in operating activities	(42,211)	(12,421)
FINANCING ACTIVITIES:
Decrease in refundable subscription payable	(4,194)	4,194
Repurchase of common stock	22,761
Proceeds from sale of common stock	(1,010)	22,086
Net cash provided by financing activities	17,557	26,280
NET DECREASE IN CASH	(24,654)	13,859
CASH BEGINNING BALANCE	27,888	14,029
CASH ENDING BALANCE	3,234	27,888
Supplemental non-cash disclosures (financing activities
Conversion of Series A Preferred to Common stock	$ (111)	$ (108)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY/ (Deficiency) - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Earnings (Deficit)	Total
Beginning Balance, Shares at Dec. 31, 2013		11,730,000
Beginning Balance, Amount at Dec. 31, 2013		$ 1,173	$ 14,611		$ (5,425)	$ 10,359
Preferred Stock issued for cash, Shares	2,454
Preferred Stock issued for cash, Amount	$ 2		22,084			22,086
Conversion of preferred stock to common stock, Shares	(2,454)	1,104,300
Conversion of preferred stock to common stock, Amount	$ (2)	$ 110	(108)
Net Income Loss					(16,670)	(16,670)
Ending Balance, Shares at Dec. 31, 2014		12,834,300
Ending Balance, Amount at Dec. 31, 2014		$ 1,283	36,587		(22,095)	15,775
Preferred Stock issued for cash, Shares	2,529
Preferred Stock issued for cash, Amount	$ 3		22,758			22,761
Conversion of preferred stock to common stock, Shares	(2,529)	1,138,050
Conversion of preferred stock to common stock, Amount	$ (3)	$ 114	(111)
Common stock repurchased for cash, Share		(1,700,000)
Common stock repurchased for cash, Amount				$ (1,010)		(1,010)
Net Income Loss					(80,478)	(80,478)
Ending Balance, Shares at Dec. 31, 2015		12,272,350
Ending Balance, Amount at Dec. 31, 2015		$ 1,397	$ 59,234	$ (1,010)	$ (102,573)	$ (42,952)

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
NOTE 1 - DESCRIPTION OF BUSINESS	Description of Business Satya Worldwide, Inc. (the "Company", "we", "us", "our") until January 5, 2016 provided digital book ("eBook") distribution services ("ePublishing") services to authors, poets, memoirists and publishers for distributing their eBooks to online bookstores, book conversion, editing, book cover design and ISBN number administration. Satya Worldwide, Inc. was incorporated under the laws of the State of Florida on March 26, 2012, commencing business as a development stage company. Our fiscal year end is December 31. Reclassifications Prior period financial statement amounts have been reclassified to conform to current period presentation. Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company. The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). The consolidated financial statements of the Company include the Company and its sole subsidiary. All material inter-company balances and transactions have been eliminated. 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 the satisfaction 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 and allow it to continue as a going concern. 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. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management's Plan to Continue as a Going Concern Our ability to continue as a going concern is dependent upon our ability to generate profitable business operations in the future and/or obtaining the necessary financing to meet our obligations and repay our liabilities. To date, we have operated at a loss and remained in business through the issuance of shares of our common stock and generating revenues from our business activities. Management's plan to continue as a going concern is based on us obtaining additional capital resources through the sale of our securities and/or loans on an as needed basis. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described above and eventually attaining profitable operations. Since its inception, the Company has been dependent upon the receipt of capital investment to fund its continuing activities. In addition to the normal risks associated with a new business venture, there can be no assurance that the Company's business plan will be successfully executed. Our ability to execute our business plan will depend on our ability to obtain additional financing and achieve a profitable level of operations. There can be no assurance that sufficient financing will be obtained. Further, we cannot give any assurance that we will generate substantial revenues or that our business operations will prove to be profitable.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Cash and Cash Equivalents The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Impairment on Long-Lived Assets and Other Acquired Intangible Assets We evaluate the recoverability of property and equipment and amortizable intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of property and equipment and intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. In addition to the recoverability assessment, we routinely review the remaining estimated useful lives of property and equipment and amortizable intangible assets. If we reduce the estimated useful life assumption for any asset, the remaining unamortized balance would be amortized or depreciated over the revised estimated useful life. In 2015, we recorded an impairment in intangible assets in the amount of $2,375 associated with the sale of assets related to our e-book publishing business. Equipment Equipment is stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of five years. Intangible Assets Intangible Assets are stated at cost, less accumulated amortization. Amortization is provided using the straight-line method over the estimated useful life of twelve years. Revenue Recognition The Company recognizes revenue when: · Persuasive evidence of an arrangement exists; · Delivery has occurred; · Price is fixed or determinable; and · Collectability of the related receivable is reasonably assured. The Company closely follows the provisions of ASC 605, "Revenue Recognition", which includes the guidelines of Staff Accounting Bulletin No. 104 as described above. Earnings (Loss) Per Share The Company computes earnings per share in accordance with ASC 260, "Earnings Per Share". Under the provisions of ASC 260, basic earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive common shares outstanding during the period. There were no potentially dilutive common shares outstanding during the period. Accounts Receivable Accounts receivable is recorded net of an allowance for doubtful accounts. On a periodic basis, we evaluate our accounts receivable and adjust the allowance for doubtful accounts based on our history of past write-offs and collections and current credit conditions. Specific customer accounts are written off as uncollectible if the probability of a future loss has been established, collection efforts have been exhausted and payment is not expected to be received. As of December 31, 2015 and December 31, 2014, no allowance for doubtful accounts was required. Income Taxes We account for income taxes under the asset and liability method, 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. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Fair Value of Financial Instruments The Company considers that the carrying amount of financial instruments, including accounts payable, approximates fair value because of the short maturity of these instruments.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
NOTE 3 - INCOME TAXES	The Company provides for income taxes under ASC 740, "Income Taxes". ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes because of the application of a full valuation allowance. The Company's deferred tax asset is comprised of out net operating losses which were fully reserved as of December 31, 2015 and 2014. Due to the change in ownership provisions of the Tax Reform Act of 1986, our net operating loss carry forwards for the year ended December 31, 2015 was $102,000 and for federal income tax reporting purposes is subject to annual limitations. The net operating loss carry forwards expire beginning in 2033.

