| NOTE 3 - Summary of Significant Accounting Policies | Principles
of Consolidation The
condensed consolidated financial statements include the accounts of Satya Worldwide, Inc. and its subsidiaries. All intercompany
accounts, transactions and profits have been eliminated. Use
of Estimates The
preparation of financial statements in conformity with accounting principles generally accepted in United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent
liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period.
Actual results could differ from those estimates. Cash
and Cash Equivalents The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Concentration
of Credit Risk The
Company maintains cash balances at several financial institutions located predominantly in the United States, as well as in Gibraltar
and the Ukraine. The Company's policy is to maintain its cash with high credit quality institutions to limit loss exposure. Such
deposits may, at times, exceed federally insured limits. Cash in foreign bank accounts is not insured. Uninsured balances in the
aggregate were approximately $200 and $140,000 at September 30, 2016 and December 31, 2015, respectively. The Company has not
experienced any losses in such accounts and management believes it is not exposed to any significant credit risk on cash and cash
equivalents. Intangible
Assets Intangible
assets represent the costs incurred by GFSL and its subsidiary in the development of the fantasy games software. Software costs
will be amortized on a straight-line basis once they have been commercialized over a period of seven years. These costs are reviewed
for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note
5. Property
and Equipment Property
and equipment is stated at cost. Depreciation is calculated over the estimated useful lives of four years. Impairment
of Long-Lived Assets At
the end of each reporting period, the Company's assets are reviewed to determine whether there is any indication that those assets
may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent
of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value
is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable
and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced
to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not
generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset
belongs. Research
and Development Costs Research
and development expenses include fees paid to outside consultants and contractors for the Company's research and development activities.
The Company recognizes such costs as expense when they are incurred. Research and development expenses for the three months ended
September 30, 2016, and 2015 were $97,801 and $0, respectively. Research and development expenses for the nine months ended September
30, 2016, and 2015, were $246,157 and $0, respectively. Foreign
Currency Translation We
use the U.S. Dollar as the reporting currency for our financial statements. Functional currency is the currency of the primary
economic environment in which an entity operates. The functional currency of Global Fantasy Sports Limited is the British pound;
and the functional currency of How Far Games is Ukrainian Hryvnia, UAH, the currency of Ukraine. Transactions
in currencies other than the functional currency of a specific entity are recorded at exchange rates prevailing on the dates of
the transactions. At the end of each reporting period, the monetary assets and liabilities of the entity denominated in foreign
currencies are translated at the rate of exchange at the financial reporting date while non-monetary assets and liabilities are
translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the
date of the transactions. Exchange gains and losses arising on translation are included in the statements of profit or loss. The
financial statements of entities that have a functional currency different from that of the Companies ("foreign operations")
are translated into United States dollars as follows: assets and liabilities at the closing rate at the date of the statement
of financial position, and income and expenses at the average rate of the period (as this is considered a reasonable approximation
to actual rates). All resulting changes are recognized in other comprehensive income as currency translation differences and taken
into a separate component of equity. Comprehensive
Loss Comprehensive
loss consists of two components, net loss and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue,
expenses, gains, and losses that are recorded as an element of stockholders' equity but are excluded from net income. Other comprehensive
income (loss) consists of foreign currency translation adjustments from those entities not using the US Dollar as their functional
currency. Recently
Issued Accounting Pronouncements During
May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which
requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new
guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising
from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to
obtain or fulfill a contract. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year to the first
quarter of 2018 to provide companies sufficient time to implement the standards. Early Adoption will be permitted, but not before
the first quarter of 2017. Adoption can occur using one of two prescribed transition methods. The adoption of ASU 2014-09 is not
expected to have a material impact on our condensed consolidated financial position, results of operations or cash flows. In
August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern
(ASU 2014-15). The amendments in this update will explicitly require a company's management to assess an entity's ability to continue
as a going concern and to provide related footnote disclosures in certain circumstances. The new standard will be effective in
the first annual period ending after December 15, 2016. We adopted the provisions of ASU 2016-09 on January 1, 2017. Early
application is permitted. The adoption of ASU 2015-14 did not materially impact our condensed consolidated financial position,
results of operations or cash flows. In
August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which
delays the effective date of ASU 2014-09 such that the standard is effective for public entities for annual periods beginning
after December 15, 2017 and for interim periods within those fiscal years. Early adoption of the standard is permitted for annual
periods beginning after December 15, 2016. We adopted the provisions of ASU 2016-09 on January 1, 2017. The adoption of ASU
2015-14 did not materially impact our condensed consolidated financial position, results of operations or cash flows. In
November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU
2015-17"). ASU 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet.
