Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | May. 24, 2016 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | Original Source Music, Inc. | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2016 | ||
Trading Symbol | osmu | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,639,836 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 5,073,000 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q1 |
Original Source Music, Inc. - C
Original Source Music, Inc. - Condensed Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 1,816 | $ 1,838 |
Total current assets | 1,816 | 1,838 |
Total Assets | 1,816 | 1,838 |
Current liabilities: | ||
Accrued liabilities and accounts payable | 400 | 5,802 |
Accrued interest to a related party | 635 | 400 |
Convertible notes payable - related party, net of debt discount | 17,634 | 13,619 |
Total current liabilities | 18,669 | 19,821 |
Total Liabilities | 18,669 | 19,821 |
Stockholders' Deficit: | ||
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 45,000,000 shares authorized; 5,073,000 shares issued and outstanding | 5,073 | 5,073 |
Additional paid-in capital | 24,147 | 18,444 |
Accumulated deficit | (46,073) | (41,500) |
Total stockholders' deficit | (16,853) | (17,983) |
Total Liabilities and Stockholders' Deficit | $ 1,816 | $ 1,838 |
Original Source Music, Inc. - B
Original Source Music, Inc. - Balance Sheets (Parentheticals)(USD $) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 5,073,000 | 5,073,000 |
Common stock, shares outstanding | 5,073,000 | 5,073,000 |
Original Source Music, Inc. - 4
Original Source Music, Inc. - Condensed Statement of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement | ||
Revenue | $ 102 | $ 113 |
Operating Expenses | ||
General and administrative | 125 | 124 |
Professional fees | 300 | 9,000 |
Total Operating Expenses | 425 | 9,124 |
Income from Operations | (323) | (9,011) |
Interest (Expense) to a related party | (4,250) | (1,698) |
Income (Loss) before Provision for Income Taxes | (4,573) | (10,709) |
Income Tax Provisions | 0 | 0 |
Net Income (Loss) | $ (4,573) | $ (10,709) |
Net loss per common share basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 5,073,000 | 5,073,000 |
Original Source Music, Inc. - 5
Original Source Music, Inc. - Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ (4,573) | $ (10,709) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Amortization of debt discount | 4,015 | 1,698 |
Accrued interest to a related party | 235 | 0 |
Movement in operating assets and liabilities: | ||
Accrued expenses and accounts payable | (5,402) | (3,000) |
Net cash used in operating activities | (5,725) | (12,011) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash used in investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advances under convertible notes payable - related party | 5,703 | 12,000 |
Net cash provided by financing activities | 5,703 | 12,000 |
Net change in cash | (22) | (11) |
Cash - beginning of period | 1,838 | 206 |
Cash - end of period | 1,816 | 195 |
Supplemental cash flow information | ||
Interest | 0 | 0 |
Income taxes | 0 | 0 |
Non-cash Activities | ||
Beneficial conversion feature | $ 0 | $ 0 |
Note 1_ Organization, Operation
Note 1: Organization, Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 1: Organization, Operations and Summary of Significant Accounting Policies | NOTE 1: ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Original Source Music, Inc. (the Company, we, us or our) was incorporated in the State of Nevada on August 20, 2009 ("Inception"). The Company licenses songs to the television and music industry for use in television shows or movies. The Company has had limited activity and revenue to date. Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and 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 unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to uncertainties inherent in the estimation process, it is possible that these estimates could be materially revised within the next year. Revenue recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. Products and services, geographic areas and major customers The Company derives revenue from the licensing of songs to the television and music industry. All fee revenues each year were domestic and to external customers. Basic and Diluted Earnings (Loss) Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. During the three months ended March 31, 2016, the Company had certain potentially dilutive convertible notes payable related party issued and outstanding. However, the share potentially issuable under these notes have been excluded from the calculation of loss per share as the inclusion of such shares would have been anti-dilutive as the Company recognized a loss during the three months ended March 31, 2016. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Note 2_ Going Concern
Note 2: Going Concern | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 2: Going Concern | NOTE 2: GOING CONCERN The unaudited financial statements for the three months ended March 31, 2016 have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of licensing songs to the television and music industry for use in television shows or movies on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. |
Note 3_ Convertible Notes Payab