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
NOTE 4 - EQUIPMENT	The Company has written off equipment at December 31, 2015 that was obsolete and incurred a loss of $1,368.

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Equity Transactions
NOTE 5 - EQUITY TRANSACTIONS	During 2014, the Company issued 2,454 shares of Series A Preferred Stock in its public offering on the Form S-1 Registration Statement to 26 investors for cash in the amount of $22,086. All of these shares were converted into 1,104,300 shares of common stock. During 2014, the Company issued 2,454 shares of Series A Preferred Stock in its public offering on the Form S-1 Registration Statement to 26 investors for cash in the amount of $22,086. Each convertible preferred share can be converted into 450 shares of common stock of the Company. All of these shares were converted into 1,104,300 shares of common stock. During January, 2015, 2,529 shares of Series A Convertible Preferred Stock were issued to 15 shareholders for the amount of $22,761. Each convertible preferred share can be converted into 450 shares of common stock of the Company. During January, 2015, all such shares of Series A Convertible Preferred Stock were converted into 1,138,050 shares of common stock of the Company. During January 2015, the Company returned refundable stock subscriptions for Series A Preferred Stock in the amount of $4,194 to four subscribers. On February 2, 2015, the Company repurchased 1,700,000 shares of common stock issued to Patricia Posner for a purchase price in the amount of One Thousand Ten Dollars ($1,010). As a result thereof, Ms. Posner no longer owns any shares of capital stock of the Company. On the same date, Ms. Posner resigned as Chairwoman, President, Chief Executive Officer and Treasurer of the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Equity Transactions
NOTE 6 - SUBSEQUENT EVENTS	On or about January 6, 2016 we entered into a Stock Purchase and Reorganization Agreement pursuant to which three investors purchased 30,000,000 newly issued shares of our common stock for the total amount of $266,919. The investment was in contemplation of our planned acquisition of Global Fantasy Sports, Inc., a Florida corporation ("GFS"). On about the same day, January 6, 2016,we entered into a Redemption Agreement pursuant to which we redeemed a total of 9,272,350 shares from Brisance Capital, our former majority stockholder, for a total redemption price of $201,919. On May 24, 2016, we acquired 100% of GFS' issued and outstanding capital stock, making GFS a wholly-owned subsidiary of the Company. In consideration for the Acquisition, we issued the stockholders of GFS a total of 27,000,000 newly issued shares of our common stock. Prior to the acquisition, the majority stockholder of GFS was our Chief Executive Officers . The transaction will be accounted for as a reverse acquisition. On May 12, 2016, we sold 500,000 newly issued shares of common stock to an investor in exchange for $250,000.