ASU 2015-17 is required to be adopted for annual periods beginning after December 15, 2016, including interim periods within that
annual period. The amendment may be applied either prospectively to all deferred tax liabilities and assets or retrospectively
to all periods presented. We adopted the provisions of ASU 2016-09 on January 1, 2017. The adoption of ASU 2015-17 did not
materially impact our condensed consolidated financial position, results of operations or cash flows. In
February 2016, the FASB issued ASU No. 2016-02, "Leases" (topic 842). The FASB issued this update to increase transparency
and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key
information about leasing arrangements. The updated guidance is effective for annual periods beginning after December 15, 2018,
including interim periods within those fiscal years. Early adoption of the update is permitted. We adopted the provisions of ASU
2016-09 on January 1, 2017. The adoption of ASU 2016-02 did not materially impact our condensed consolidated financial position,
results of operations or cash flows. In
March 2016, the FASB issued ASU No. 2016-06, "Derivatives and Hedging" (topic 815). The FASB issued this update to clarify
the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments
are clearly and closely related to their debt hosts. An entity performing the assessment under the amendments in this update is
required to assess the embedded call (put) options solely in accordance with the four-step decision sequence. The updated guidance
is effective for annual periods beginning after December 15, 2016, including interim periods within those fiscal years. Early
adoption of the update is permitted. We adopted the provisions of ASU 2016-09 on January 1, 2017. The adoption of ASU 2016-06
did not materially impact our condensed consolidated financial position, results of operations or cash flows. In
April 2016, the FASB issued ASU No. 2016-09, "Compensation Stock Compensation" (topic 718). The FASB issued
this update to improve the accounting for employee share-based payments and affect all organizations that issue share-based payment
awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including:
(a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement
of cash flows. The updated guidance is effective for annual periods beginning after December 15, 2016, including interim periods
within those fiscal years. Early adoption of the update is permitted. We adopted the provisions of ASU 2016-09 on January 1, 2017. The
adoption of ASU 2016-09 did not materially impact our condensed consolidated financial position, results of operations or cash
flows. In
April 2016, the FASB issued ASU No. 2016-10, "Revenue from Contracts with Customers: Identifying Performance Obligations
and Licensing" (topic 606). In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers:
Principal versus Agent Considerations (Reporting Revenue Gross verses Net)" (topic 606). These amendments provide additional
clarification and implementation guidance on the previously issued ASU 2014-09, "Revenue from Contracts with Customers".
The amendments in ASU 2016-10 provide clarifying guidance on materiality of performance obligations; evaluating distinct performance
obligations; treatment of shipping and handling costs; and determining whether an entity's promise to grant a license provides
a customer with either a right to use an entity's intellectual property or a right to access an entity's intellectual property.
The amendments in ASU 2016-08 clarify how an entity should identify the specified good or service for the principal versus agent
evaluation and how it should apply the control principle to certain types of arrangements. The adoption of ASU 2016-10 and ASU
2016-08 is to coincide with an entity's adoption of ASU 2014-09, which we intend to adopt for interim and annual reporting periods
beginning after December 15, 2017. We adopted the provisions of ASU 2016-09 on January 1, 2017. The adoption of ASU 2016-10
did not materially impact our condensed consolidated financial position, results of operations or cash flows. In
August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash
Payments." ASU No. 2016-15 addresses specific cash flow classification issues where there is currently diversity in practice
including debt prepayment and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for annual periods beginning
after December 15, 2017, with early adoption permitted. We adopted the provisions of ASU 2016-09 on January 1, 2017. The
adoption of ASU 2016-15 did not materially impact our condensed consolidated financial position, results of operations or cash
flows. |