Note 3: Convertible Notes Payable - Related Party | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 3: Convertible Notes Payable - Related Party | NOTE 3: CONVERTIBLE NOTES PAYABLE RELATED PARTY March 31, 2016 December 31, 2015 Convertible Note A Principal $ 3,255 $3,255 Debt discount 0 (465) Convertible Note B Principal 6,000 6,000 Debt discount 0 (500) Convertible Note C Principal 6,000 6,000 Debt discount 0 (1,500) Convertible Note D Principal 3,260 3,260 Debt discount (1,956) (2,608) Convertible Note E Principal 1,500 1,500 Debt discount (1,059) (1,323) Convertible Note F Principal 5,703 0 Debt discount (5,069) 0 Total convertible notes payable - non related party, net of debt discount $17,634 $13,619 |
Note 4_ Subsequent Events
Note 4: Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Note 4: Subsequent Events | NOTE 4: SUBSEQUENT EVENTS On February 5, 2014, the board of directors of Original Source Entertainment authorized the spin-off of the Company to shareholders of record as of February 25, 2014. The spin-off was done in connection with a change of control of Original Source Entertainment. Under the terms of the spin-off, the Companys common shares, par value $0.001 per share, will be distributed on a pro-rata basis to each holder of Original Source Entertainments common shares on the record date without any consideration or action on the part of such holders, and the holders of Original Source Entertainments common shares as of the record date will become owners of 100 percent of our common shares. On May 13, 2016, the spin-off was completed due to the satisfactory resolution of all comments from the Securities and Exchange Commission to the Form 10 and the Form 10s effectiveness. In accordance with ASC 855-10, "Subsequent Events" the Company has analyzed its operations subsequent to March 31, 2016 to the date these financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than as disclosed above. |
Note 1_ Organization, Operati10
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Basis of presentation | Original Source Music, Inc. (the Company, we, us or our) was incorporated in the State of Nevada on August 20, 2009 ("Inception"). The Company licenses songs to the television and music industry for use in television shows or movies. The Company has had limited activity and revenue to date. Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC") to Form 10-Q and 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 unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K, which was filed with the SEC on April 14, 2016. |
Note 1_ Organization, Operati11
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates and Assumptions (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to uncertainties inherent in the estimation process, it is possible that these estimates could be materially revised within the next year. |
Note 1_ Organization, Operati12
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Revenue Recognition | Revenue recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Note 1_ Organization, Operati13
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Products and Services, Geographic Areas and Major Customers (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Products and Services, Geographic Areas and Major Customers | Products and services, geographic areas and major customers The Company derives revenue from the licensing of songs to the television and music industry. All fee revenues each year were domestic and to external customers. |
Note 1_ Organization, Operati14
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Basic and Diluted Earnings (loss) Per Share (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Basic and Diluted Earnings (loss) Per Share | Basic and Diluted Earnings (Loss) Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. During the three months ended March 31, 2016, the Company had certain potentially dilutive convertible notes payable related party issued and outstanding. However, the share potentially issuable under these notes have been excluded from the calculation of loss per share as the inclusion of such shares would have been anti-dilutive as the Company recognized a loss during the three months ended March 31, 2016. |
Note 1_ Organization, Operati15
Note 1: Organization, Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Note 3_ Convertible Notes Pay16
Note 3: Convertible Notes Payable - Related Party: Schedule of Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Related Party Transactions | March 31, 2016 December 31, 2015 Convertible Note A Principal $ 3,255 $3,255 Debt discount 0 (465) Convertible Note B Principal 6,000 6,000 Debt discount 0 (500) Convertible Note C Principal 6,000 6,000 Debt discount 0 (1,500) Convertible Note D Principal 3,260 3,260 Debt discount (1,956) (2,608) Convertible Note E Principal 1,500 1,500 Debt discount (1,059) (1,323) Convertible Note F Principal 5,703 0 Debt discount (5,069) 0 Total convertible notes payable - non related party, net of debt discount $17,634 $13,619 |
Note 3_ Convertible Notes Pay17
Note 3: Convertible Notes Payable - Related Party: Schedule of Related Party Transactions (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Details | ||
Convertible Note A Principal | $ 3,255 | $ 3,255 |
Convertible Note A Debt Discount | 0 | (465) |
Convertible Note B Principal | 6,000 | 6,000 |
Convertible Note B Debt Discount | 0 | (500) |
Convertible Note C Principal | 6,000 | 6,000 |
Convertible Note C Debt Discount | 0 | (1,500) |
Convertible Note D Principal | 3,260 | 3,260 |
Convertible Note D Debt Discount | (1,956) | (2,608) |
Convertible Note E Principal | 1,500 | 1,500 |
Convertible Note E Debt Discount | (1,059) | (1,323) |
Convertible Note F Principal | 5,703 | 0 |
Convertible Note F Debt Discount | (5,069) | 0 |
Total convertible notes payable - non related party, net of debt discount | $ 17,634 | $ 13,619 |