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICY)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Policy
Cash and Cash Equivalents	The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Impairment on Long-Lived Assets and Other Acquired Intangible Assets	We evaluate the recoverability of property and equipment and amortizable intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of property and equipment and intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. In addition to the recoverability assessment, we routinely review the remaining estimated useful lives of property and equipment and amortizable intangible assets. If we reduce the estimated useful life assumption for any asset, the remaining unamortized balance would be amortized or depreciated over the revised estimated useful life. In 2015, we recorded an impairment in intangible assets in the amount of $2,375 associated with the sale of assets related to our e-book publishing business.
Equipment	Equipment is stated at cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of five years.
Intangible Assets	Intangible Assets are stated at cost, less accumulated amortization. Amortization is provided using the straight-line method over the estimated useful life of twelve years
Revenue Recognition	The Company recognizes revenue when: · Persuasive evidence of an arrangement exists; · Delivery has occurred; · Price is fixed or determinable; and · Collectability of the related receivable is reasonably assured. The Company closely follows the provisions of ASC 605, "Revenue Recognition", which includes the guidelines of Staff Accounting Bulletin No. 104 as described above.
Earnings (Loss) Per Share	The Company computes earnings per share in accordance with ASC 260, "Earnings Per Share". Under the provisions of ASC 260, basic earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of common and potentially dilutive common shares outstanding during the period. There were no potentially dilutive common shares outstanding during the period.
Accounts Receivable	Accounts receivable is recorded net of an allowance for doubtful accounts. On a periodic basis, we evaluate our accounts receivable and adjust the allowance for doubtful accounts based on our history of past write-offs and collections and current credit conditions. Specific customer accounts are written off as uncollectible if the probability of a future loss has been established, collection efforts have been exhausted and payment is not expected to be received. As of December 31, 2015 and December 31, 2014, no allowance for doubtful accounts was required.
Income Taxes	We account for income taxes under the asset and liability method, 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. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Fair Value of Financial Instruments	The Company considers that the carrying amount of financial instruments, including accounts payable, approximates fair value because of the short maturity of these instruments.

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	12 Months Ended
	Dec. 31, 2015
Description Of Business Details Narrative
State of Incorporation	State of Florida
Date of Incorporation	Mar. 26, 2012

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies Details Narrative
Impairment of intangible assets	$ 2,375

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2015USD ($)
Income Taxes Details Narrative
Net operating loss carry forwards	$ 102,000
Net operating loss carryovers expire	2,033
Federal income tax rate	34.00%

EQUIPMENT (Details Narrative)

EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equipment Details Narrative
Loss on equipment disposal	$ 1,368

EQUITY TRANSACTIONS (Details Na

EQUITY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock issued for cash, Amount	$ 22,761	$ 22,086
Treasury stock, at cost 1,700,000 shares of common stock	$ (1,010)
Preferred Stock
Preferred Stock issued for cash, Shares	2,529	2,454
Preferred Stock issued for cash, Amount	$ 3	$ 2
Conversion of preferred stock to common stock, Shares	(2,529)	(2,454)
Refundable stock subscriptions, Amount	$ 4,194
Additional Paid-In Capital
Preferred Stock issued for cash, Amount	$ 22,758	$ 22,084
Common Stock
Conversion of preferred stock to common stock, Shares	1,138,050	1,104,300
Conversion of convertible preferred stock to common stock, Shares	450	450
Common stock repurchased for cash, Share	(1,700,000)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	May 12, 2016	Jan. 06, 2016	May 24, 2016	Dec. 31, 2015	Dec. 31, 2014
Proceeds from issuance of common stock				$ (1,010)	$ 22,086
Subsequent event [Member]
Issuance of common stock, Amount		$ 266,919
Issuance of common stock, Share		30,000,000
Redemption of common stock, Share		9,272,350
Redemption of common stock, Amount		$ 201,919
Acquisition percentage			100.00%
Sold of common stock	500,000
Proceeds from issuance of common stock	$ 250,000
Subsequent event [Member] | Stockholders of GFS [Member]
Issuance of common stock, Share			27,000,000